Party Time, Excellent! Aurora, IL Shopping Center to Get Makeover
In Aurora, Illinois (a town that your humble e-newsletter editor knows primarily due to Wayne’s World from Saturday Night Live sketches and two successful films, one of which featured main character Wayne Campbell cracking the code to obtaining top-notch in-store retail service), a developer is looking to redesign an existing shopping center as the “world’s largest Asian-oriented shopping center” in the country. The Chicago Tribune reported Pacific Square LLC wants to redesign the Yorkshire Plaza, across the street from the much-larger Fox Valley Mall, as the “Pacific Square Asian Shopping Center.” Aurora’s mayor conceded shopping centers like Yorkshire are “dinosaurs that are becoming extinct” and a redesign could “invigorate those areas by creating destination locations.” The new design would include a supermarket, food court, dining and entertainment, green space and a garden, offices and an apartment complex.
Talks of Retail “Apocalypse” Turn to “Evolution”
Retail experts in Arizona weighed in on the trends that retailers are figuring out to evolve past what had been predicted as an “apocalypse” for the retail sector. In a recent post on AZ Big Media, a Macerich executive suggested that by having unique stores, particularly ones that are from brands that were born online (such as Warby Parker, Peloton, UNTUCKit and others) help their shopping center stand out. “Now, more than ever, consumers crave experiences that allow them to feel, touch, hold and in some cases, try on, products. Brands will continue to move toward providing creative and new experiences for their consumers to earn their loyalty,” said Todd Folger, first vice president with CBRE Retail Services.
Macy’s and Dillard’s Show Gains in Q4
After years of being on the downward trend of retail, Dillard’s and Macy’s showed gains in the fourth quarter of 2017 and are sounding optimistic about the future. In a report on investment website Motley Fool, Macy’s CEO Jeff Gennette said he was “encouraged to see a trend improvement in our brick & mortar business.” Dillard’s CEO William T. Dillard II said, the company is “working to keep this momentum into 2018.” Dana Telsey of the Telsey Advisory Group told CNBC that she thought “this is a bit of a turning point for the retail sector.” CNBC noted Macy’s had a better holiday season than the year before and benefitting from “colder weather” and increased “demand for winter apparel and accessories.”