Redevelopment at Chicago airport boosts retail sales
Sales have reached record highs at Chicago O'Hare International Airport's International Terminal 5, one year after Westfield completed a $26 million transformation that nearly doubled retail and dining space and added 24 new spots. Retail sales are up 70% since the redevelopment began in 2011, with sales last year exceeding $43 million. SCT Newswire
(4/24)
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Other News
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Shoppers shift their post-recession spending
Recession-scarred consumers have started spending again -- they're just spending differently, said MasterCard executive Sarah Quinlan. Restaurant sales and air travel are rising, as consumers increasingly opt to spend on experiences, she said, and big-ticket purchases, including cars and pricy jewelry, also have increased, which should serve as a lesson to retailers. "If she's buying a $34,000 car, she has no problem coming in and buying a $200 sweater," Quinlan said. The Washington Post (tiered subscription model)
(4/24)
Sam's Club to add small-business lending, services
Sam's Club will launch five new services for its small-business members, including access to accounting services and a lending center to help members secure loans of up to $350,000. Businesses constitute about one-third of Sam's Club's membership base, said Kantar Retail, but business members made fewer trips to Sam's in the most recent quarter, said CEO Rosalind Brewer. Fortune
(4/22)
Small stores are the future, says Wal-Mart International CEO
Hypermarkets will see global sales grow about $350 billion over the next decade, but smaller stores are set to prosper on a larger scale as international shoppers demand convenience, said David Cheesewright, president and CEO of Wal-Mart International. Retailers with online outlets and physical stores will fare best, he said. The Times of India/TNN
(4/27)
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Los Angeles real estate development company Primestor Development signed LemonPop a new concept by Charlotte Rouse at azalea Regional Shopping Center in South Gate, California. The 5,900 sf concept store is the first of its kind in the nation. azalea, which opened less than a year ago, will have only 3 spaces available representing approximately 7,000 sf for a vacancy factor of less than 2%. |
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Society as a whole benefits immeasurably from a climate in which all persons, regardless of race or gender, may have the opportunity to earn respect, responsibility, advancement and remuneration based on ability."
-- Sandra Day O'Connor, Supreme Court justice
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