DMM Retail Industry e-News Issue #226

Shopping at the Mall, In-store? Yes!… Panelists Debate Future at Retail & Hospitality Forum… Retailers Eye Expansion as Pandemic Recedes

netflixShopping at the Mall, In-store?
Yes, Please!

Even without the COVID pandemic, in-store retail was already taking it on the chin. But the signs are there that Americans are ready to get back into the world. Streaming services may have been all the rage for a while (CNN+ launched and cancelled itself, Netflix is hemorrhaging subscribers), but people still like to socialize and touch and feel things (even Facebook has launched a retail store – the store where the “likes” are on a shelf?). In Minnesota, for example, the major malls there, including Southdale Center, Mall of America, Galleria Edina, Rosedale Center and Ridgedale Center are reportedly doing very well. Nicole Norfleet of the Star Tribune recently reported several area malls have seen several months of heavy foot traffic, and some are even busier than before COVID. “People are out and about in just about all the different types of retail that we see around town. They have been shopping online, and now they want to see what it is like in person. I think it has really helped the mall traffic and the mall sales,” said Deb Carlson, a director of brokerage services at Cushman & Wakefield.

nycPanelists Debate Future of Brick-and-Mortar at Retail and Hospitality Forum

Retail often goes hand-in-hand with a city’s ability to attract visitors, on top of their regular residential base, and send them out to shop and dine and spend more money there. Nowhere is this truer than in New York City, which has struggled since the pandemic. But like everywhere else, the tide is turning. Panelists at the recent Commercial Observer’s annual “Retail & Hospitality Forum: The New & Now Trends Driving the Retail Resurgence” noted that it’s no longer as simple as opening a store on 5th Avenue to be guaranteed a financial success. Most agreed that malls and brands can make a comeback if they utilize their surroundings to express themselves to customers in alluring ways. “It’s really about creating an experience that’s long-lasting and creates a better opportunity for the consumer to really have a whole, holistic experience there,” said David Weitz, a managing partner at private equity and development company Carpe Real Estate Partners.

hoagieRetailers Eye Expansion in U.S. as Pandemic Recedes

Several retail brands are looking to expand in the United States as the country appears on the other side of the COVID pandemic. Among them, fashion retailer, Mango, which recently announced plans to open 30 new stores by the end of 2024. Weis Markets, a food retailer with 197 stores in PA, MD, DE, NJ, NY, WV and VA, announced last month they intend to spend $150 million this year on growth projects. That includes “four new stores, some of which will be completed in the coming years, one expansion, five major remodels and eight fuel centers,” said Jonathan H. Weis, Chairman, President and CEO. Then there’s Wawa, one of the most popular convenience store chains in the northeast, which wants to double the number of locations over the next few years. They already have over 950 stores in MD, NJ, PA and elsewhere. NJ.com notes the company is famous for its quick-serve coffee, snacks, drinks and “hoagies” (aka: hero, sub, grinder, or spuckie – thanks Wikipedia). Whatever you call it, your humble e-newsletter editor is getting hungry. Do you have a specific name for these “cold or hot sandwiches made from a cylindrical bread roll split lengthwise and filled with meats, cheeses, vegetables, and condiments” and if so, what is it? Tell us on Twitter!

Spotlight Listing
Spotlight Listing
Details

Florence Square

7619-7647 Mall Rd.
Florence, KY 41042
Website

Stats

Gross Leaseable Retail Area
516,108 sq. ft.

Year Opened
1980

Owner/Developer
Brixmor Property Group, Inc.

Retailers

Retailers Include
Barnes & Noble, Bob's Discount Furniture, Burlington, Izzy's, HomeGoods, Kroger Marketplace, Ross Dress For Less, Sierra Trading Post, Staples, T.J.Maxx, Shoe Carnival, David's Bridal, Subway, Taco Bell, Hallmark, T-Mobile

Summary

Summary
Recognized as the top retail center in the market and the fastest growing community in Kentucky, Florence Square draws an estimated 17,800 visits each day and 6.5 million shoppers each year. Florence Square serves a primary market population of 362,275 with an average household income of $93,544.


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