News
ICSC BASH
May 23, 2011
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| Retail?s back on track, if the 30,000 people (and 143 new exhibitors) expected at ICSC's annual RECon conference in Las Vegas today are any indication. Bisnow reporters will be on the ground for the next two days, bringing you coverage of the biggest retail event of the year. ?We're out of space,? says a proud David Henry, CEO of Kimco Realty Corp., who's been nominated as ICSC's next chairman. The good news: There's hardly any shopping center development right now and international retailers are interested in expanding into the US—and this cross-border attentiveness will only help shopping centers further, he says. But the industry still faces challenges, including the lack of an online sales tax, economic-driven decreases in store footprints, and the continually struggling mom-and-pop niche. |
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| We took in a retail version and hospitality version of The Viewyesterday, featuring Prudential Douglas Elliman queen of retail Faith Hope Consolo moderating for J. Crew's Holly Cohen; Target's Terri Simard; Luxor and Excalibur Hotel & Casino prez Renee West; and Wynn Resorts' Elaine Wynn. Consensus: The market is getting better, but there's still a lot of uncertainty, especially when you depend on disposable income. ?It's erratic,? Terrisays. ?When you think it's going up, you hit a bump.? Also, consumers focusing on reducing their debt are no longer as impulsive as they used to be. |
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| In certain ways, the downturn benefited J. Crew. As more consumers cut down on luxury purchases, they began mixing designer duds with J. Crew pieces. ?People are now going across the aisle and are more adventurous,? Terri says. And they're more value conscious, points out Elaine; they're not as concerned with the fashion of jewelry but instead its value as a long-term investment. The panelists shared how the market has made them lean and mean in operations, from shutting down underperforming concepts to putting a major focus on customer service. But the market's also emerging and women are making 80% of all consumer decisions—so it's critical to be sensitive to this decisionmaking, especially by making women part of operations, they say. |
