News

Crate and Barrel rolls out shopkick app chainwide

BY CSA STAFF

Palo Alto, Calif. — Shopkick, a leading location-based shopping app, announced that all Crate and Barrel locations across the United States will offer walk-in rewards and special deals to shoppers simply for visiting. For shoppers, that means shopkick walk-in rewards are now available in 39 states, plus Washington, D.C., and Puerto Rico, up from three states at launch in August 2010.

The national rollout comes less than five months after Crate and Barrel initially launched its shopkick trial.

The shopkick app, combined with the first walk-in location technology, the shopkick Signal — an inaudible sound emitted from a patent-pending device located in each participating retailer — verifies a user is in-store, and then rewards them for visiting in the form of a currency called kickbucks.

Verifying presence in-store assures retail partners that the marketing dollars input to the shopkick program are being spent to reward customers who are actually inside the store, something not possible with traditional location-based applications because they rely on GPS technology that has an error radius of typically 500 yards on mobile phones when apps are first started.

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REAL ESTATE

American Dream will be world’s largest retail/entertainment complex

BY CSA STAFF

East Rutherford, N.J. — Triple Five on Monday gave more information on its plans to transform the controversial and long-delayed Xanadu project in New Jersey’s Meadowlands Sports Complex, in East Rutherford, into what it promises will be “the world’s largest and premier tourism, entertainment and retail destination, eventually reaching 7.5 million sq. ft.”

The project, scheduled to open in late 2013, has been renamed the American Dream at Meadowlands. "We selected the name American Dream because it connotes opportunity," said Nader Ghermezian, chairman, Triple Five. "It represents opportunity for new jobs, to drive tourism, to generate tax revenue and to offer people of all ages from around the world a unique place with unparalleled retail, entertainment and attraction options every day of the year."

Triple Five has 35 years experience in the development and management of large entertainment and retail projects, including Mall of America, Bloomington, Minn., and West Edmonton Mall in Alberta, Canada.

American Dream will provide 3 million sq. ft. of retail and amusement offerings and 4.5 million sq. ft. in hotels and entertainment venues. Unique attractions will include:

  • 700–sq.-ft. indoor ski hill – the first in North America – open year-round;
  • Climate controlled, glass-domed, indoor water park, open year-round;
  • Climate controlled, glass-domed, indoor amusement park, open year-round;
  • 200-ft/ diameter, enclosed-capsule, outdoor observation wheel overlooking New York City;
  • Indoor skydiving; and
  • Bourbon Street – consisting of nightlife, fine dining establishments and international cuisines.

Other attractions will include a children’s museum, live-music and performing-arts theater, seating 2,400 to 3,000 people, dinner theaters, miniature golf and an indoor skating rink.

When the project is completed, it will rank the world’s largest shopping center, with 7.5 million sq. ft. in all.

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News

Stop me if you heard this before

BY CSA STAFF

Delinquency trends in Target’s credit card portfolio just keep getting better. During April, the percentage of accounts 60 or 90 days past due sank to their lowest level of the past three years. Only 2.4% of accounts were 90 days past due during April, compared with 2.6% in March and 2.9% in February. Throughout most of 2009 and early 2010, the 90-day delinquency rates was above 4% and approached 5% at times.

The number of accounts 60 days past due sank to 3.3% in April, compared with 3.6% in March and 4% in February. This rate had been above 6% for most of 209 and hovered around 5% for much of last year.

The ongoing improvement in the composition of credit portfolio and the diminished write-down exposure that comes from it is occurring as Target is looks to attract potential buyers for the business.

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