In order to meet rising consumer expectations, we've seen one technology distinguish itself as an easy-to-implement and cost-effective way to transform an otherwise traditional physical shopping space into a connected store: beacons.
The younger generation appears to be more brick-and-mortar than anyone expected. They may live and breathe online, but come the holidays, they're going to the mall, says the 2014 Holiday Shopping Behavior Survey from Simon, a global retail real estate firm. Eighty-nine percent of respondents between the ages of 18 and 33 who plan to buy one or more gifts said that they intended to shop at the mall this holiday season.
J.C. Penney said Monday it's raised $248 million and taken its first step toward shedding noncore assets by selling off part of its stake in a Simon Property Group unit. Following the transaction, the real estate unit for Penney — JCP Realty — will hold about 205,000 limited partnership units in Simon’s operating partnership. Also on Monday, J.C. Penney CEO Ron Johnson unveiled a trio of in-store shops, slated to open at 683 J.C. Penney stores across the United States starting on Aug. 1. The three in-store concepts all feature denim offerings.
Indianapolis -- Simon Property Group announced that Saks Fifth Avenue Off 5th will open a total of seven new stores in the next two years in its Premium Outlets division, including new centers and existing centers. The new centers include: Merrimack Premium Oulets, Merrimack, N.H.; Phoenix Premium Outlets, Chandler, Arizona; St. Louis Premium Outlets, Chesterfield, Mo.; and Tampa Premium Oulets, Wesley Chapel, Fla. Expansions are planned for the following centers: Chicago Premium Outlets, Aurora, Ill.; Las Vegas Premium Outlets—North, Las Vegas; and Orlando Premium Outlets-Vineland Ave., Orlando, Fla. In addition, SPG said that Saks Fifth Avenue Off 5th has
Wal-Mart has reorganized reporting relationships, putting its U.S. marketing team under the leadership of the chief merchandising officer. Marketing currently operates as a separate group and the move, said Wal-Mart, is designed to improve shopper communication.
Landlords anxious to know whether their centers will be affected by the Borders reorganization will have to wait a little longer. The bankruptcy court granted the retailer an extension to decide which leases to keep and which to terminate. In addition, the court approved $505 million in debtor-in-possession financing Borders arranged prior to filing for Chapter 11.