Shopping Centers Today International

FEB 2016

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

Issue link: https://sct.epubxp.com/i/629643

Contents of this Issue

Navigation

Page 19 of 59

Macy's Backstage, Neiman Marcus Last Call and Nordstrom Rack. "This is a competitive sector, but as with the other brands — Bloomingdales, Nordstrom, et cetera — each full-priced department store has their devotees and core shop- pers who will flock to the off-price ver- sion," said Faith Hope Consolo, chair- man of the retail group at Douglas Elliman Real Estate, in New York City. Find @ Lord & Taylor enables HBC to operate more than one off-price store within the same trade area, as it will be positioned differently than the higher- end Saks Off 5th. Find @ Lord & Taylor is a midprice concept operating between the premium Saks Off 5th and the value-retail likes of T.J.Maxx. In fact, HBC has a Saks Off 5th at the Outlets at Bergen Town Center. The timing of HBC's newest concept might also prove advantageous because the company has seen a strong U.S. dollar affect tourist spending, putting pressure on its luxury business at Saks. HBC says it remains positive about the long-term prospects for the luxury side, but these headwinds are expected to con- tinue this year, according to a research report by Cowen & Co. The trend may provide incentive to diversify into the off- price sector, especially given that third- quarter 2015 comparable-store sales in the Saks division were off by 3.6 percent, while the Saks Off 5th stores were up by 2.8 percent. "We have a great synergy be- tween operating these department stores and then having the ability to send le- gitimate sell-off into the off-price space," Storch said in a third-quarter earnings call. Customers like a treasure hunt for gems from both Saks Fifth Avenue and Lord & Taylor in the off-price environ- ment, he said. "It's obviously a better- performing segment overall compared to some other retail segments." HBC aims to use Find @ Lord & Taylor to target younger shoppers with trendy brands at savings of up to 70 percent off retail prices. The concept is likely to appeal to Millennials, who have grown up with cheap-chic, fast fashion from the likes of Forever 21, H&M and Topshop, says Consolo. "They are also used to mixing high-end pieces with low-end pieces and look to discount outlets to get their high-end at the best price possible," she said. HBC acquired Lord & Taylor Holdings in 2012, and that chain currently comprises 50 stores, with a heavy representation in the U.S. Northeast. Lord & Taylor typically at- tracts fewer shoppers than department store competitors with lower annual sales relative to competitors. S C T Bowie is one of the largest cities in Maryland. Bowie is also an excellent business location, easily accessed from Washington D.C., Annapolis and Baltimore. Bowie's proximity to these major cities brings business and workforce into the area via Routes 3, 50 and 301. Bowie has more than 90 restaurants, 200 shops, and a dozen recreation opportunities. With this winning combination of location, access and amenities your business is certain to grow and succeed. For space available details call: Bowie Marketplace Brian Berman, 301.816.1555 Bowie Plaza Jack deVilliers, 703.442.4315 Bowie Town Center Melodye Grim, 317.685.7295 Collington Plaza Scott Faloni, 410.693.3248 Free State Shopping Center Rich Abruscato, 301.998.8188 Hilltop Plaza Bruce Levine, 410.486.0800 x116 Pointer Ridge Plaza Jim Farrell, 571.382.1229 Shoppes at Bowie Town Center & Shoppes at Highbridge Sean Weisbord, 410.771.1700 For more information on ALL of Bowie's Opportunities, contact: John Henry King, Economic Development Director, City of Bowie, Maryland 15901 Excalibur Road, Bowie, MD 20716 301.809.3042 | fax 301.809.2315 | jhking@cityofbowie.org Retail Opportunities to make your Mark in Bowie Median Household Income over $94,532 Average Household Income over $109,161 Bowie is Bullish on Maryland! 20 S C T / F e b r u a r y 2 0 1 6 r e T a i l i n g T o d a y

Articles in this issue

Links on this page

Archives of this issue

view archives of Shopping Centers Today International - FEB 2016