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Retail sales per square foot in decline | Retail Dive
Daphne Howland
@daphnehowland
PUBLISHED

Aug. 1, 2017

Which stores to close can be a tricky decision, though, because of how offline stores add to online sales. Moody's Investors Service last year warned that closing a physical location reduces a retailer’s presence in the market area and noted that online sales often decrease in zip codes surrounding a shuttered store. It behooves mall landlords and retailers to leverage new technologies and new math to account for that, in order to make educated decisions, according to Hongwei Liu, CEO and co-founder of Mappedin, an indoor wayfinding platform for premium North American malls.

"Fortress mall operators are under heavy scrutiny, along with the rest of their industry," he told Retail Dive in an email. "Everyone knows retail space is overbuilt in the U.S., shares are down 35% from a year ago. Our mall customers, who are almost exclusively premium operators, say that 'rents are up, sales are up, occupancy is up' in 2017. Flush with cash but seeing depressed market valuations, hostile takeover bids are increasing. Anecdotally, more is being invested in technology and consumer experiences to 'recapture' (or re-demonstrate) the value that premium malls and retailers are creating."
MappedIn  shopping_malls  retailers  Apple  Tiffany  LBMA  anecdotal  sales_per_square_foot 
august 2017 by jerryking
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