Retail Stores are Changing
As more business moves on line retailers are updating their stores with excitement and experiences to increase traffic.
This year we have seen department stores close their doors and mall owners’ welcome entertainment and wellness businesses. We have also been witnessing smaller formats as well as very large flagships across the retail sector highlighting the omni-channel experience.
Real-Estate Hot Spots
Fifth Ave in New York City continues to be one of the most important streets for retailers and a few brands are starting to revamp their image as they open new stores down the avenue.
The North Face (NYSE: VFC) has recently opened their flagship store in New York City on 5th Ave. The store is two floors and covers 20,000 sq. ft. TNF has been pushing the boundaries across their in-store strategy and making their product relevant to a larger demographic by nodding to streetwear style. The flagship store brings to life a community sense as consumers can interact with the equipment on a large scale. The store also offers a relaxing area as well as a customization station.
Victoria Secret (NYSE: L Brands) has recently opened its doors to a new location at 640 5th Ave. The four floors cover their sportswear, Pink, intimates and beauty.
As this store promotes more of the VS Angels side of the brand, merchandise is set up across the store with featured Angel looks from the runway. This store dedicates a floor to a retrospective of the most recent Angels show.
Coach New House (NYSE: COH) has also recently unveiled on 5th Ave. in New York, which encompasses a modern and personalized in-store approach. The three-story 20,000 square foot space showcases all the Coach collections such as handbags, accessories, footwear and ready-to-wear for both men and women. The space also welcomes customization stations across all floors, providing customers with a more personalized experience.
Overall, we expect retailers to continue to downsize their brick & mortar square footage. On the other hand, we expect retailers to have less stores but more important experiential flagships, in important tourist cities. The expansion on Fifth Avenue, NYC is a perfect example.
We also expect malls to continue to flesh out retailers that aren’t performing with exciting and new retail concepts new to the mall.
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