MACY'S REDESIGNS FOR SUCCESS
Macy's is testing new concepts with smaller, money-saving stores. The department store plans to cut about a fifth of square footage in four guinea pig locations.
The downsize opens the door for possible partnerships with other retailers, an expansion for Backstage locations, or mini-fulfillment centers.
"We want to create a vibrant destination," Gennette told CNBC. "When you look at what the customer needs, it's more about fulfillment and convenience. You need less space in order to do that."
THE OUTLET STORE MODEL UNDER RECONSTRUCTION
Off-price retail stores and brand outlets are promising models for the future of commercial real estate. But as Millennials and Gen Z start to align with experiential shopping, retailers must re-evaluate their outlet strategy. Responding to in-store expectations involves rethinking accessibility and technology.
WALMART GOES DRIVERLESS FOR DELIVERIES
Walmart has been on a roll these past few weeks. Following in Google's footsteps, the megabrand plans to pilot driverless cars as a component of delivery services. Though human drivers reportedly will be involved in this pilot program, it could still provide some valuable insight into how well shoppers will accept driverless deliveries.
NIKE OPENS AN INNOVATION FLAGSHIP
Nike is persistent in its efforts to integrate the brand's digital and physical platforms. A dynamic House of Innovation flagship comprised of 68,000 square-feet and six-levels of cross-category Nike products went live on New York's Fifth Avenue.
“Nike NYC is designed to be a dynamic store environment that is just as personal and responsive as digital,” said Heidi O’Neill, president of Nike Direct. “This premium destination gives consumers an authentic, immersive, and human connection to the Nike Brand.”
The store features several Nike App in-store features. In addition to its Speed Shop digital lockers, the Fifth Ave store includes Nike Shop The Look, which allows customers to shop in-store displays, instant checkout, and Nike Scan To Try, which lets shoppers request to try-on items throughout the store.
LEVI'S TO BE VALUED AT $5 BILLION
Levi Strauss & Co, creator of the first blue jean, is planning an initial public offering to be handled by Goldman Sachs and J.P. Morgan. The 145-year-old company aims to debut with a valuation over $5 billion.
THIS WEEK'S BRIGHT SPOT
This week started with a bang, as celebrities gathered on Sunday for the 2018 People's Choice Awards, to honor the best in film, television, music, and pop culture, as voted on by the general public. And of course, it's only right to dissect the red carpet's best dressed!