Conference Board: Consumer confidence down unexpectedly in November
Washington – The Conference Board said Tuesday that consumer confidence in November fell to a reading of 88.7, down from a revised 94.1 in October.The drop, which surprised analysts, put the index at its lowest level since June.
Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook,” said Lynn Franco, director of economic indicators, Conference Board.
In a note to clients, Shepherdson at Pantheon Macro said the report was disappointing, but that he expectx a rebound in December. "We are inclined to see it as a lagged response to the drop in stock prices in October, which has since more than reversed, while gas prices have fallen further," Shepherdson said. "Most of the hit was in the expectations component, which is very sensitive to gas and stock prices; it fell 6.8 points, reversing a 7.4-point October jump. We expect a rebound in December and further gains early next year."
Top five priciest retail rents in the world go to…
New York –Manhattan’s high-profile Fifth Avenue, at a whopping $3,550 per sq. ft., and Hong Kong’s Queen’s Road Central, at $2,073 per sq. ft., stand out as the most expensive retail rents in the world, according to Colliers International. Rounding out the top five are Hong Kong’s Canton Road, Manhattan’s Madison Avenue and Paris’ Champs Elysees. (See end of story for a more complete list.)
“Our analysis of the global retail real estate environment reveals what we have been seeing this year—a retail market that is cautiously optimistic and steadily growing in many sectors despite some hiccups of caution due to threats to global economic growth and the shadow of e-commerce,” said Anjee Solanki, national director, retail services | USA, Colliers International. “Luxury, in particular, serves as a major spark to the expansion we are seeing, and this is even in regions such as Europe and Asia with weak GDP growth and consumer spending.”
Key findings include:
- Luxury retailers are in the sweet spot. Luxury retailers are benefitting from income gains among the top earners and are thriving throughout many of the top global markets, including Paris, London, New York and prime cities in Asia. The growth in this sector is a key factor in driving expansion across the board.
- New supply is robust in developing markets. The global expansion of the workforce and the middle class is spurring a need for new supply, which is concentrated in developing countries in Europe, the Middle East and Asia that have economic growth, political stability, a growing middle class and business-friendly regulatory environments.
- Optimism is tempered by threats to global economic growth and the specter of e-commerce. E-commerce is affecting both traditional and luxury retailers across the globe, exerting pressure on merchants to become more creative with concepts regarding their use of space. One popular strategy is to transform stores into product showrooms in an attempt to entice greater foot traffic and additional online sales.
Here are the top 10 global retail rents (per square foot):
$3,550 New York, Fifth Avenue
$2,073 Hong Kong, Queen's Road Central, Central
$2,011 Hong Kong, Canton Road, Tsim Sha Tsui
$1,643 New York, Madison Avenue
$1,543 Paris, Champs Elysees
$1,340 London, Old Bond Street
$1,103 Hong Kong, Causeway Bay
$998 Zurich, Bahnhofstrasse
$890 Milan, Via Monte Napoleone
$786 Moscow, Stoleshnikov Lane
Dick’s looks to score with hoops tourney
Basketball season is just now getting underway but next spring when top high school teams square off at a tournament in New York Dick’s Sporting Goods will be there as title sponsor of the event.
For the second consecutive year, Dicks will serve as title sponsor of the event to be held April 2-4, 2015 and televised on ESPN networks.
"We are excited to continue our support of high school basketball across the country by sponsoring the Dick’s Sporting Goods High School Nationals Tournament again in 2015," said Lauren Hobart, senior vice president and chief marketing officer at Dick’s. "Last year's event was a tremendous success, and we look forward to seeing the best high school basketball teams in the country compete again next spring."
The premise of a high school basketball tournament to determine a national champion was created in 2009 by Paragon Marketing Group. Originally launched as The National High School Invitational (NHSI) at Georgetown Prep in Bethesda, Md., the event is intended to serve as a season-ending platform for top, nationally-ranked high school basketball teams to compete against one another in a tournament.
The tournament begins on April 2 and involves eight boy’s high school teams and four girl’s teams. The championship game will be played at Madison Square Garden.
"Having the opportunity to perform on the most famous court in the world is a moment these young athletes will never forget,” said Joel Fisher, executive vice president of MSG Sports.