Stephen Spencer FRSA FTS’ Post

"By Kate King Aug. 6, 2024 9:00 pm ET The owners of the shopping center at Legacy West considered adding a department store to attract visitors and luxury retailers to their mixed-use project in #Plano, #Texas. Instead, Prism Places, Inc. and its partners opted for a lavish food hall. The food hall opened in 2017 with more than two dozen #restaurants and #bars, live music and a brewery. Within a couple of years, it was drawing 30,000 visitors a week and a Louis Vuitton shop moved in across from the main entrance. Tiffany & Co., Gucci and other luxury brands followed, with some pulling out of the nearby mall’s Neiman Marcus Group to open at Legacy West. “We said, ‘Instead of going after a department store, let’s do something that’s more fun and more interesting and that will drive a lot of traffic,’” said Mark Masinter, a partner on the project who handles leasing and tenant curation. #Department stores are bleeding customers, and landlords no longer view them as magnets for shoppers. Discounters are underpricing them. Specialty stores are outmaneuvering them. And luxury brands are sometimes bypassing department stores to open their own shops.  The surviving operators are making big moves in hopes of turning things around. Saks Fifth Avenue’s parent company is buying rival Neiman Marcus. Nordstrom executives are exploring taking the company private. Macy's new chief executive is closing stores while trying to improve the shopping experience at its leaner fleet.  But department stores’ long-term decline will be difficult to reverse. Their sales peaked just before the turn of the century and have been on a downward trajectory ever since, according to U.S. census data...." The Wall Street Journal

New Balance: "built to put people, not products, at the centre of the consumer experience." Unlike traditional stores lined with endless product racks, New Balance has opted for a curated selection that speaks directly to younger consumers. The store's layout and design are intentionally crafted to promote community, conversation, and connection. Following the footsteps of their concept stores in Guangzhou and Boston, New Balance is encouraging a global dialogue about the future of retail. What changes can we implement to create retail environments that resonate with our customers' desire for connection and experience? I’d love to hear your thoughts on how we can further embrace this shift towards customer-centric retail spaces. #RetailDesign #CustomerExperience #NewBalance #BrandStrategy #VisualMerchandising

Planning a retail expansion involves more than just choosing locations and negotiating leases. Brands are now leveraging heat maps and data to pinpoint where their customers are shopping. Check out this insightful article detailing how brands like Swarovski and Fleet Feet are strategically selecting the right location, right mall, and right co-tenancy to ensure success from the start. One valuable suggestion highlighted is the idea of launching a pop-up first. #RetailExpansion #DataDrivenDecisions #BusinessInsights @Fleet Foot SWAROVSKIDierk Schneider Modern Retail #retailexpansion #retailers #TRE International Retail Group, LLC

Target has 44 new stores in its pipeline They range in size from 33,000 to 150,000 square feet in urban and suburban areas across 18 states And ~1/3 of these #Target stores will be developed via #adaptivereuse of second generation space. Including of: ▪️ #BigBox Buildings closed by competitors like Walmart, Sam's Club and Kmart ▪️ Backfills of department stores once occupied by Sears, Saks Fifth Avenue, Dillard's Inc. and Burlington Stores, Inc.; and ▪️ #Grocery store conversions, particularly in land scarce and hard-to-enter markets Target continues to lean into its stores-as-a-hub strategy — as stores fulfill ~96% of the Company’s total online and brick and mortar sales. And as the Company experiments with different types of real estate, formats and markets, adaptive reuse and second generation space is likely to be key to its new store development. ⬇ #adaptivereuse #retailrealestate #retailleasing

What's your equivalent for the brick & mortar retail store display? Driving through downtown I noticed the decorated store fronts. Festive 3D scenes, painted windows, and extra lights adorn the window displays. They caught my attention when typically, I wouldn't notice them. They made me feel something...excitement, anticipation, and inspiration for the holidays. I realize lavishly decorated retail store fronts are mostly an experience of the past and their scale doesn't rival the reach of our digital world. However, many brands live in physical stores and online. How are we bringing our brand to life to grab attention, make consumers feel something, and motivate them to purchase/act? How are we integrating both worlds? 🏪 🌐 These store fronts made me ponder what is our equivalent for the brick & mortar retail store display? What has this experience morphed into...or has it? Thoughts? ------------- Would love your follow (Heather) or repost ♻ if you enjoyed this post. I post about #insights, #brandbuilding, and living a #wellplayedlife, typically posting on M/W/F between 8-9AM CT.

