Consumer Electronics

Both Black Friday and Cyber Monday broke sales records this year, and early promotions could be a key contributor to this success.   Out of more than 400 major retailers that offered promotions via RetailMeNot, 70% started promoting Black Friday deals before Thanksgiving, the savings destination reported in the “RetailMeNot Promotions Index.” The study, which was conducted between Nov. 24 and Nov. 28, is based on responses from 1,500 Americans aged 18 and over.   

McLean, Virginia-based S2 Capital Partners has purchased an 8-acre center on the outskirts of Richmond with plans to build it out to its full potential.   The company paid $12 million for the 52,000-sq.-ft. Stonebridge Marketplace, and principal Rob Seidel told Richmond Biz Sense that it plans to add 7,200-sq.-ft. and 8,400-sq.-ft. buildings to fill out the strip that fronts a 123,000-sq.-ft. Kroger Marketplace.   Current tenants include Firestone, Panda Express, Mattress Firm, Qdoba, and AT&T.

The ICSC New York Conference is one of the larger gatherings of retail real estate professional’s on the calendar – and is an important touch point for professionals in the NYC market. Ahead of the show, Bob Gibson, retail vice chairman of JLL, based in New York, shared his take on this expansive and important retail market.  

After Neiman Marcus announced it would open its first New York store at Hudson Yards — the biggest development in that town in recent history — retail leases are being signed at a torrid pace.   According to developer Related Urban, The Shops & Restaurants at Hudson Yards are 60% leased more than two years before their scheduled opening in fall 2018.  

Incorporating digital components into the physical store is the next frontier for retailers. You see, customers’ expectations have grown while their attention spans have shrunk. Some reports have even found that goldfish (yes, you read that right, goldfish) have a longer attention span than humans.   

Cyber Monday has made history — again.   With shoppers spending $3.45 billion online on Cyber Monday, Nov. 28, a 12.1% jump year-over-year, sales not only surpassed predictions, but made this the largest Cyber Monday shopping event to date, according to Adobe Digital Insights, which aggregated data from 23 billion visits to retail websites.  

It still comes down to price.    Despite more modern approaches, 89% of consumers said that deep discounts (including coupons) are the key determinant of what stores they will visit for holiday shopping this year, according to a survey of millennial and Generation Z consumers conducted by HRC Retail Advisory.    In addition to finding that sales and coupons are more influential than any other tactic in motivating consumers to enter stores this holiday season, the survey also revealed: 

Confession:  I’ve long been a self-proclaimed anti-Black Friday shopper. But when Target’s “Early Access Black Friday” email hit my inbox first thing Wednesday morning, Nov. 23, I went over to the dark side.