On August 20, The Feil Organization announced lease renewals and expansions at 645 North Michigan Avenue in downtown Chicago for two of its most successful tenants, Salvatore Ferragamo and Ermenegildo Zegna Boutique. Located in Chicago’s largest shopping district, both tenants have leased ground floor retail space in the building since 1997, and will now be expanding up to the second floor. The Feil Organization’s Vice President of Leasing, Brian Feil, said, “We are extremely pleased that both Salvatore Ferragamo and Ermenegildo Zegna have decided to remain and expand their flagship space at 645 North Michigan Avenue. I am confident that both the outstanding location of the building and its exemplary management have led to a long-term commitment from two of our most prominent tenants.”
With the unforgiving polar vortex behind us, and consistent upticks in consumer demand dispelling market anxieties stemming from the Fed’s tapering policies, there is only one direction retail is heading. Up! The consumer is back, and retail is king. Come hear about it from the industry leaders themselves at Bisnow’s 4th Annual NY Retail Summit.
Get 20% off by using this discount code at checkout: retailmls2014
Click here to register!More Information
RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 34,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year’s worth of business in just three days! If you are looking to meet retailers to discuss new or existing leases in your centers, view the latest industry products and services that are critical to your business, attend educational sessions or find the next deal, then you need to attend RECon.More Information
Join us and gain valuable insight into the dynamic retail environment in the outer boroughs of New York City.More Information
Social retail is the new approach to customer relations developed by next generation omnichannel retail brands, from online community to offline sales.More Information
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- July 2011
With the rise of Internet retailing and smartphone technology, brick-and-mortar retailers face a multitude of new and evolving challenges in order to keep their businesses successful. One huge, current threat to traditional retailers is “showrooming.” In an attempt to purchase products at the lowest possible price, consumers “physically visit a store location, gather product information at the store, to eventually compare products, prices online and purchase the said product online for a lower price.”
At comScore’s recent Webinar, Gian Fulgoni and Andrew Lipsman, (the company’s Chairman and VP of Industry Analysis, respectively) spoke about the online retail economy in Q2 this year. They focused on the current shift from bricks and mortar purchases to online shopping, stressing that online sales increased by more than 15% this quarter, while offline sales increased only 2%.
A new proposal for a half-a-million-square-foot outlet mall near the Staten Island Ferry Terminal has the potential to drastically change the retail situation on the island. According to two people who have been briefed on the proposal, the Bloomberg administration is in “advanced talks” with Don Capoccia of BFC Partners to build the development.
The outlet mall would be intended to draw tourists off of the Staten Island Ferry and actually onto Staten Island. For tourists, the ferry has traditionally been a free ride across the New York Harbor and a way to see the Statue of Liberty, as well as the city’s skyline. A 2007 report done by The Center for an Urban Future, a nonprofit research organization, estimated that although more than two million tourists take the Staten Island ferry each year, few actually exit the ferry in order to do anything on the island.
Next month, the International Council of Shopping Centers (ICSC) is hosting its Retail Real Estate World Summit in Shanghai. Between September 11th and September 14th, attendees will have the opportunity to listen to a dozen speakers who come from retail, development, financial, and public communities in the industry. These leaders include seven CEOs of companies such as Prudential Real Estate Investors, Forever 21, and Walmart Asia, one of the co-founders of Apple, and a former Prime Minister of Canada. Topics covered will include Global Retail Development Trends, Hottest New Retail Concepts from Around the World, Retail Real Estate Investment and Development, Global Retail Property Best Practices, and Tomorrow’s Shopping Centers Today.
In addition to listening to speakers, attendees will have access to an exhibition described by the ICSC as “a unique opportunity to spotlight new projects, retail concepts, or products and services to an international audience of decision-makers. An ideal venue to discuss leasing opportunities, make deals, network with colleagues, promote your retail project, present your city’s development plans or display your product or service – all under one roof.”
Jeffrey D. Roseman is an EVP and a founding partner of Newmark Grubb Knight Frank Retail, and prior to that was a partner in its former company, New Spectrum Realty Services. Mr. Roseman has served as the top producer in both companies for the past 15 years. With more than 20 years of experience, Mr. Roseman has completed transactions totaling more than $2 billion and encompassing more than 10 million square feet of retail space. He is known as a leader in the industry for his extensive experience in landlord and tenant representation.