As consumers evolve, retailers evolve. Bloomingdales is putting their data to work, understand the needs and geographic location of their customers...and trying smaller, more focused #retail stores tailored for local needs. https://lnkd.in/eC_iU4js

I enjoyed speaking with Larry Getlen about the trend for retailers opening smaller stores. It’s not just large department stores opening smaller format stores, but that is certainly popular. Also, available locations close to both suburban and urban consumers are tight, especially in more high-traffic lifestyle centers. There are numerous advantages and opportunities for retailers in smaller stores to more effectively manage the assortment, inventory, staffing, and last but certainly not least, the consumer experience. #retail #stores

Industry News: Casper tests a new store design as it rethinks its retail strategy Direct-to-consumer mattress brand Casper is rolling out a new store design as it seeks to refine its growth strategy as a now privately-held company. On Friday, Casper unveiled its first redesigned store, located in Costa Mesa, California. The new store features a “Snooze Bar” where customers can ask Casper’s employees — called “sleep specialists” — what the best pillow or mattress might be based on their needs and lifestyles. There’s also a new dedicated lab for pillows where customers can test out Casper’s offerings in this area, a space for bedroom design services and a “bunkhouse getaway” for kids. Right now, Casper is testing out this new design in just one location. But, if the store setup is successful, Casper plans to roll out this new design to more locations, according to the company’s chief of sales, Brad Bailey. Casper currently has 66 retail stores, plus an outlet, and plans to open roughly 7 to 10 new stores this year. This new concept is indicative of how Casper’s messaging has evolved over the years, particularly after the company went private in 2021. The store design is meant to emphasize Casper’s product innovation in multiple categories — and, on a PR level, combat the criticism often leveled at DTC brands that they are just companies that were good at harnessing digital marketing. ————————————————— 💥Over 16 MILLION Square Feet Represented💥 ✅Visit https://lnkd.in/gKX9JcPy for more! ————————————————— #realestate #newenglandretail #property #forsale #retail #realestateinvesting #business #broker #realestatenews #properties #investor #investmentproperty #connecticut #nerp #newengland #connecticutnews #newenglandrealestatenews

🗞New Look to invest £3.3 million in upgrading 20 stores in Greater Manchester✨ 🛍The investment will be used to upgrade store layout and cosmetic, upskilling in new technology and training for shop colleagues - boosting the in-store #customerexperience. Read Here👇Helen Connolly Elaine Cartwright Chantal Cooper #NewLook #Manchester #Fashionretail #retailnews

This has been an interesting week for malls, and we have only reached Hump Day.   Macy’s has announced they are going to close 150 stores over the next three years and Ikea announced that they are going to invest in USA malls.   Are these two retailers reading from the same sheet of music?   They are, but the same facts are leading to the same conclusion, but different strategies.   Both retailers feel they need to improve the shopper’s experience. Macy’s is going to do that by making their stores have a greater luxury feel, opening more Bloomingdales, and closing stores that do not have that type of shopper in their market. In our discussions with Macy’s, we also got the sense that they will be closing stores in urban areas that have had high levels of shoplifting with limited support from the local authorities.   Ikea plans to revitalize malls by converting them to co-working space, gyms, Nordic restaurants, playing grounds, and adding Ikea stores to these malls.   Both programs address the declining foot traffic at malls since 2019, but in different ways. We will see who has the right plan in a “few” years. https://lnkd.in/gfKgjY_e