Shopping Centers Today International

MAR 2016

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

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T H E C O M M O N A R E A 10 S C T / M A R C H 2 0 1 6 Coach moves into million-dollar digs Coach is about to join other retail royalty on New York City's posh Fifth Avenue. General Growth Properties CEO Sandeep Mathrani an- nounced during a quar- terly earnings conference call this week that the luxury retailer had leased a 23,000-square-foot store at 685 Fifth Ave. General Growth and Thor Equities bought the 140,000-square-foot build- ing in 2014 for $460 million. Referring to the store as a "Coach House," Coach Inc. CEO Victor Luis said in a prepared statement that the store is set to open in the fall. "With a bespoke facade and modern luxury interior, it will provide an appropriate showcase for the full expression of our women's and men's col- lections, including bags, small leather goods, foot- wear and ready-to-wear, in addition to offering a full range of customization and leather services," the statement reads. "We will also be opening a separate adjacent Stuart Weitzman flagship store, bringing the two brands' stores to one iconic location." Coach acquired Stuart Weitzman last year. 'Easy' does it EasyJet founder Stelios Haji-Ioannou is test- marketing a supermarket concept in London that sells basic foodstuffs at discount prices. Called EasyFoodStore, the Park Royal location stocks 76 generically labeled food items, each priced below 50 pence. Haji-Ioannou has made other successful attempts to extend his Easy low-price brand beyond air travel, with such con- cepts as EasyCar, EasyBus, EasyGym and EasyPizza. Cars at Costco Not everything people buy from Costco leaves the store in a shopping cart. The retailer has become a powerhouse in auto sales, selling 465,000 of them last year, a 16.8 increase over 2014. (The No. 1 U.S. vehicle retailer is AutoNation, which sold 533,000 units in 2014.) Costco sells vehicles to its members through 3,000 dealer- ships at fixed prices — there is no bargaining. Back to life Circuit City's new owners are planning a comeback for the beleaguered consumer-electronics chain. Ronny Shmoel and Albert Liniado bought the Circuit City brand, domain and associated trademarks in October from IT supplier Systemax, which acquired them in a bankruptcy auction last fall. The frst new Circuit City store is to open in Dallas in June, and management has plans to roll out a new e- commerce site and licensed kiosks in coming years. Circuit City will sell its own branded products in ad- dition to popular consumer brands. The stores will range from 2,000 to 4,000 square feet. "There will come a time that Google will be less interesting than a physical store as a means to market products." — Jaap Blokhuis, CEO, Multi Corp., explaining that Google is charging retailers more and more for placement within its search results

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