Department Store

In the strongest forecast so far this year, holiday spending is expected to reach its highest point since the Great Recession, led by strong digital sales.   That’s according to PwC’s 2016 Holiday Outlook, which forecasts a 10% total rise in holiday spending over last year, and a 25% rise in digital sales.    “The great news for all retailers is consumers are much more optimistic this holiday season,” said Steven Barr, PwC’s U.S. retail & consumer leader. 

Construction is underway at a planned 185,000-sq.-ft. center that will bring a top-level roster of value retailers to the western Kentucky town of Hopkinsville. Thompson Thrift is the developer.   Hopkinsville Town Center, located just north of Clarksville on the Tennessee border, will count Hobby Lobby, TJ Maxx, Ross Dress for Less, Ulta, Burke’s Outlet, Hibbett Sporting Goods, and Rack Room Shoes among its tenants when it opens in late 2017 or early 2018.  

One of Minnesota’s highest-volume malls is about to get a $76 million renovation that will give it new retail space and sight lines and – more rare these days – a new department store tenant.   Rosedale Center, a 1.14-million-sq.-ft. property situated between the Twin Cities of Minneapolis and St. Paul, will soon break ground for a two-level Von Maur store and parking deck with 1,100 spaces, according to owner JLL. Macy’s and J.C. Penney already do business there.  

From increased budgets to a desire for free shipping to gifts for pets, PwC’s “2016 Holiday Outlook” report predicts the following trends will drive the upcoming holiday season:    1. Bigger holiday budgets: Shoppers will likely spend 10% more this holiday season; an average of $1,121 each. And consumers with annual household incomes less than $50,000 will likely increase their percentage spending levels even more than consumers overall.  

Online shopping is great. It saves time, provides tons of options in one place, and the customer doesn’t have to navigate swarms of people to checkout. Younger generations value this, and are moving the majority of their shopping online.   But that doesn’t mean retailers can’t pull customers back to their brick-and-mortar stores. Here are four recommendations to entice customers back into your stores:    1. Attentive Customer Service

Bonobos opened its fifth Manhattan store this week on Madison Avenue, surrounded by neighbors that include Porsche Design, Tourneau, Dino Baldini, and Lladro.   Called the Bonobos Guideshop NYC, the store inhabits a 1,725-sq.-ft. ground floor space with all-glass frontage on the southwest corner of 52nd Street in the shadow of St. Patrick’s Cathedral. The deal was brokered by RKF.   

It houses one of the nation’s premier jazz performance centers, as well as Michelin-star restaurants, so New York’s Time Warner Center couldn’t have any old pop-up shops lining walkways with spectacular views of Central Park South.  

Don’t believe the rumors. Kmart is not going out of business.   That’s according to Eddie Lampert, the beleaguered  CEO of Kmart parent company Sears Holdings Corp.