Shopping Centers Today International

DEC 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 31 of 143

such services as on-site interior de- signers who make house calls, and curbside merchandise pickup. The area is affluent, and its residents are willing to spend time and money on their homes, says Jacobson. Nearly 170,000 reside within a mile of the store, and the monthly retail spending amount among those who live within two miles exceeds $4,000, he says. The average age of these residents is 41, and the estimated income of the mainly two-person households is $160,000 per year. Asked how the store differs from rival Home Depot's Manhattan unit, Cobb replies that the retailer devel- oped its strategy based on insights about key markets where Lowe's is underrepresented. "The first option we evaluated was serving dense cities solely through our omni-channel ca- pabilities," she said. "We are already seeing early success with growing and in-home sales in these markets, but as we looked at the relative level of market share these options provided, we de- termined we could do more. These insights provided a fresh perspective on the Manhattan market, which led us to a smaller store footprint." Cobb declined to offer specifics about future urban-market regions, but the company plans to open some 30 stores next year and the following, split evenly between its namesake units and its Orchard Supply Hardware chain. "We're evolving our store concepts to capi- talize on opportunities in metro and urban markets — digging deep into unique local characteristics on a market-by-market ba- sis," Cobb said. "We believe this tailored format store … will provide the insights we need to better understand and serve urban consumers." SCT 32 S C T / D e c e m b e r 2 0 1 5 r e T a i l i n g T o d a y

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