TECHNOLOGY

It is not easy for a 100-plus year-old retailer to reimagine its retail strategy, but J.C. Penney is doing just that.   

Known for its technology innovation, Wayfair just made a big move.   The home furnishings pure play released its 3D model application program interface (API). This move gives developers access to more than 10,000 3D furniture and décor models available on the platform.   

In a bold stand, Mall of America will be closed on turkey day this year.     The mall, located in Bloomington, Minnesota, has been open for business on the holiday for the past four years. The 5.6 million-sq.-ft. mall has more than 520 stores and restaurants, and a number of attractions.      “In years past we’ve all rallied together to answer the call for 24/7 shopper access that the Thanksgiving/Black Friday weekend brings.”   

Walgreens on Tuesday enticed its shoppers with a new loyalty program tied to its beauty department with the launch of Beauty Enthusiast, a beauty club within its Balance Rewards loyalty program. Cardholders who register for Beauty Enthusiast gain additional rewards on beauty and personal care items, as well as other benefits.  

Amazon Prime launched its newest set of benefits, but these are targeting gamers.   Bolstering its live streaming video platform Twitch, Amazon has intro-duced Twitch Prime. This membership-based service entitles members to exclusive discounts on pre-orders and newly released games; a rotating selection of free digital games and in-game loot, and a premium experi-ence on Twitch that includes a free monthly Twitch channel subscription.   

Physical stores still play a crucial role in holiday shopping.    That’s one of the major themes of the International Council of Shopping Centers’ annual holiday forecast, which emphasizes that, more than ever before, shoppers will expect an omnichannel experience this season. The report predicts 3.3% year-over-year growth sales at physical stores this holiday season (compared to 2.2% increase in 2015). Including online sales for physical retailers, ICSC predicts sales will rise 3.5%.     

In the strongest forecast so far this year, holiday spending is expected to reach its highest point since the Great Recession, led by strong digital sales.   That’s according to PwC’s 2016 Holiday Outlook, which forecasts a 10% total rise in holiday spending over last year, and a 25% rise in digital sales.    “The great news for all retailers is consumers are much more optimistic this holiday season,” said Steven Barr, PwC’s U.S. retail & consumer leader. 

Two major retail organizations delivered some early holiday cheer to retailers.   The National Retail Federation and the International Council of Shopping Centers issued their annual holiday forecasts on Tuesday, and both predicted holiday shoppers will spend more this year than they did last year.