DMM Retail Industry e-News Issue #180
Hope for the Retail Future as Foot Locker Stays on Their Toes
Though there were plans for emergencies, there was never a plan for a pandemic. Foot Locker’s CEO spoke exclusively with Footwear News in the publication’s weekly “Leading in a Crisis” webinar series, about how the Coronavirus lockdown has affected his more than 3,100 retail stores in 27 countries. President and CEO Dick Johnson’s optimism comes from a project Foot Locker undertook with Nike last summer in New York City to create a store concept that connects the e- and real shopping worlds. So, with a slight head-start, Johnson has reason to look forward to the future. “I do, in fact, believe there will be pent-up demand. We are consumers at the end of the day, and people want to be out shopping. The consumer will absolutely be ready to spend post-crisis,” Johnson said.
Shopping Center Owner Helps Small Businesses Get Fed Funding
Kimco Realty, the owner of 400 strip centers in the United States, has launched a program to help small business owners get federal funding so they can pay rent. Those loans are designed for smaller businesses that need assistance surviving the coronavirus pandemic. “We recognized early on that the big national retailers…they need to pay their rents. They have the balance sheets and the cash positions to weather this storm. The small mom-and-pops are the ones in the trenches. We knew they needed access to capital quickly,” Kimco CEO Conor Flynn told CNBC. For more information about Kimco’s program, click here. Though the program reportedly ran out of money, by press time there may be more available. It’s worth checking with Kimco to see if they can help, regardless.
Retail Yields to Entertainment at American Dream; Sets up COVID-19 Testing for 1st Responders
In what could be a blueprint for future shopping center, the long-awaited American Dream in New Jersey that just opened last fall is looking at a post-coronavirus world with much less retail and more entertainment than it originally envisioned. The planned mix of 55% entertainment to 45% retailer is now on track to be 70% entertainment and 30%. That’s according to developer, Triple Five Group. “We are going to come out of this super strong…really strong on the entertainment side. I think when [coronavirus] is over, people will be so stir crazy. Initially there will be some trepidation … but I think we are going to have so many people,” said Don Ghermezian, co-CEO of American Dream. Instead of remaining idle, Business Insider says American Dream partnered with Hackensack Meridian Health and Agile Urgent Care and is currently offering drive-thru COVID-19 testing for local police, first responders, and frontline health care workers.
Feeling Nostalgic for Malls
We can understand these days if you’re feeling a little nostalgic for the good old days, when the world was much different. Thank goodness old TV shows and movies are easily accessible – and clips of them even easier! We’re taking a poll: what are your favorite TV or movie scenes that revolve around the mall? “Minority Report” and “Back to the Future” come to mind. What are your favorites? “Bill & Ted?” “The Blues Brothers?” Perhaps “Paul Blart: Mall Cop?” Tell us via Twitter or on our “Contact” page.
DMM e-News - Issue #180
