To commemorate and celebrate the official start of the holiday shopping season, retail guru @Greg_Maloney will take over the @JLLNews twitter account on Black Friday, November 28th between 6am ET and 6pm ET to answer your questions on the retail industry’s performance, and share live updates from JLL-managed malls around the United States.
For additional insights on this year’s holiday shopping season, download new data from JLL’s 2014 Holiday Sentiment Report, which includes feedback from 800 largely national or global retailers in JLL-managed shopping centers across the United States.
Shoppers’ time, peer recommendations and attention are priceless commodities that retailers are vying for year-round and even more so during the holiday season. More than 85% percent of respondents to JLL’s holiday sentiment survey expect foot traffic this holiday season to increase or remain the same as last year, which saw 45 million holiday shoppers. This year, retailers will need to create a customer experience that the internet can’t match, which does not include waiting in long line — and retail giant, Walmart, is doing just that.
Walmart is preparing for the influx of shoppers this year by making a Checkout Promise, where all registers will be open during peak shopping hours at their Supercenters. “Customers can expect to find self-checkouts open and a cashier in every lane,” says Duncan MacNaughton, EVP, Chief Merchandising & Marketing Officer of Walmart U.S.
Beyond opening checkout lanes to expedite point-of sale purchases, more than a fifth of respondents indicated they will be equipping staff with tech tools like smartphones and tablets that can accept electronic payments right from the store floor. For additional insights on this year’s holiday shopping season, download new data from JLL’s 2014 Holiday Sentiment Report, which includes feedback from 800 largely national or global retailers in JLL-managed shopping centers across the United States.
The countdown to Black Friday begins – 10 days till the busiest shopping day of the year. So, who’s hiring for the Holidays?
To provide a better customer experience, more than 95% of respondents to JLL’s recent survey indicated their staffing will remain the same or increase compared to last year, with nearly 40% reporting they will increase their staffing up to 15%. Retailers already prepping for the busy upcoming season with hiring sprees include:
Toys R Us, which announced that it is hiring 45,000 seasonal employees
Check back during the next week for more updates on Black Friday and Thanksgiving Thursday from JLL’s 2014 Holiday Sentiment Report, which includes feedback from 800 largely national or global retailers in JLL-managed shopping centers across the United States.
The most important time of the year for the retail industry, Black Friday and now Thanksgiving Thursday, is two weeks away. New data from JLL’s 2014 Holiday Sentiment Reportfound that nearly 1/3 of respondents’ stores will be open on Thanksgiving Day, and that 90% of retailers expect Black Friday to generate upwards of 40% of their total annual sales. It’s likely shoppers will see even earlier openings on Thanksgiving, and bigger door buster deals on Black Friday as retailers seek to accommodate eager spenders.
As JLL’s team of 800 property management, leasing and investment sales experts across the nation also prep for the busy season, Karen Raquet, leader of JLL’s National Retail Property Services, remembers the Black Friday of 1987.
Check back during the coming weeks for more updates on Black Friday and Thanksgiving Thursday from JLL’s 2014 Holiday Sentiment Report, which includes feedback from 800 largely national or global retailers in JLL-managed shopping centers across the United States.
Sears Holdings Corporation has submitted plans to the City of Aventura for the redevelopment of the Sears property at Aventura Mall into an exciting open-air village that will feature retail, restaurants, offices and a hotel.
Esplanade at Aventura will be a complete redevelopment of the 12.3 acres owned by Sears Holdings that currently features a Sears full-line store, Sears Auto Center and adjacent surface parking areas. The proposed new development will include approximately 250,000 square feet of quality retail and restaurants, 45,000 square feet of office space, a hotel, and both subgrade and above-grade parking structures. Sears will retain a presence in a 20,000-square-foot smaller-format store. Sears Holdings has retained JLL Retail to lease Esplanade at Aventura
Esplanade at Aventura was designed by San Francisco- and Miami-based SB Architects, whose notable projects include Santana Row in San Jose, Calif., and the Design District in Miami. The development will feature a contemporary open-air collection of shops and restaurants, envisioned as a vibrant shopping and entertainment village that complements the mall’s indoor offerings yet provides its own unique destination. Although entitlement of the project is now officially underway, the delivery date for the project has not been finalized.
