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Gift Cards: Opportunities and issues for retailers
By Giles Sutton, J.D., LL.M, [email protected]
Gift-card sales have surged in recent years. With electronic or virtual gift cards and mobile applications that allow consumers to purchase and redeem gift cards from their mobile/smartphones, sales only continue to grow. While consumers flock to them for their flexibility, businesses have embraced them as a means to increase sales. Not only are buyers spurred into making new purchases, but they often spend more than the gift-card amount.
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Report: FAO Schwarz looks to extend Fifth Avenue lease
New York City -- FAO Schwarz is seeking to extend the lease for its flagship store in Manhattan, almost three years after the landlord Boston Properties said the retailer would likely have to leave, Bloomberg reported. The store is located in the General Motors Building, on Fifth Avenue at the corner of 58th Street.