| A Weekly PropTech Newsletter bringing you industry updates from across the real estate spectrum |
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| The news is a little lighter this week as we wait for the results of Black Friday to roll in, but we’re here with some highlights nonetheless. Amidst all the debate about the expected performance of the biggest shopping day/week of the year, a new tool from OpenAI had us thinking about the implications for property owners. The newly announced “shopping research” tool turns ChatGPT into a personalized buyer’s guide, allowing users to ask questions and receive curated, comparison-based recommendations with up-to-date retailer pricing and reviews. And while this has big implications for retailers (and we know many are rolling out similar offerings unique to their brands), what does it mean for property owners? One take is that this shift means consumers may increasingly embark on their in-person shopping journey with sharper, more intentional plans. What might this mean for tenant mix, layout, marketing and more? We have thoughts, but we’d love to hear yours too over on LinkedIn.
Also this week, how a home furnishing store wound up in tech retailer, why department stores are changing up their entrance products, and how thrift shopping turned glamorous.
NextRivet is pleased to announce Kyle will be hosting an upcoming ICSC panel covering some of the ways retail property owners are using AI in their day-to-day jobs. Register today! AI in Action: Tools to Improve Efficiency: Tuesday, Dec 2 at 2:00 EST |
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| OpenAI announces shopping research tool in latest e-commerce push [CNBC] OpenAI announced a new tool called “shopping research” that will generate detailed, in-depth shopping guides. The guides include top products, key differences between the products and up-to-date information from reliable retailers, OpenAI said.
Family Dollar teams up with DoorDash ahead of the holidays [RetailDive] Ahead of the holidays, Family Dollar is partnering with DoorDash to offer customers on-demand delivery services from about 7,000 of the retailer’s stores, according to an announcement last week. |
| Is Cyber Week Set To Smash Sales Records This Year, as Salesforce Suggests? [RetailWire] According to a report, Cyber Week is projected to generate $334 billion in global online sales over the course of the event, a ~6% improvement over 2024’s spend. Concerning the U.S. market, that figure comes in at $78 billion — a more modest 3% increase.
Retailers need to take big step into agentic AI [Chain Store Age] Agentic AI represents the next evolution in in online commerce. It is going to have the potential to completely change retail in a way, while also keeping things the same. |
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| Black Friday is dying. Here’s what’s killing it — and what’s replacing it [Quartz] There’s a good case to be made that Black Friday, as a holiday retail powerhouse, is losing its luster. While not dead yet, the day is showing major signs of wear and tear. |
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| Salomon plans to double its number of US stores next year [Glossy] A year ago, the French sportswear brand Salomon had only one store in the U.S., a flagship it had newly opened in New York City’s SoHo neighborhood. Now, it has five American stores with more planned for next year.
How Ikea started selling inside Best Buy [Retail Brew] In what the companies are calling a “first-of-its-kind” collaboration, Ikea US is opening shop-in-shops within select Best Buy locations. At 10 stores throughout Florida and Texas, Ikea will set up 1,000-square-foot shop-in-shops, showcasing kitchen and laundry room furnishings. |
| Inside department stores’ big beauty shakeup [Glossy] Nordstrom shuffled the handbag and jewelry departments away from the main entrance of its New York City flagship to make way for a renovated beauty floor. Three months later and roughly twenty blocks south, a similar makeover is taking place at Macy’s.
JCPenney brand CEO talks Black Friday, tech trends [Chain Store Age] Chain Store Age recently spoke with Michelle Wlazlo, brand CEO of JCPenney, about how the department store retailer capitalizes on its traditional status as a leading Black Friday destination by using the latest customer engagement strategies and solutions. |
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| Goodwill Thrift Shops Are Getting More Glamorous [The Wall Street Journal] Goodwill, long known for its dingy thrift stores with dark, crammed aisles and overflowing bins, is getting more glamorous. The chain’s new stores are bigger and brighter. Some feature signature scents to neutralize items’ musty odors. Goodwill is even targeting donors and shoppers through TikTok, where it posts videos of influencers browsing racks of jeans or boxing up donations. |
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