Survey: Gen Y still drawn to brick-and-mortar
New York — Despite their love of the internet, Generation Y shoppers remain loyal brick-and-mortar shoppers, according to survey results by the Urban Land Institute. One caveat, however, is that the physical shopping experience must be exciting.
“Generation Y thoroughly enjoys shopping and frequently visits most types of centers,” according to the researchers in the study “Generation Y: Shopping and Entertainment in the Digital Age.” “However, the challenging corollary is that 18- to 35-year-olds are bored easily, so they’re on the lookout for new excitement — online, in brick-and-mortar setting and in restaurants. Sensory aspects of retail facilities need to evolve constantly in order to retain young shoppers’ patronage.”
In January, ULI and Lachman Associates conducted the online survey and found that more than half of all Gen-Yers go at least one a month to the following retail formats:
- Discount department stores (91%);
- Neighborhood and community shopping centers (74%);
- Enclosed malls (64%);
- Full-line department stores (64%);
- Big-box power centers (63%);
- Chain apparel stores (58%); and
- Neighborhood business districts (54%).
Gen-Yers are turning to the web to research products, compare prices, envision how clothing or accessories would look on them, or responding to flash sales or coupon offers. Yet, when it comes to actual purchasing, stores still dominate. Gen-Yers are multichannel shoppers but the most popular store types among this group are discount department stores and warehouse clubs.
It is important to note, however, that 91% of Gen Y shoppers made online purchases over the previous six months, and 45% spend more than an hour per day looking at retail-oriented websites, the study found.
When it comes to cosmetics and personal care products, the study found that 77% of Gen-Yers shop in stores.
Tuesday Morning adds retail veteran to executive team
DALLAS — Leading closeout retailer Tuesday Morning has appointed retail industry veteran Jeffrey Boyer as the company’s EVP, chief administrative officer and CFO.
Boyer will fill the existing chief administrative officer vacancy and will replace Stephanie Bowman as CFO. Bowman, who served as the company’s CFO since April 2008, has decided to pursue other professional interests but will remain with Tuesday Morning in a consultative capacity to facilitate a smooth transition.
Boyer has more than 30 years of retail, finance and accounting experience. Since June 2012, he served as EVP and chief operating officer of 24 Hour Fitness Worldwide, one of the world’s largest privately owned and operated fitness center chains. From April 2008 until June 2012, he was EVP and CFO at 24 Hour Fitness Worldwide. Previously, he served as president and CFO of Michaels Stores, from July 2007 until April 2008 and co-president and CFO from March 2006 to July 2007. Boyer also held the position of EVP and CFO of Michaels Stores from Jan. 2003 to March 2006.
Prior to joining Michaels, Boyer served as the EVP and CFO of Kmart and held multiple positions with Sears, Roebuck & Company, advancing to the post of SVP and CFO. Earlier in his career, he served in senior capacities with the Pillsbury Company and Kraft General Foods. Boyer began his career as an accountant with PricewaterhouseCoopers in 1980.
"Having worked with Jeff at Michaels, I can attest to his wealth of retail experience and ability to help transform organizations. We’re delighted he has joined the team and look forward to benefiting from his expertise and insight," said Michael Rouleau, CEO.
"I am very pleased to join the Tuesday Morning team, and am eager to work again with Michael to help ensure the Company realizes its potential as a leading value retailer," said Boyer.
"On behalf of the entire Tuesday Morning team, I also want to thank Stephanie for her tireless commitment to Tuesday Morning, particularly amid significant organizational change," added Rouleau. "We wish her well in her future professional endeavors, and know she has a bright future."
Tuesday Morning also announced that board members Starlette Johnson and David Green will not stand for re-election to the company’s board of directors at the 2013 annual meeting.
"On behalf of Tuesday Morning, I want to thank Starlette and David for their contributions to the Tuesday Morning board," said Steven R. Becker, chairman. "They have played important roles in the company’s transformation, and their service is deeply appreciated."
Tuesday Morning operates 820 stores in 43 states and specializes in selling deeply discounted, upscale decorative home accessories, housewares, seasonal goods and famous-maker gifts.
Wal-Mart exec joins World Affairs Council board
Washington, D.C. — Walmart VP of global technology services and strategic partnerships Fumbi Chima has been elected to the World Affairs Council – Washington, D.C., board of directors.
Chima is responsible for Walmart’s vendor management office, project management office and its global technology services office in India, as well as the IT asset management team.
“[Chima’s] commitment to global education, female mentoring and international communications will be a decided asset to our organization’s expansion program,” said Edie Fraser, WAC-DC’s chairperson.
Chima serves numerous leadership volunteer roles, including Walmart’s Women’s Resource Council, STEM Innovation Task Force and the African American Officer Caucus.