Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/231459
shOpping FOr MOre spaCe retailers are growing again and are more flexible than ever about the size and shape of their stores T By Steve McLinden his year's expanding retailer is alsO a nimble retailer. the former store blueprint is obsolete, and so is any idea of a mandatory size requirement. instead, today's growth-seeking chains have gone into flexibility mode; they are expanding globally, or in secondary markets, or both, and they are adapting themselves to varied prototypes with smaller footprints, tighter inventories and multichannel offerings. "the industry is changing at breakneck speed, and to remain competitive with online, it's been forced to change its operating model dramatically," said lew Kornberg, a managing director of corporate retail at Jones lang lasalle. "We've never lived in an era with more empowered and engaged customers; CO ver phOt O: WilliaM neUM ann retailers around the world are taking note as they plan their growth." Fast-fashion expansion is likely to be brisk again this year. Category leaders such as Forever 21, h&M; and Uniqlo are benefiting from product versatility, good price points and operating efficiencies, Kornberg says. h&M; is preparing to enter australia, Canada, greece and the philippines this year, and then south africa next year. its U.s. expansion is diverse, ranging from the likes of Figat7th, in los angeles, and new york City's Fifth avenue to secondary-market malls in asheville, n.C., and Columbia, Mo. Competitors have similar strategies. "their expansions still aren't nearly to the point of diminishing returns," Kornberg said. those fashion names and others, such as ross dress for less, t.J.Maxx and Zara, "are putting enormous pressure on everyone to get better," said Bryan gildenberg, chief knowledge officer at Kantar retail. similarly, retailers with product lines tailored to speJ an uar y 201 4 / SC T 29