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A year after the French luxury departmentstore originally announced it would be launching its first US location, Printemps is officially opening a brick-and-mortar store in the heart of New York Citys financial district on March 21. Unlike its other locations, the Printemps New York store will not have shop-in-shops.
First quarter results for calendar year 2022 are in for the three biggest Korean departmentstoreretailers, and the numbers are encouraging. Shinsegae, Lotte, and Hyundai account for the top nine departmentstores in the country (coming in at number 10 is Galleria’s high-end flagship in Seoul). trillion KRW ($2.1
Following the €1 billion acquisition of the KaDeWe property in Berlin’s most famous shopping street Tauentzienstraße, from Signa Prime Selection AG last April, Central Group has agreed to acquire the rest of the KaDeWe Group portfolio – Alsterhaus in Hamburg and Oberpollinger in Munich. What’s next?
The multi-storeshopping centre steadily grew in popularity in the US, hitting peak popularity in the 1980s. According to a report released by real estate agency Cushman & Wakefield, in the first quarter of 2024, shopping center vacancy reached 5.4 As Baird warned, “Retailers need to pick their malls carefully.
The US luxury retailmarket was worth US$134.6 billion last year, retail analyst and GlobalData managing director Neil Saunders told Inside Retail. One retailer excelling in several of these areas is the German luxury e-commerce platform Mytheresa. That’s where we make shopping easy for them.”
Macy’s has been stepping up to the plate with a series of new moves, from the expansion of its smaller-footprint stores, to a new digital fashion platform targeting younger shoppers. But while these initiatives sound promising, the question remains: can the departmentstore chain truly adapt to the needs of the modern-day consumer?
In late 2023, Salesforce reported that 59 per cent of consumers had shopped on social media, a massive jump from 15 per cent in 2021. In the US alone, TikTok shop garnered 1.1 Given that shoppers in other markets have embraced it, however, the exam question is: Should this be regarded as a permanent or temporary difference?
I think bringing on 600 or 700 smaller stores only dilutes management focus, he added. The challenge Brian Walker, founder and executive chair of Retail Doctor Group, told Inside Retail that the deal puts Myer under significant margin pressure, given its significant lease liabilities and overhead costs.
Bastion Insights client coordinator Vedant Bhusari noted that departmentstores Myer and David Jones are considered by many to be operating in luxury retail.
While the everyday consumer has become pri c e-sensitive with the growing costs of living in the US, the 1 per cent is still spending – to a point where the luxury shoppingmarket has become more competitive than ever. The retail expert noted that “for discretionary luxury shopping in physical retail, this is paramount”.
And while Central Group’s publicly listed subsidiary, Central Retail, has denied any involvement in the transaction, multiple reports suggest that another division of the conglomerate is involved in the talks. Central Group is one of the ‘big three’ Thai retailers and shopping centre developers/operators.
This week, Macy’s announced plans to shut down 150 “underproductive” stores, more than one-fifth of its departmentstore assemblage, over the next three years. The closures are a part of the retailer’s plan “to create a more modern Macy’s, Inc. However, the legacy retailer’s reputation has been on shaky ground of late.
It felt very real when we got our first major international departmentstore when the business was six months old. In the US, we are ranged in Goop and have also just launched into all 15 Credo Beauty stores, which provides our customers additional places to shop and refill their Emma Lewisham products.
The place to be and be seen In Australia (and elsewhere), the CBD was at the epicentre of the evolution of discrete retail spaces. It offered a smorgasbord of independently owned shops, national and international chain stores and departmentstores. In short, the CBD was the place to see and be seen.
So, it came as a surprise to some when the LVMH-owned retailer announced on its Korean social media accounts that it would be gradually terminating all its operations in South Korea, including its app, online store, and physical stores, beginning May 6. billion won (US$9.26 million), 14.5 billion won (US$10.6 billion won (US$12.9
Loft, which has only two stores in Thailand. Loft is a combination stationery, accessories and gift shop that offers beautifully designed products, many from Japan, in a manicured, engaging store ambience. It’s an extraordinary store and it scrapes in – just scrapes in – to both the new concept and flagship store categories.
While Shepard was already aware of the needs of trans and non-binary consumers, reviewing the research and seeing the overwhelmingly positive response to the launch of Both& has shown the necessity of having such a brand in the retailmarket. “So So maybe the surprise is that there weren’t more surprises,” Shepard mused.
Vincom is easily the largest mall developer and operator in Vietnam, and wants to focus less on new development this year and more on a trifecta of objectives aimed at its existing mall fleet: driving rental growth, upgrading its market positioning, and strengthening the shaky operating metrics of elements of its far-flung portfolio.
IR: Do you see rental, resale, and repairs one day making up the majority of the retailmarket? PZ: I think it will head that way, that’s why we’re seeing in departmentstores around the world now having a rental option.
The latest data from Statista suggests that Amazon may account for 50% of the entire e-commerce retailmarket this year. Analysis conducted by IBM found that COVID had accelerated the shift from physical stores to online formats by five years.
Central to this initiative is offering shoppers an even more bespoke shopping experience. Google’s smart play will be continued expansion in retail – worldwide including Europe – John Lewis and Kingfisher make up less than one per cent of the European retailmarket.
Retail education support can significantly help you in mastering product strategies, as it provides valuable insights into understanding the market, customer needs, and product selection. You need to connect with your customers and understand their shopping habits and preferences in order to increase sales.
They arrived with great fanfare but many international retail brands have found the Australian retailmarket has been a graveyard. The German hypermart chain Kaufland, and potentially the Lidl supermarket chain, were sizing up the Australian market in 2017 but decided not to proceed.
Central Retail’s Tops Club, a 15,000sqm affair unveiled at Central Rama 2 shopping mall in south Bangkok last September, is a good example. Shopping at Tops Club also requires membership but the fee is likely to be more like gravy than a key component of revenue needed to drive profit, as it is with Costco.
Experiential retail has developed out of the need to adapt to the changing market due to the rapid growth of the online market. While a considerate percentage of shopping nowadays takes place online – especially among millennials and Gen Z – it remains favourable for brands to keep one foot on the ground. STORY at Macy’s.
But how does this really work and is the cultural component of mall space, which unarguably is rising in multiple respects, reaching the broader shopping public or just a thin sliver? In Japan this has been the case for a hundred years, with departmentstores sprouting in the early 1900s from their roots as kimono shops.
Retailers who get these shifts can change their product mix accordingly, pushing value over premium until conditions improve. The Role of E-Commerce in Inflationary Periods During times of inflation, online retailers have an advantage over physical stores. Retailers prioritize durability and versatility over luxury or status.
It is worth remembering what retail is about at the broadest level possible: It’s about making people happy by giving them things they want and helping them enjoy the process of shopping for them. Likewise, in places like Orchard Road in Singapore, where Japanese and Chinese departmentstores are genuine cultural icons.
Here, we speak with CEO Graham Dean about the challenges of scaling a business at the right pace, the importance of a consistent growth strategy and how global departmentstores can compete with specialty retailers. Inside Retail : Harris Scarfe is marking 175 years of trading this year. It began back in Adelaide in 1849.
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