News Briefs

Chain Store Age offices will be closed on Wednesday, June 19, in observance of the Juneteenth holiday. We will reopen on Thursday, June 20. 

Department store retailer Von Maur is expanding the footprint of its young women’s fashion banner. 

Dry Goods plans to open five new locations through the end of 2024, including the retailer’s first stores in Delaware, New Jersey and Virginia. (See end of article for locations.) These new sites are part of retailer’s continued nationwide growth strategy.

Dry Goods opened its first store in 2010. in Aurora, Ill. By the end of the year, the retailer willl operate 84 locations in 24 states across the country.

Dry Goods stores are focused on young women’s contemporary fashions, accessories, shoes and gifts, with an interior design that has a vintage-store feel. The brand features an interest-free credit card.

“We are thrilled with Dry Goods' continued success as we introduce the brand to new, fashion-forward shoppers in these exciting markets,” said Melody Wright, COO of Von Maur, Dry Goods' parent company. “As we continue to expand into new states, we look forward to sharing our store with even more customers. Our goal is always to provide updated, on-trend clothing and accessories that allow shoppers to show their personal style at an accessible price.”

Read More: Von Maur Department Stores launches five-year store renovation plan.

Here are the locations of Dry Goods’ newly announced store openings.

•Cherry Hill Mall (Cherry Hill, N.J.)

•Christiana Mall (Newark, Del.)

•Hamilton Place (Chattanooga, Tenn.), opened June 2024

 •Ross Park Mall (Pittsburgh, Pa.), opened April 2024

 •Short Pump Town Center (Richmond, Va.)

CBRE is expanding its team of brokers to serve the growing Arizona market.

The real estate firm has announced that Michael Hackett and Ryan Schubert have joined the firm's Phoenix office to lead retail investment sales in the Copper State. Hackett and Schubert join CBRE as executive VPs with the National Retail Partners, and bring extensive experience in selling multi-tenant retail shopping centers throughout the Southwest.

With a combined 45 years of experience in the commercial real estate industry, Hackett and Schubert previously held executive managing director roles at Cushman & Wakefield's Retail Investment Advisors.

Together, they have facilitated over $4 billion in retail investments since 2008, including the Summit at Scottsdale, Shops at Gainey Village, Montecito Marketplace, and Oro Valley Marketplace. 

"Michael and Ryan’s deep knowledge of the Southwest markets and proven track record will be invaluable as we continue to serve our private and institutional retail clients," said Chris Decouflé, managing director of Retail Capital Markets at CBRE.

CBRE's National Retail Partners has successfully transacted more than $53 billion in investment sales and 297 million sq. ft. across 2,474 transactions over the last decade.

(Pictured: Michael Hackett (L) and Ryan Schubert (R))

Ninety-four percent of Father's Day celebrators this year plan to make a purchase for the holiday, according to new data.

Numerator found that 65% of U.S. consumers plan to celebrate the holiday on Sunday, June 16. Top plans for Father's Day this year includes giving gifts (43% of celebrators), gathering with family and friends (41%), grilling or barbecuing (36%), cooking or baking at home (29%) and going out to eat (28%).

Among those who intent to purchase gifts, gift cards are the top choice at 38%, followed by apparel (37%) and tools or home improvement materials (24%). Boomers are the most likely generation to purchase gift cards (44% vs. 38% for all celebrators), while Gen Z is more likely to purchase tools or home improvement equipment (38% vs. 24%). Millennials are nearly twice as likely to purchase accessories such as bags, belts and scarves for Father's Day gifts (21% vs. 11%).

Most Father's Day celebrants plan to make their purchases from big box stores (45%), compared to 39% for online retailers and 32% for grocery stores. A third of shoppers (34%) plan to spend between $50 and $99 on their Father's Day items, while nearly three-quarters (73%) plan to spend the same as last year.

The spending data follows figures from the National Retail Federation which showed that three-quarters of consumers plan to celebrate Father’s Day this year, and on average, plan to spend $189.81 on gifts and celebrations.

Forty-one percent of consumers are very or somewhat comfortable spending money on discretionary purchases.

That’s according to the Numerator Consumer Sentiment Tracker for May, which captures more than 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending & saving considerations and future financial outlook. 

The May Consumer Confidence Score was 56.8 (-0.1 vs. April), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels.

“Consumer confidence held steady in May, with consistent levels of comfort across the board,” Numerator said.

The May Financial Outlook Score was 50.3 (-0.2), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 24% think their finances will be better than they are now, 52% think they’ll be the same, and 23% think they’ll be worse. Black consumers and Gen Z consumers are the most optimistic about their financial situations. 

Other findings from the May report are below.

•To save money, consumers are shopping for items on sale (45.5%), using coupons/discount codes (44.7%) and cooking at home (43.9%).

•With the warmer weather, consumers are looking to get out of the house or fix up the house. 30.3% plan to use spare cash to travel or go on vacation, and 22.8% plan to make home repairs/improvements. 

•Forty-percent of consumers think it’s very or somewhat easy to find employment in the current job market. Meanwhile, 27% think it’s somewhat or very difficult.

•Forty-eight percent of consumers say their household’s financial situation is currently good or very good (no change vs. April). 

•Consumers with spare cash say they’re putting it in savings (38%) and paying down debts (34%).

Retailers are invited to meet some of the retail industry’s most accomplished female executives at Chain Store Age’s annual Retail’s Top Women Awards event. The 2024 honorees will be revealed at a virtual celebration today, June 13, at 4:30 p.m. (EDT). Retailers can register for the event here.  (There is no charge.)

 The event will include plenty of time for virtual networking with the honorees and other retail attendees. Awards will be given out in five separate categories: technology, supply chain, store development/finance marketing, finance and marketing. In addition, several women will be honored as Women of the Year.

Join Chain Store Age as it celebrates the achievements of top female retail executives from companies that include:

•Blain’s Farm & Fleet;

•Christian Dior;

•Dollar General; 

•Dollar Tree;

•Gap;

•Genesco

•Lowe’s;

•Lulu and Georgia;

•Shell;

•Specsaver;

•Ulta Beauty;

•Walgreens Boots Alliance; 

•Yesway; and

  many more.

For free registration, retailers can click here.