Retail

Three different centers, three different owner/managers, three different recipes for shaping open-air centers to local tastes

Chris Ressa does not put a lot of stock in the word “experiential.” Though it’s become a companion to the word “retail” in the real estate industry, DLC Management Corp.’s senior VP of leasing finds it not up to the task of describing what’s too often missing at shopping venues.

Starbucks Coffee Company will open for business in Italy for the first time in late 2018.   The coffee giant plans to open a 25,500-sq.-ft. Reserve Roastery outpost in late 2018 in Milan, in the historic, turn-of-the-century post office building in the city’s center. The Milan Reserve Roastery will be the first Starbucks Roastery to open in the Europe, Middle East and Africa region, and the fifth, globally. It is the first of additional Starbucks stores the company plans to open in Italy.   

Retail signs have undergone a major evolution in recent years fueled by the adoption of digital technologies. Marilyn Brennan, business development manager at Egan Sign, spoke with Chain Store Age about the status of sign management in retail.

What trends are you seeing with regard to retail sign programs?

Large-format experiential stores focus on customer experience, convenience

At a time when many retailers are cutting back on brick-and-mortar investments to focus on e-commerce, a few notable ones are taking the opposite approach. They are launching large-format experiential stores to immerse customers in the full brand experience and offer items in each product category, from couches to dresses.

Main Street Promenade

Location: Naperville, Ill.

Size: About 182,000 sq. ft.

Owner: Retail Properties of America Inc.

Key tenants: Anthropologie, J.Crew, Soft Surroundings, Ann Taylor Loft, Sur La Table, White House Black Market, and Hugo’s Frog Bar & Fish House

Status: Open and operating, but includes a vacant parcel that has approval for future development of up to 62,000 sq. ft. of mixed-use space

In the wake of a disappointing quarter, Target Corp. is making long-term investments in its future.   The discounter plans to spend $7 billion in cash during the next three years as it lowers its prices and invests in its stores, with renovations planned for some 600 locations, reported CNBC.   "We can't capture that market share if we're presenting an old, tired store," Target CEO Brian Cornell said.  

A record 68% of the U.S. population will make at least one purchase via a digital channel in 2017.    That’s according to eMarketer’s 2017 Retail Outlook, which projects another strong year for digital growth. The report forecasts that e-commerce sales will increase 16.0% in 2017 to $462.17 billion, while total retail sales will grow 3.5% to $5.01 trillion.  

Omnichannel environment places evolving demands, challenges on C-suite executives

The transformation of retail from brick and mortar into a digital omnichannel environment has caused an evolution in certain key roles in the C-suite.

Antony Karabus, CEO of HRC Retail Advisory, spoke with Chain Store Age about how the key role of the chief operating officer is evolving to enhance the transformation of retail companies in today’s more complex environment.

What is the typical scope of responsibilities of a retail COO?