Forbes (November 27)
“It’s an omnichannel holiday!” This Black Friday weekend, Americans re-embraced “in-person shopping…returning to stores and malls in big numbers.” That did not, however, lessen their “love affair with online shopping.” On Black Friday, a “record $9.12 billion was spent online,” up more than 2% since 2021.
Tags: $9.12 billion, Black Friday, Holiday, In-person shopping, Malls, Omnichannel, Online shopping, Record, Stores, U.S.
Boston Globe (January 10)
“Many investors had expected department stores to enjoy robust sales over the holidays in light of a U.S. economy buoyed by low unemployment, higher wages, strong consumer confidence and cheap gas.” Lackluster results from Macy’s and Kohl’s sent “retail stocks into a tailspin… calling into question whether such mall-based chains can compete in a changing landscape where shoppers are shifting more of their spending online.”
Tags: Consumer confidence, Holiday sales, Investors, Kohl’s, Lackluster, Macy’s, Malls, Online, Retail stocks, Shoppers, Tailspin, U.S., Unemployment, Wages
LA Times (September 11)
“America’s malls are dying. Owners are hoping virtual reality and fitness centers will save them.” As merchants increasingly withdraw in the face of e-tailers, Credit Suisse “recently predicted 20% to 25% of U.S. malls will shut down within five years…. To survive, malls need to set aside long-established models that rely on two or more anchor tenants to draw customers and, instead, develop a mixture of retail, entertainment and housing.”
Tags: Anchor tenants, Credit Suisse, Customers, Dying, e-tailers, Entertainment, Fitness, Housing, Malls, Retail, U.S., Virtual reality