Setting up for a "super" comeback
March 24, 2014 - Brokerage
Thank heavens for the Super Bowl!
Yes, like everyone else I did not predict the boring blowout that took place in New Jersey, but the tourists who came to our area certainly helped boost weather-impaired retail sales in New York. The Federal Reserve Board's Beige Book reports that inclement weather in January and February hit general merchandise retailers, who reported sales down sharply from the prior year, even including gift card redemptions. But Super Bowl-related tourism did help then, and Broadway revenues remained strong. Thank you, NFL.
Much like the weather, consumer confidence remains a bit volatile, improving in January, dropping a bit in February, reports the Conference Board. (But really, who is ever confident about anything in February?) I still believe that as the weather improves, sales will pick up significantly. We've all been cooped up for far too long and there simply are too many beautiful items not to buy.
I, for one, can't wait.
What didn't slow down was local leasing and store openings. Warby Parker will open its third shop at 1209 Lexington Ave., the former home of the fabled Lascoff Drugs. John Varvatos' flagship at 765 Madison Ave. made its bow. iBoutiques, which partners with e-tailers to give them a taste of brick-and-mortar selling, has taken 77 Delancey St. for four months. The former Grand Opening gallery space at 139 Norfolk St.is now Junior Projects. Blancpain, Swatch's luxury brand, is coming to the former Gant space at 645 Fifth Ave. Central Park North Orthodontics will beautify smiles at 1851 Adam Clayton Powell Jr. Blvd. Boutique Fitness Experience, the first of six to open around town, is coming to 555 Sixth Ave. Exhale's latest studio opens in Flatiron at 19 West 21st St. in May. Ann Taylor LOFT debuts at 795 Columbus Ave. (Columbus Sq.) this summer. Bakery Pain Perdu will occupy 551 Amsterdam Ave.
I can't believe I'm writing this, but all of us in the retail sector are already making plans and appointments for RECon, our annual convention in Las Vegas in May. I'm thrilled as a newly minted national board member of Commercial Real Estate Women's Network (CREW) to announce that CREW and our friends at the International Council of Shopping Centers have revived the CREW Breakfast at RECon. The breakfast, to be held Monday, May 19th from 7:30 to 9 a.m. will feature guest speaker Jean Chatzky, financial editor for NBC's Today Show and best-selling author. A terrific way to network for CREW members and all, this breakfast was always a highlight of the conference, and we're all delighted it's back on the schedule.
For more information, and to register for RECon, visit http://reconlasvegas.icsc.org/2014RECON/index.php.
Happy Shopping!
Faith Hope Consolo is the chairman, the retail group, at Douglas Elliman, New York, N.Y.