Sears Holdings has retained JLL Retail to lease the project.
“With a location adjacent to one of the most successful malls in the nation, we have high expectations for Esplanade at Aventura and its ability to draw a unique offering of local, national and international retail concepts looking for a showcase presence in the dynamic South Florida market,” said Steve Yenser, executive vice president of JLL Retail. “Esplanade at Aventura will also provide an incredible venue for a collection of exciting restaurants that leverage South Florida’s existing culinary talent and offer a destination for other innovative concepts that are new to the market.”
Esplanade at Aventura will use extensive shading and cooling strategies to create a comfortable and engaging space that embraces and addresses the South Florida climate, and enables guests to enjoy open-air shopping and patio dining year-round.
“We are confident that we can deliver a convenient, day-to-day town center experience for local residents while also catering to the regional, national and international customers that frequent Aventura,” said Paul D’Arelli, development advisor for Sears Holdings.
Esplanade at Aventura supports Sears Holdings’ strategy to repurpose existing real estate assets and is another example of how it is transforming one of the largest retail real estate portfolios in the United States.
“Sears Holdings proactively looks for opportunities to create long term shareholder value from its real estate holdings,” said Jeff Stollenwerck, president of Real Estate for Sears Holdings. “Our owned real estate adjacent to Aventura Mall, one of the largest and most successful malls in the country, provides a significant platform for shareholder value creation, and we have a vision for the property that dramatically improves the overall retail experience for our Shop Your Way members and all future guests who visit Esplanade at Aventura. We look forward to executing on the plans submitted to the City of Aventura today.”
JLL has expanded its retail brokerage practice in Northern California with the addition of Jamie Kendall as Vice President. Jamie will be based in the firm’s San Francisco office, and will partner with the firm’s existing retail, agency leasing and investment sales teams to help maximize the value of retail assets for JLL’s growing client base in downtown San Francisco. Kendall will have a broad leasing focus, spanning shopping malls to street-level space in trophy office buildings.
“The continued growth we’ve witnessed in the Bay Area’s office and residential sectors have given rise to tremendous opportunities for property owners to feed the need for expanded retail amenities of all types from high end luxury goods to specialty shops, national and regional grocery chains, and franchises to locally-sourced artisanal products. By expanding our retail practice with the addition of Jamie, we are better able to provide our clients with the knowledge, resources and transactional capabilities to fully leverage retail opportunities within their San Francisco portfolios.” - Elizabeth Hearle, Pacific Northwest Market Director for JLL
Jamie Kendall spent the last six years as a leasing executive at Vornado Realty Trust in New York, where she worked with retailers including Coach, TopShop, M.A.C. Cosmetics, U.S. Polo Association, Sunglass Hut and others as well as restaurants such as Planet Hollywood, Cake Boss Cafe and Buca Di Beppo. While with Vornado, she was responsible for executing 68 deals including almost 400,000 square feet of retail leases including record-breaking deals on Fifth Avenue and Times Square. She graduated summa cum laude and Phi Beta Kappa from Vanderbilt University with a Bachelor of Arts degree in English Literature and French. Jamie was the Vice President and an executive board member of the Phi Beta Kappa Association of New York, and is a member of both Phi Alpha Delta Law Fraternity and Alpha Kappa Psi Business Fraternity. Jamie is a native of the San Francisco Bay Area and attended Campolindo High School in Moraga.
The Atlanta, Charlotte, Nashville and Mobile markets’ growing population and workforce are leading to a resilient retail economy, says JLL’s John Bemis this week attending the ICSC Southeast Conference in Atlanta.
