Jones Lang LaSalle Retail expands under new corporate banner
Las Vegas Jones Lang LaSalle Retail has broadened its retail rollout expertise under a new banner called Corporate Retail Solutions (CRS). Formerly known as Retail Outsourcing Services, the expanded client service team provides a full range of outsourced real estate services for its retail clients, managing both their new store rollout process and their existing store portfolios.
Jones Lang LaSalle, a financial and professional services firm specializing in real estate, is in its third year of building a robust and comprehensive service offering for retail tenants/occupiers following the firm’s acquisition of The Standard Group in 2008.
“Being able to provide an end-to-end lifecycle solution for all of our client’s real estate requirements is critical in today’s rapidly changing retail environment,” said co-lead and managing director of corporate retail solutions Joe Brady. “Retailers are facing increasing challenges as a result of a continuing volatile economy and they need our help now more than ever.”
The team’s portfolio of clients includes financial institutions, sporting goods and electronics retailers, automotive, grocery and furniture stores. Over the past 18 months, the practice has nearly doubled in size and tripled the number of clients it serves.
International is 4th growth priority
Target will operate stores internationally — some day — but for the time being the company contends it has such ample opportunities domestically that its growth efforts remain focused on American soil for at least the next three years. According to president and CEO Gregg Steinhafel, the company’s top priority is transforming its existing store base to the P-Fresh format, which features fresh food and other category upgrades. In addition, the company intends to continuing opening new U.S. stores in trade areas that make sense for the company’s existing formats. A third priority is to develop a smaller prototype that enables the company to take advantage of more urban opportunities that have great demographics. “We’re looking at downsizing Target to fit the environment where there are guests that have lots of money and love Target, so we’re focused on that as our third priority and then international would come well beyond that,” Steinhafel said.
Using ketchup to capture sales
Combine tomatoes, vinegar, high-fructose corn syrup and salt and what do you get? Ketchup, of course, but also the makings of an early-summer pricing battle involving a staple of summer cookouts. Target featured a 40-ounce squeeze bottle of Heinz brand ketchup in its circular this week for $1.59. That’s quite an aggressive price and would have been a good deal for shoppers except for the fact that Walmart decided it needed to reassert its pricing image and would use the Heinz brand to do so. As a result, Walmart marked down the 40-ounce Heinz to just $1 from its regular price of $2.42, as part of its price rollback campaign touted in promotional materials as involving, “thousands of rollbacks throughout the store.” Fortunately for margins at Target, as well as Walmart, most of the items featured in the rollback program are not subject to such extreme reductions.