REAL ESTATE

Forecast: Value stores, luxury shops, restaurants to lead retail development in 2013

BY Marianne Wilson

Chicago — The value and luxury classes of retail will supply the most construction opportunities in 2013, according to a forecast by Englewood Construction. The Lemont, Ill.-based commercial builder also predicted an uptick in restaurant development and a squeeze on middle-market retail.

While value-based stores and high-end shops meet today’s retail demands, the development of both destinations will look different in 2013. Unlike the segregated past with the big-box value seeker shopping in a completely different locale than the high-end couture spender, said William Di Santo, president of Englewood Construction. He predicts more integration, with these two types of shoppers strolling down the same retail street.

“No longer will new or renovated shopping centers only cater to one set of buyers or income bracket, but rather, most locations will offer a wider variety of retailers,” Di Santo said.

Despite recent growth in the value and luxury segments, internet shopping has taken a toll on brick-and-mortar operations. But mall owners and developers are turning to a different type of tenant to fill vacancies – restaurants.

“Fast-casual food franchises inside shopping centers and new stand-alone restaurants on out lots have become a major driver of commercial construction projects,” Di Santo said. “Restaurants still offer an experience and entertainment value that the online market cannot compete with.”

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M.Willson says:
Apr-01-2013 11:30 am

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M.Willson says:
Apr-01-2013 11:30 am

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Dec-22-2012 06:38 am

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OPERATIONS

J.C. Penney hires former Abercrombie VP as director of visual merchandising

BY Staff Writer

New York — J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.

Tonniges was a VP in Abercrombie’s “brand senses” division, described on the chain’s website as the “creative force” behind its store experience, according to the report.

Tonniges will report to a VP under Michael Fisher, who was named SVP visual presentation in March.

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Mar-15-2013 12:15 pm

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R.Von says:
Mar-15-2013 12:15 pm

Without a doubt, he will be an asset to the company. But of course, he still needs to prove this with his work. - Rich Von Alvensleben

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Dec-27-2012 10:07 pm

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Dec-27-2012 10:07 pm

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FINANCE

Bed, Bath & Beyond Q3 profit up

BY Marianne Wilson

New York — Third quarter same store sales at Bed Bath & Beyond were negatively affected by Hurricane Sandy, but the nation’s leading home good retailer still managed to grow profits.

Bed, Bath & Beyond said net income for the third quarter ended Nov. 24, increased 1.8% to $233 million.

Sales increased 15.3% to $2.7 billion, largely due to two acquisitions earlier in the year, while same store sales advanced 1.7% and were negatively affected by an estimated .9% due to Sandy.

In early June, Bed Bath & Beyond acquired Linen Holdings in early June and then later the same month bought Cost Plus. The deals boosted the company’s retail footprint and gave the company a total of 1,466 locations. Included in that total are 1,003 Bed Bath & Beyond stores, 264 stores under the names of World Market, Cost Plus World Market, or World Market Stores, 74 stores under the names of Christmas Tree Shops or AndThat!, 78 Buybuy Baby stores and 47 stores under the names of Harmon or Harmon Face Values.

Despite the company’s sizable footprint, co-founder and co-chairman Leonard Feinstein reiterated the company’s long term growth prospects.

"We believe that throughout the United States and Canada, there is an opportunity to operate in excess of 1,300 Bed Bath & Beyond stores, as well as grow our World Market, Christmas Tree Shops and Buybuy Baby concepts from coast to coast," Feinstein said. "Additionally, we will continue to open Harmon Face Values stores and place health and beauty care offerings in selected stores, as well as specialty food and beverage departments in selected Bed Bath & Beyond stores, most recently in Schaumburg, Illinois and Tysons Corner, Va. We remain committed to and are excited about the continued growth of all merchandise categories."

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