Four years from now, you’ll see fewer traditional supermarkets as consumers spread their spending across multiple grocery stores. JLL Retail shares how shifts in the grocery landscape are impacting the sector and what you can expect in the next decade on Fox TV: http://bit.ly/1wlRvxW
Halloween comes only once a year, much to the disappointment of costumed, candy-hoarding kids — and much to the relief of their parents. For years, retailers and mall owners would’ve largely sided with the kids: Halloween brings increased sales, but only for one month a year and only for certain kinds of shops.
The retail sector embraces the business version of a sugar high by using temporary leases to lure pop-up Halloween shops that open between September and November. Far from fly-by-night operations, these short-lived stores are a big reason why Halloween spending is expected to hit approximately $11.3 billion this year. And with more than 90 percent of households doing their costume shopping at brick-and-mortar stores, temporary leases present a scary good revenue opportunity for retail real estate owners.
JLL Director of Specialty Leasing, Tracey Hatley, has been watching the temporary-lease trend blossom. She offers three reasons shopping-center owners should embrace pop-up retailers.
1. Supercharge Shuttered Space: National retailers often have co-tenancy or occupancy provisions, or both, in their leases, permitting them to halt operations or decrease their rent if the shopping center falls below agreed sales thresholds. When struggling centers lose these tenants, they can stem the bleeding by turning to specialty retailers like Spirit Halloween, which operates 1,100 temporary stores in North America from around Labor Day through October. Backfilling unsightly, empty storefronts, even for two or three months, can enhance the center’s net operating income and increase occupancy during the term.
2. Achieve Premium Pricing: With the Halloween pop-up’s short shelf-life, the typical real estate elements of location and timing are even more critical to their success than normal. Temporary Halloween retailers look for prime spaces, and will typically pay premium rents in what is generally a slow season for retail.
3. Keep Customers Coming Back: Eight out of ten U.S. households plan to spend as much at Halloween as they did last year, and one of five plans to spend more, according to ICSC. Pop-up shops are destination concepts that help shopping centers capture some of that demand, creating an opportunity to lure in new clientele and convert seasonal shoppers into regulars. Halloween isn’t just for kids, and shopping center owners who push center-wide promotions and amenities, combined with social media aimed at adult buyers, can lure some of those shoppers back during the holidays.
“Halloween has continued to grow in importance over the past several years and consumer demand has driven retailers to place greater emphasis on the holiday,” says Jesse Tron, spokesperson for ICSC. “The fact that consumers are willing to spend more on discretionary purchases is a positive sign for the upcoming holiday shopping season.”
It wasn’t too long ago when the outlook for Chicago grocery could politely be called ‘uncertain,’ with the shuttering of Dominick’s 72 stores at the end of 2013 as the most visible sign of this. But that picture is changing, says Peter Caruso of JLL.
What’s the current state of the Chicagoland grocery landscape?
Peter Caruso says: Extremely competitive! As competition in the grocery arena continues to increase, supermarkets are generally seeing razor-thin margins, and staying profitable will continue to be a challenge. That being said, the supermarkets that will be most successful are those that find a strong value proposition. The grocery store market is fierce in Chicago, and split between the everyman stores, the independent grocers, discount grocers and lastly the organic/natural neighborhood markets.
We’re seeing grocery stores like Pete’s, Caputo’s and Tony’s really break down the neighborhood by its demographics and make sure that the product being carried in the store represents what their studies find. This has helped them build consumer loyalty and become the leading grocer in a trade area over the “everyman store.” Despite competition, the upside is that everyone has to eat and with food costs skyrocketing, more and more families are opting to stay home and cook.
For more information on the national grocery sector, and three reasons why the grocery landscape is shifting read JLL’s recent Out with the Old, In with the New Report or visit http://bit.ly/JLLgrocery. Read more about Chicago’s grocery landscape in Globest.com