Retailer shifts occur on Madison Avenue
New York City — A series of retailer moves on Madison Avenue has allowed for expansion and improved adjacencies in one of Manhattan’s luxury shopping meccas.
According to Prudential Douglas Elliman’s Retail Group, Italian luxury sportswear retailer Paul & Shark has opened in the Hartz Mountain Building at 667 Madison Avenue, replacing Michael Kors. In turn, Michael Kors will move to the current Steuben store and open a new flagship when the glassmaker departs the space.
The relocation of Paul & Shark into the dramatic double-height space represents a significant expansion for its New York store, which has been located on Madison Avenue at 66th Street. Moreover, the southward move along the Avenue positions the brand in an area known for its high concentration of men’s luxury and designer fashion. The new store sits directly across from Barneys New York and Calvin Klein, and is close to DKNY and Bergdorf Goodman.
Retail fraud incidence down, but dollar impact escalating
New York City — For every $100 in fraudulent transactions, retailers incurred a “true” cost of $230, according to a new study released Tuesday by LexisNexis Risk Solutions.
According to the study, retail merchants and financial institutions reported an overall decline in fraud rates and transactions while total retail sales rose. Consumers also experienced a decline in fraud losses overall but the average time it took to resolve fraud issues rose by 57% and the out-of-pocket costs of fraud rose by $244.
However, fraud rates could be poised for an upswing. The number of fraudulent transactions has decreased, but the average dollar value of a completed fraudulent transaction is higher than last year, indicating the nature of transactions is becoming more severe. While on average, retail merchants report paying less per dollar for fraud than they were in 2010, small merchants and certain industries continue to report high out-of-pocket costs. E-commerce and mobile merchants are combating an influx of fraudulent transactions which tend to be large in dollar amount.
“It is true there has been industry progress in fraud mitigation, however fraud continues to cost retail merchants over $100 billion annually and consumers are feeling the increased affects of fraud,” stated Jim Rice, director of market planning for retail and e-commerce markets at LexisNexis Risk Solutions. “While e-commerce, mobile payments and international commerce provide the retail industry with the most growth opportunities, they also present the greatest challenge to fraud prevention.”
Stein Mart launches national ad campaign with social media focus
Jacksonville, Fla. — Stein Mart said Tuesday that it has partnered with ad agency ArnoldNYC to launch a national campaign focusing on digital and social engagement.
"Love at First Find," which launched Monday, consists of digital, social media, TV, print and radio, and stars real Stein Mart customers with the goal of fostering an online community of fans via Facebook and Stein Mart’s website.
A collection of videos depicting customers’ favorite merchandise finds appears on Stein Mart’s revamped homepage, and encourages visitors to upload their own "Love at First Find" videos. The site acts as a Stein Mart community where enthusiasts can also comment on the videos, "like" and post to Facebook, and sort by categories, such as hometown. Alongside the website community, Stein Mart is leveraging Facebook to connect with fans and publicize sales and promotions.