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    The Week In News, But Shorter

    June 3 - 9, 2024


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    The Week In News, But Shorter
    June 3 – 9, 2024



    Last week we highlighted news about the tenant mix at one of the largest and most successful malls in the U.S., Mall of America, and this week news from another famous property, The Dubai Mall. Already one of the largest malls in the world, the mall’s developer announced they will add 240 new luxury stores and food and drink venues, costing an estimated 1.5 billion dirhams ($408 million). While we aren’t suggesting that all (or really any) properties need to be this massive, we do think that similar to the news about Mall of America, it’s a sign of the times and a favorable mark for shopping mall redevelopment and physical retail. Speaking of Dubai, David is there all this week working with shopping mall owners and operators with The Middle East Council of Shopping Centres & Retailers (MECS+R) to teach at GVR 2024. We’ll be posting more over on our LinkedIn page.

    There were a few other articles this week that had similar positive sentiments about physical retail growth in suburban areas, as well as in off-price properties. News from the FAA impacting last-mile delivery came through, as did news about how AI is helping improve last-mile delivery success. 

    Digital Meets Physical

    I Used ChatGPT to Build My Best Wardrobe Ever, and It Worked [CNETThere’s a lot of crappy clothing out there, and the proliferation of fast fashion to meet the demand of even faster-moving trends makes it tempting to fire up the old credit card and fill your cart with flashes in the pan made of plastic byproducts. Dressing for trends can be a losing game, especially with limited closet space and budget. So, I’m turning to artificial intelligence for help in building the only wardrobe I’ll ever need.

    Generative AI is now scanning your Amazon packages for defects before they get shipped out [FastCompanyWhile many people may still be wondering how or if AI tools being leveraged by large companies are actually improving their lives, Amazon has an answer: AI could help prevent the wrong item from finding its way into your order.

    Home Depot expands same-day delivery with Instacart [Supply Chain DriveThe Home Depot is expanding its same-day delivery service in partnership with grocery technology company Instacart. The growth of the service between the two companies follows a successful pilot and incorporates Instacart’s Big & Bulky fulfillment solution.

    How brands like Mattress Firm implement new technology while keeping human connection in mind [ModernRetailDespite all the discussion about artificial intelligence replacing jobs, many brands still believe their employees are the keys to their stores’ success. “I call them our frontline heroes because they’re the ones engaged with the customer,” said Chad Lundeen, vp of real estate at mattress brand Saatva, at the Future Store conference in Los Angeles.

    Are Drones Almost Ready for Takeoff? [CNETAmazon’s Prime Air drone program has been cleared by the Federal Aviation Administration (FAA) to fly devices beyond the visual line of sight, clearing a key regulatory hurdle to the e-commerce giant’s plans to expand the reach of its deliveries.

    PropTalk

    Dubai Mall, one of the world’s largest, is getting even bigger with a $400 million expansion [CNBCThe sprawling shopping complex is already home to 1,200 stores and 200 food and beverage outlets, a 10-million-liter aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores.  The mall’s developer, Emaar Properties this week announced the building’s expansion plan, which will add 240 new luxury stores and food and drink venues.

    Best Buy balances tech and staff investments to boost customer experience [CXDiveBest Buy is harnessing generative AI to enhance its customer service operations and app while increasing training and hours for employees to drive better store experiences.

    Landlords close in on acquisition of Express [RetailDiveSimon Property Group and Brookfield Properties are closer to acquiring another one of their tenants, after the U.S. Bankruptcy Court said bidding could move forward. The mall REITs in April will acquire the Express, along with its UpWest brand and Bonobos. WHP Global first took a stake in Express in late 2022 and in Bonobos last year.

    Retailers continue suburban push in expanding [Chain Store AgeDespite a rise in online shopping, retailers are expanding their footprint as in-store continues to rebound. Recent data from Dataplor shows that of the seven retailers studied (Bloomingdale’s, Saks Fifth Avenue, Nordstrom, Macy’s, Marshalls, Kohl’s, and Burlington), there were approximately 380+ store openings from 2020 to the present. The store growth rates appeared to peak in 2022 and were followed up by a leveling-off in 2023.

    Sephora is launching in Tanger outlet centers across the country [Glossy] Tanger, which owns and operates 38 outlet centers across the U.S. and Canada, announced Monday that Sephora will be opening its first locations within five of its U.S. off-price properties later this year, including locations in Phoenix and Palm Beach.

    L.A. Retail Market Outpacing New York for First U.S. Shops [WWDWhen Italian luxury label Genny decided to open its first store in the United States, it didn’t head to New York City where most European brands make their first retail splash. Instead, the feminine, sensual womenswear brand, whose fans include Jennifer Lopez, Rita Ora and Eva Longoria, landed in Beverly Hills.

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