Shreve & Co., San Francisco
A dramatic spiral staircase highlighted by three chandeliers and a cascade of lights and crystals suspended from a 30-ft. ceiling welcomes shoppers at Shreve & Co. new flagship in San Francisco.
The two-level, 15,000-sq.-ft. store features a modern, luxurious design, with in-store boutiques, private viewing suites for personalized consultations and an entertainment room. It also houses an array of services, from a dedicated watchmaker to an estate jewelry appraiser and consultant.
The Lochte Architectural Group, Sacramento, Calif., worked closely with Shreve to create and design the store.
This group is spending less this holiday — or are they?
The wealthiest segment of the U.S. population is cutting back a little this holiday season.
The number of consumers with investable assets of $1 million or more (excluding real estate) spending $1,000 or more declined from 73% in 2015, to 55% this year, reported CNBC.com. The report noted that upscale department stores Neiman Marcus, Nordstrom, Saks, are all struggling, along with such luxury brands as Burberry and LVMH.
Retail analyst Hana Ben-Shabat, of A.T. Kearney, believes the real story is that millionaires are spending less money on physical gifts and more on experiences.
"What's actually happening is more of the money is going to experiences, and it's a trend that's growing and growing,” said retail analyst Hana Ben-Shabat of A.T. Kearney in a CNBC.com report. “And they probably aren't thinking of experiences when they tell you how much they'll be spending on gifts for the holidays.”
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Hull undertakes slow resuscitation of Tennessee Mall
Hull Property Group plans to move slowly in remaking the Kingsport Town Center, delaying the recruitment of new tenants until it can re-establish the 40-year-old mall as a popular destination for shoppers.
“We are working with the government officials and economic development people, and other leadership to bring about a situation that we feel comfortable in investing in the property. We have to do this in the right sequence,” managing principal James Hull told the Times News of Kingsport, Tennessee. “We’re like little ducks. We’re paddling hard on the water. You may not see it, but we’re working every day on it.”
The center, which is facing stiff competition from The Pinnacle development in nearby Bristol, Tennessee, has anchors Sears, J.C. Penney, and Belk in place, but is in dire need of capital improvements. Hull is also initiating a court action to evict Fran Theatres from the property.
Hull said his company hoped to work a tax abatement out with town officials that will allow it to invest more than $4 million in Kingsport Town Center.
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