- Did Zoom kill business travel for ever? Road warriors weigh in. “Hotels, along with venues like restaurants that are go-to business lunch spots and convention centers, have been bending over backwards to try and reassure patrons that they can stay safe and healthy while on the road, emphasizing enhanced cleaning protocols and new sanitization standards in promotional materials and marketing campaigns.” (NBC News)
- Dollar General sales fall; on track to open 1,050 stores “The discounter executed more than 800 real estate projects (260 new stores, 543 remodels and 33 relocations) during the quarter, including store openings in its new PopShelf and larger-footprint Dollar General formats. The retailer said that it remains on track to open 1,050 new stores, remodel 1,750 locations and relocate 100 stores in 2021. It continues to expect capital expenditures in the range of $1.05 billion to $1.15 billion.” (Chain Store Age)
- Gap Sees Its Post-Pandemic Future Outside of Malls “The pandemic fundamentally reordered the retail landscape, as bankrupt chains and even healthy retailers closed thousands of stores, and e-commerce became far more significant for companies. Gap, for example, said online sales made up 40 percent of its revenue in the first quarter. The retailer said in October that it would close 30 percent, or 350, of its Gap and Banana Republic stores in North America by January 2024, with a focus on reducing its exposure to declining indoor malls.” (The New York Times)
- How COVID Changed the Real Estate Contract “Another new standard provision to come out of the pandemic is one surrounding events that may delay a transaction’s closing, according to another partner at the firm, Steve Lurie. That provides that the closing date or other key performance dates are extended until two business days following the resolution of the blocking event.” (Commercial Observer)
- Rethinking the US multi-brand retail format “As consumer foot traffic increases and retail stores restructure themselves as the pandemic shows signs of receding in the US, a few entrepreneurs are reinventing the department store. Leaning on direct-to-consumer brands for nimble inventory and restructuring the traditional wholesale payment model for a more equitable split between store and fashion label, these few stores are testing a wholly new business model for bricks-and-mortar retail.” (Vogue Business)
- Airbnb, Vrbo and Vacasa vacation rental fees are making hotels seem like a bargain “Overall, cleaning fees for short-term rentals have risen an average of 5.8% in the U.S. since 2019, according to AirDNA, an analytics firm that tracks data from Airbnb and Vrbo, a vacation home rental website owned by Expedia.” (Marketwatch)
- Small brands are using malls to get noticed and connect with customers “In some cases that billboard is a full store, and in other cases it's a single shelf with a selection of products. Either approach helps the brand test in-store sales and local markets before they commit to something bigger, like a flagship or a deal with a big-box store.” (Insider)
- Costco says free samples and food courts will fully return by June “The retailer revealed during its third quarter earnings call it will bring back full sampling as well as its food court and seating, in another sign of the U.S. slowly shifting toward normal amid the COVID-19 pandemic. Richard Galanti, chief financial officer and executive vice president at Costco, said the retailer will introduce full sampling in phases.” (USA Today)
- New York City anticipates a summer tourism season unlike any other “No area of the city serves as a barometer for tourism quite like Times Square. Any local passing through last year noticed the effects of the pandemic; according to the Times Square Alliance, in 2020 Times Square had a daily average of 125,000 pedestrians a day, a decline of 65.3% from 2019. In April 2021, the daily average had crept up to just under 134,000 pedestrians a day, and over recent weekends officials have seen the count peak at more than 185,000 pedestrians a day.” (Marketwatch)
- There’s Been a Shift From Selling Office Space to Selling Experiences “It will be important for office owners to take a partnership mentality and facilitate tenants’ evolving workspace needs. Like other office owners, Granite is changing the way it offers space, amenities, and services to move toward this need for speed, quality, and convenience.” (D Magazine)
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