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    The Week In News, But Shorter

    June 17 - 23, 2024


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    The Week In News, But Shorter
    June 17 – 23, 2024

    A Weekly PropTech Newsletter summarizing the news and trends unique to property owners



    This week Netflix shared more details about the upcoming launch of Netflix House at two former department store locations at Dallas Galleria and King of Prussia malls, which hits perfectly on our recent observation of a trend toward more varied tenant mix. The King of Prussia mall, (where we’ve recently spent time,) while absolutely massive and home to just about every retail store you can imagine, is not known for experiences and the introduction of Netflix House will be a first. With such an emphasis on traditional shopping, it will be interesting to see how this new space performs and if this hugely successful property will continue with the trend. Has your property embraced this trend yet? Tell us over on our LinkedIn page.

    Other trends we continued to follow this week included same-day delivery’s continued expansion, along with a relevant debate around whether to insource or outsource fulfillment capabilities. We also continue to see interesting use cases for generative AI chatbots for employees. If you enjoy these newsletters, share them with a friend or colleague and let them know they can sign up to receive them too.

    Digital Meets Physical

    Nearly Three-Quarters of U.S. Shoppers Want Real-Time Inventory Updates [PYMNTS] The PYMNTS Intelligence report “2024 Global Digital Shopping Index: U.S. Edition,” created in collaboration with Visa Acceptance Solutions, found that one of the most expected Click-and-Mortar™ capabilities was real-time inventory. The study found that 73% of consumers expect of-the-moment digitally updated inventory when making retail purchases.

    Target to roll out generative AI chatbot for store employees [RetailDive] Target plans to introduce a new generative artificial intelligence technology for its store employees at all of the company’s nearly 2,000 stores nationwide. The company is launching an AI-powered chatbot tool, Store Companion, as an app on store associates’ handheld devices.

    Shopify’s gains with big retailers are setting up a nearly $1 trillion opportunity, according to this legendary Wall St. analyst [Fortune] Shopify is expanding its partnership beyond small and midsized businesses to include fast-growing and larger retailers and brands such as Mattel, Steve Madden and Skims. Shopify has grown into an $83 billion software business with capabilities in enterprise ecommerce as well as point-of-sale software and other tools at physical locations.

    Sally Beauty expands same-day delivery services with Instacart deal [RetailDive] Signaling the expansion of its same-day delivery services, Sally Beauty announced a nationwide partnership with Instacart to transport same-day delivery orders from more than 2,200 locations

    The Self-Checkout Revolution [The Wall Street Journal] More than half of U.S. food and grocery retailers have self-checkout systems, as do about a third of convenience and fuel outlets, according to a 2023 survey by market-research firm Incisiv for NCR Voyix. Another 37% of convenience stores are testing or scaling up self-checkout.

    PropTalk

    Netflix to open 2 massive venues with experiences, shops themed to its shows [CNN] Netflix is opening massive entertainment venues in two cities that it says will allow fans to immerse themselves in the worlds of their favorite shows. The “experiential” complexes, called Netflix Houses, will include elaborate events, themed gift shops and restaurants. In a repurposing of empty retail space, the houses will occupy former department store locations at Dallas Galleria and King of Prussia mall (near Philadelphia).

    Insource or outsource fulfillment? Companies weigh cost vs. control [SupplyChainDive] For companies deciding whether to insource their fulfillment operations or outsource them to a third-party logistics provider, there is no one-size-fits-all approach.

    How Retailers Should Navigate New Models, Channels And Shoppers [Forbes] Retail is being reinvented. New business models, channel expansion and shopper expectations continue to change the landscape. These three areas redefine industry rules and relationships—transforming the path to purchase in the process. Euromonitor International explores the ways that retail is being reinvented in a new report published in partnership with the National Retail Federation (NRF).

    Forever 21 seeks rent concessions as fast-fashion brand faces financial woes [CNBC] Forever 21 is asking some landlords for rent concessions as high as 50% as it faces financial difficulties, according to people familiar with the matter.

    Malls Stake Their Claim on Legacy Retailers With Express Buyout [PYMNTS] Facing an ongoing existential threat from digital-native platforms, malls are doing everything in their power to keep legacy retailers alive — including staking millions to revive a bankrupt fashion chain. On Friday (June 14), brand management firm WHP Global announced a collaboration with mall real estate companies Simon Property Group, Brookfield Properties and Centennial Real Estate, with court approval to acquire the recently-bankrupt Express, Inc.

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