If “Massapequa Means “Near the Mall” Paramus Must Mean “Land of the Malls”
Comedian Jerry Seinfeld used to riff on his hometown of Massapequa, N.Y. “That’s an old native American word meaning ‘near the mall,’” he’d say. He may as well have been talking about Paramus, N.J., because, ask anyone from that area of Bergen County, they’ve been to their malls and have many fond memories of them. Their local newspaper recently did a retrospective and look-ahead on the five major malls in the area (Westfield Garden State Plaza, Paramus Park, The Fashion Center, The Outlets at Bergen Town Center and The Shops at Riverside, which is in nearby Hackensack). The article didn’t even mention American Dream, a long-simmering project that is currently slated to open in East Rutherford in March 2019. The square footage of the Paramus-based malls alone adds up to “more than 170 square feet of mall space per Paramus resident, seven times the national average.”
End-of-Year Seasonal Trend: “Industrial Pop-ups”
As holiday sales are projected to increase this season, one area of traditional retail is getting some added attention: pop-ups. In a new 2017 U.S. retail holiday trends report, CBRE Group Inc. cites data from the National Retail Federation that sees traditional pop-ups and new “industrial” pop-ups being more of a player this season. “Short-term warehouse space is becoming a solution to the problem of season surges in inventory levels and the excess costs that result from them,” reported Rob Roberts of the Kansas City Business Journal. CBRE told the KCBJ there are several factors for the growth in retail pop-ups, including “retailers’ need for experimentation” and an “increased appetite among landlords.”
Survey Gives Retailers info to go Head-to-Head vs Online Competition
A new survey conducted by The Harris Poll for Coldwell Banker Commercial reveals some interesting preferences for today’s online and real-world shoppers. CBC suggests the results can help real-world retailers improve their customers’ shopping experiences. “The survey uncovered distinct features shoppers enjoy which can help retailers remain relevant in today’s marketplace, utilize their square footage effectively and continue driving traffic in-store,” CBC stated.
For example, the survey found that:
- 42 percent of U.S. shoppers say supporting local businesses is important to them when shopping
- 35 percent of shoppers say that self-serve kiosks and checkouts improve their shopping experience
- Virtual Retail: 17 percent of shoppers say they would be comfortable using virtual reality in retail stores.
For more details, check out CBC’s infographic by clicking here.
DMM at ICSC’s Deal Making Show 2017 – Booth #363
Make sure to stop by the DMM booth (#363) during ICSC’s New York Deal Making, December 6 – 7, 2017, at the Jacob K. Javits Convention Center in New York City. At the show, you can learn about our new “Cross-Shopping” report services, online access and custom databases. Hear how DMM and ShoppingCenters.com have grown to become the industry’s most comprehensive and accurate source for major shopping center and retail data. Our reliable reference tools can assist you in identifying opportunities and making decisions for your business. We’re also offering a show discount for online access to ShoppingCenters.com, so make sure you stop by! This event is a great opportunity for owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product and service providers to gather under one roof to exhibit, make deals and form successful business partnerships. See you there!