The Week In News, But Shorter

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The Week In News, But Shorter
March 25 – 31, 2024

There are weeks when the rapid pace of innovation and technology news honestly leaves us not knowing where to start. From the ongoing dominance of AI in the headlines to the evolving dynamics of retail and office property ownership, it’s clear that staying on top of it all can be daunting at times.  But as we like to say, challenge accepted. Let’s dig into the past week.

If you just can’t wait until every Monday for your innovation and property news, you can always find us over on LinkedIn.  

Digital Meets Physical

Retailers like Matalan are turning to AI to tell you how your next top is going to look—and to convince you to buy it [Fortune] Descriptions intended to give customers a better idea of what they’re buying and implicitly giving way to a brand’s message have typically been the domain of an ambitious fashionista picking up odd jobs early in their staff career at a retailer, or a budding copywriting intern doing the grunt work before they move up to tougher tasks. Now though, it’s becoming the work of a bot.

Prologis Hopes One Day AI Will Help Source Its Acquisitions [GlobeSt] Finding deals has become much tougher because of macroeconomic factors. Today the technology that has been doing the yeoman’s work has been human-led data analysis, but AI may one day help improve the investment process.

DoorDash Expands Beauty Delivery Partnerships and Ventures Into Drone Delivery [RetailWire] DoorDash has revealed new alliances with Sally Beauty and M·A·C Cosmetics, alongside an enhanced collaboration with Sephora. This move expands the array of beauty products 

H&M shares store upgrade, cost-cutting plans [WSJ] H&M plans to upgrade and refurbish 250 stores this year, invest in AI to manage inventory levels and product assortment and nearshore more of its manufacturing, Daniel Erver said during his first quarterly earnings call as CEO. The Sweden-based fashion retailer reported on its progress toward cutting $188.8 million in annual costs and lowering prices for shoppers.

The Five Pillars of the DOJ’s Antitrust Suit Against Apple [Statista] The U.S. Department of Justice has sued Apple for allegedly “monopolizing smartphone markets”. The DOJ, along with 16 state and district attorneys general, accuses Apple of using and maintaining its dominant position in the U.S. smartphone market by engaging in behavior that stifles competition and, as a consequence, hurts U.S. consumers.

Amazon supports ‘Just Walk Out’ in Australia, Canada with Stripe [Chain Store Age] The omnichannel giant, which makes its Just Walk Out frictionless shopping platform available to other retailers as a third-party solution, is now integrating Stripe into Just Walk Out for retailers in Australia and Canada.

PropTalk

Adam Neumann Submits $500M Bid for WeWork [GlobeSt] Former founder Adam Neumann has submitted a conditional bid for more than $500 million to as much as $600 million to buy back WeWork, according to multiple media reports citing anonymous sources. Reports that he was trying to partner with other funds to repurchase the office-sharing company he co-founded surfaced last month.

Should Costco Open More Showrooms and Expand Into the Last 3 States? [RetailWire] Costco, known for its bulk bargains on groceries, household goods, and more, is shaking things up. Forget browsing online for furniture and big appliances; soon customers can see them in person at Costco’s latest venture: a dedicated furniture showroom.

Industrial Real Estate’s Biggest Operators Add Space Despite Slowdown [Commercial Observer] Despite recent reports showing warehouse users ratcheting back their need for space in the post-COVID period, two major owners in the sector say they have no plans to really curb their stream of new supply.

The U.S. Mall Is Not Dying  [CNN] Retail experts have long sounded the alarm on malls in the US. But malls are not going extinct, they are merely adapting to a new environment. In fact, many have reported robust occupancy levels and bigger crowds than before the pandemic, according to a recent market analysis from Coresight Research.

A.I. Could Prove Worse for Office Occupancy Than Remote Work [GlobeSt] The existence of AI isn’t by itself a guarantee of replacing workers. At the same time, companies don’t necessarily develop expensive technologies with the assumption that they won’t replace people in certain types of jobs, which may include many that take place in an office.

Netflix Attempt to Move Beyond Screens Relies on This Empty Mall Department Store [CoStar] Streaming giant Netflix plans to transform a vacant Lord & Taylor store into one of its first brick-and-mortar entertainment venues, putting on view the latest type of repurposing across the country of defunct department-store mall locations.

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