Please excuse retail and shopping center executives if they seem especially cheerful or even positively giddy. It's been a long time since the industries experienced such a uniformly strong start to a holiday season as the recent Black Friday and Cyber Monday. Retail gains in the 3 to 4 percent range are generally expected for holiday 2017, which would make this the best season since 2014.Still, despite the early good news, questions remain about the long-term viability of some retailers and B and C shopping centers. The fact that consumers shopped heavily in physical stores on Black Friday doesn't change the reality that they have a growing preference for online, digital and mobile commerce. Nor does it address the Millennial conundrum — a generation that has so far confounded mall owners.So besides deal-making, the International Council of Shopping Center's New York Deal-Making conference Wednesday and Thursday at the Jacob K. Javits Convention Center will offer the industry opportunities for some much-needed self-reflection."There's a reset in retail, in general," said David Gorelick, head of retail for the Americas at Cushman & Wakefield. "Retail changes in seven- and 10-year cycles. We’re in that moment. If you look at the way traditional retail was positioned, it never took distribution into consideration. New Commerce [a term coined and trademarked by Cushman & Wakefield, Gorelick said] is a way of doing business along the trajectory of what retail will be. It's streamlining logistics. Sure, there a store closures, but there are also a lot of store openings as well. There are new concepts and new market segments. There's an element of the unknown, and that’s the beauty of it."Tom McGee, president and chief executive officer of the International Council of Shopping Centers, sounded bullish — no surprise there — about the industry's holiday prospects, as 10,000 attendees descend on the organization's convention at the Javits, where the confab is occupying more square footage than ever, including on the second floor."Our forecast is 3.8 percent growth over the holiday season," McGee said. "All indications are that that number will come to fruition. Crowds over the [Black Friday] weekend were strong. We estimate that 150 million people went shopping over the Thanksgiving holiday."The fact that consumers shopped heavily during Black Friday and Cyber Monday won't preclude them from continuing to spend throughout the holiday period, McGee said, noting that ICSC's survey results show the buying continuing. "The reality is that 44 percent of consumers complete their shopping in the last week before Christmas," he said. "The momentum of the first weekend will continue. There's a strong economy, good job market and rising consumer sentiment. All those factors support a strong holiday season."McGee isn't worried about e-commerce eclipsing brick-and-mortar any time soon. "Despite the growth in online over Cyber Monday, store traffic was very strong," he said. "News stories about the size of Cyber Monday sales ignore the fact that absolute holiday spending will be $678 billion, of which online will contribute $100 billion to $105 billion. We expect very strong growth in store sales, but they’re not mutually exclusive. Retail with a strong omni offering will do best."Naveen Jaggi, president of retail brokerage and capital markets at JLL, said where consumers shopped isn't the point — what's important is that they opened their wallets. "Consumer spending is the narrative. There was pent-up demand from consumers," said Jaggi, noting that JLL is predicting a 6 sales percent increase for the Christmas season. "They spent money like we haven’t seen in quite a while. Retail is about consumer confidence and customer spending, and it's the healthiest it's been in 10 years. We're announcing real wage growth and there's a direct tie-in to spending."
William Taubman, chief operating officer of Taubman Centers Inc., said, "We could go on and on about entertainment, experiences and dining as motivators, which they are, but what is less discussed these days but remains critically important is for customers to have immediate access to inventory. Retailers have been focusing on fine-tuning inventory practices to ensure they aren’t taking too much off the floor to appease online customers. Retailers have made good strides in managing inventory so far this holiday season — much better than last year — and I hope this continues."
Among the key buzzwords of the moment, "authentic" and "experience" rank high. Taubman invoked both when discussing the Beverly Center in Los Angeles, which is in the throes of a $500 million renovation scheduled to bow in time for the 2018 holiday season.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)