Mr. Roseman has been an integral part of resurgence in neighborhoods such as Times Square, Harlem, Union Square and SoHo. He has completed some of the most notable and innovative retail transactions in Manhattan. Among his list of prestigious retail clients are Dell, Anthropologie, Urban Outfitters, Kenneth Cole, Equinox, Commerce Bank, Billabong, Chipotle and Pret A Manger.
This month, the National Retail Federation released the Hot 100 Retailers list for 2012 in the August issue of its publication, Stores. Groceries, trendy fashion, and e-commerce/telecommunications rounded out the top three categories currently dominating retail. In the Top 10 alone, there are two food retailers, and throughout the rest of the list there are close to 20 supermarket chains because of food price inflation and contraction among supermarket operators.
Sprouts Farmers Market took the leading spot on the list with a 71.9% sales growth between 2010 and 2011, and a 101.9% store growth. The supermarket recently merged with Sunflower Markets in order to further develop its natural and organic sections, which will likely help the company make around $2 billion in revenues this year, and which will in turn help Sprouts rank on the list again next year. Other supermarkets on the list include Kroger, Whole Foods Market, Trader Joe’s, Aldi, Publix, and H-E-B, and they range from traditional supermarkets to regional juggernauts to national chains.
Zach Fox joined the Downtown Alliance team in May, but he’s certainly no stranger to Lower Manhattan. “During my tenure as a broker, I represented many Lower Manhattan property owners in leasing transactions,” he explains. “For someone who loves history, architecture, and real estate, Lower Manhattan is really as good as it gets.”
Slated for completion in June 2014, the new Fulton Center complex on the southeast corner of Broadway and Fulton Street will be a hotspot of Lower Manhattan retail activity. The $1.4 billion Metropolitan Transportation Authority (MTA) project began in 2005 and will include around 65,000 square feet of retail and commercial space, as well as more than 50 revenue-generating multimedia displays.
Arup and Grimshaw Architects designed the new Fulton Center building, which is expected to be LEED certified, with a layout for retail space that will span five floors. The floors will range from transit-oriented underground space, to open areas at street level, to two glass-enclosed upper floors, and they will be organized around a grand civic space covered by a glass atrium. Additionally, the Fulton Center building will be integrated with the historic, eight-story Corbin Building, which is set to showcase retail space on its ground floor, while its upper floors will offer more flexibility in terms of either retail, office, or hotel use. Located on the northeast corner of Broadway and John Street, the Corbin Building is listed on the National Register of Historic Places, and is being restored and updated as part of the project.
John is the chairman of New York Commercial Real Estate and the CEO of PEP Real Estate, a full-service commercial brokerage firm specializing in retail and office leasing in Manhattan particularly in SoHo. At PEP Real Estate, John has positioned his company to be one of the foremost event planner and management companies in SoHo, [...]
Earlier this week the World Retail Congress announced the 2012 inductees for the World Retail Hall of Fame. They will be officially inducted during the World Retail Congress’ annual summit taking place Sept. 19th through the 21st. This year’s inductees, featured below, include four men who have made significant contributions to the retail industry, so much so that two of them have already been knighted.
Lew Frankfurt – Mr. Frankfurt has worked for Coach for 33 years, serving as CEO for the last 16. Mr. Frankfurt is the man who has transformed the Coach brand into one of the most recognizable in the world. When he joined the company in 1979 Coach had $6 million in annual sales. Last year that total was 3.6 billion.
Big box store retailers seem to have everything a shopper would ever need. Unfortunately for many shoppers, specifically those who live in cities, stores like Walmart and Target are not viable options because they simply don’t have urban locations. This is a loss for both city-dwellers who don’t have easy access to a full range of products as well as the retailers themselves who are missing out on a large portion of the populace.
These giant box retailers, which have been a staple of suburban life, are beginning to face a reality that includes a lot of missed business. According to analysis from The Brookings Institution, “for the first time in more than nine decades the major cities of the nation’s largest metropolitan areas grew faster than their combined suburbs,” and as people move toward urban life their suburban retailers plan on coming with them.