Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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O c t O b e r 2 0 1 4 / S C T 7 Apple introduces new payment system With retailer data-security breaches making news, con- sumers may have more reason than ever to be concerned about the safety of their per- sonal financial information. A host of new technologies, including eBay's PayPal and Google's Wallet, have at- tempted to create easy, secure and private ways to pay for goods online, in-store and on mobile devices. Now Apple is getting into the game, with the Apple Pay service. Apple Pay works with the company's new iPhone 6 and iPhone 6 Plus through a new NFC antenna design, a dedicated chip and the company's proprietary Touch ID technology. Apple Pay will also work with the company's newly announced Apple Watch, extending Apple Pay to some 200 million owners of iPhones. Apple Pay supports cards from the three major payment net- works — American Express, MasterCard and Visa. In addition to the nearly 300 Apple stores in the U.S., other retailers that will support Apple Pay include Bloomingdale's, Macy's, McDonald's, Whole Foods and many more. Apple Pay handles purchases through apps in the company's on- line app store as well. "Security and privacy is at the core of Apple Pay," said Eddy Cue, an Apple se- nior vice president. "When you're using Apple Pay in a store, cashiers will no longer see your name, credit card number or security code, helping to reduce the potential for fraud. Apple doesn't collect your purchase history, so we don't know what you bought, where you bought it or how much you paid for it. And if your iPhone is lost or stolen, you can use Find My iPhone to quickly suspend payments from that device." Landlords must invest in new concepts, panel says New concepts often quickly spawn a series of imitators that eventually dilute consumer interest in the overall category. It takes financial muscle and landlord support for bold new concepts to survive and thrive after carving out a niche, pan- elists said at an SCTLive event at The Grove, in Los Angeles, in August. "If there's too much, it starts to lose its appeal," said Frederick Collings, CRX, CSM, CLS, senior vice president of leasing for Irvine, Calif.–based Irvine Co. "For new concepts the bar should be set as high as possible," said Garry Adams, president of Sherman Oaks, Calif.–based Capital Realty, which is representing several new concepts including Drybar (hair blowouts) and Healthy Spot (pet foods), as they ex- pand. "It takes $250 per square foot in tenant improvements to set the bar high enough so that competitors can't knock you off cheaply." Adams said if a concept can't be duplicated cheaply, it will discourage others from trying to compete and will keep the brand ahead of any that do. At Drybar, for example, high-end touches such as iPod charging stations at each chair help separate the brand from otherwise similar blow-dry salons. The trick for retailers is to keep evolving and go- ing in new directions, says Monica Corcoran Harel, a Los Angeles–based fashion writer and creative consultant who tracks consumer trends. Lululemon, for example, has been faced with a host of competitors, but managed to maintain its market leadership by introducing activewear that women can also wear to the office or to a party, she said. "It's all about creating a new need." getting into the game, with the Apple Pay service. Apple Pay nior vice president. ìWhen youíre using Apple Pay in a store, T H E C O M M O N A R E A A MALL SPrOUtS IN tHe brONX, AMerIcA ASKS cONGreSS tO tAX e-tAILerS, WAL-MArt DeVeLOPS IN cHINA