| A Weekly PropTech Newsletter summarizing the news and trends unique to property owners |
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| The return of our newsletter from the long Fourth of July holiday here in the U.S. was quite eventful to say the least. With the current domestic news, we understand that our regular newsletter might not be the primary focus for many.
However, after a week away from industry updates, we’re jumping right back in with a familiar theme: mixed-use spaces. We’ve recently covered mixed-type, mixed-size, and even a bold judgment call on a mixed-plans, and this week we’re covering another mixed-offering: housing. Acording to ModernRetail, developers are increasingly turning to apartments to replace department stores or as part of new developments. We agree this is a smart move, as it brings built-in shoppers, fosters community development, and can potentially alleviate a struggling housing market. Our focus remains on how technology can integrate the retail and residential experience. While there are challenges,, we’re here to help navigate those if you’re considering housing for your properties.
We’re covered lots of news around drone delivery this past year, but an article this week is definitely something “new.” We’ve also included plenty of articles about self-checkout, but despite the ups and downs of headlines it’s apparently having quite the year. You know where to find us! |
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| Walmart’s latest challenge with its drone delivery system is gun owners shooting packages out of the air [Fortune] Shannon Nash, CFO of Alphabet’s drone delivery company Wing, called 2024 “the year of the drone,” as retailers like Walmart and Amazon trial the grocery-carrying unmanned aerial vehicles (UAV). Not everyone agrees.
Inside JCPenney’s Transformation: A Data-Driven Vision and Future-Ready Tech Stack [Retail TouchPoints] Owned by Simon Property Group and Brookfield Asset Management since late 2020, JCPenney is actively working to retake its place as a leading department store retailer, most notably with a $1 billion turnaround plan unveiled in September 2023. |
| Specialty Retailers Step up Tech Stacks to Compete With Amazon [PYMNTS] As specialty retailers look for ways to hold their own against Amazon’s growing lead, many are rethinking their tech efforts to be more competitive. Take, for instance, Guitar Center, which announced the appointment of Adolfo Rodriguez, who has held leadership positions at companies including IBM, Citrix and Advance Auto Parts, as its executive vice president and chief technology and information officer.
Global Warehousing Market Expected to Grow by $107B by 2028 [SupplyChain247] The global storage and warehousing leasing market is projected to grow by $107.2 billion from 2024 to 2028, according to a new report from Technavio. |
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| Self checkout boasts ‘record’ year: report [RetailDive] The self-checkout market experienced a “new record year” in 2023, according to a recent report from RBR Data Services. Over 217,000 terminals were delivered globally, up 12% year over year. |
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| Saks Owner to Buy Neiman Marcus, With Help From Amazon [The Wall Street Journal] The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, creating a powerhouse in luxury retailing that seeks to hang on to wealthy shoppers—all with a little help from Amazon.com.
Developers turn to apartments to help revive aging malls, often replacing former department stores [ModernRetail] As department stores close their doors, many malls have found a hot new anchor tenant to take their place: apartments. Many mall owners are working to diversify their properties with entertainment, offices and educational tenants, but a study found housing was the most popular use, as nearly 54% of mall redevelopments in 2022 incorporated residences |
| Ikea Buys Real Estate on Fifth Avenue for Small-Format Store [Commercial Observer] Ikea tried, and failed, twice to launch a small-format store in New York City. But now it’s hoping the third time’s the charm and this time placed its bets on tony Fifth Avenue. Ingka Group, the largest Ikea franchisee in the world, struck a deal with Extell Development for a one-third stake in a new 1 million-square-foot office tower set to open in 2028 at 570 Fifth Avenue.
Retail Design: Gen Z Pushes Physical Stores To Upgrade [HospitalityDesign] Physical retail stores are becoming ever more thoughtful of the customer experience, an intention that seemed to be lost in the years of the pandemic when the digitization of society endangered the existence of brick-and-mortars. |
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| Luxury brands become landlords to take control in coveted retail destinations [ModernRetail] High-end brands are spending hundreds of millions of dollars on properties in popular corridors that house their flagship stores or could in the future. |
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