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New York City Economic Development Corporation's Economic Research & Policy team just released a new report "Festive Spending: The Impact of the Holiday Season in NYC" where we find that holiday shopping in New York City creates 14,000 jobs and $500 million in economic impact each year. From the iconic Fifth Avenue window displays to bustling outer borough shopping districts, we see the holiday season bringing increased foot traffic and spending to our retail businesses. During the 2023 holiday season, an average of 3.2 million people per day visited New York City shopping districts, up 14% compared to the rest of the year, and consumer spending during December weekends increased 20% compared to non-holiday periods. Midtown hubs like Bryant Park and SoHo were the most popular, particularly among tourists, but 26 outer borough shopping districts also show increased activity around the holidays, including neighborhoods like Flushing and Downtown Brooklyn. New York City retail is vibrant, and is another sign of strength for our economy, where in 2024 we have hit all-time highs in jobs and labor force participation. Check out our report to learn more!

Hello LinkedIn community, Happy Friday! It's been quite a week for me, filled with interviews, doctor's appointments, and preparations for my upcoming talk at South Bank University and attendance at the World Retail Congress next week. As the week comes to a close, I wanted to share my thoughts on the recent news about Ted Baker. It's truly disheartening to see another British icon of the high street facing administration. Beyond the loss of nearly 300 jobs and the ripple effect on the industry, it's another blow to the UK high street, which is already in decline. Walking down Oxford Street yesterday, a street I've traversed countless times throughout my retail career, I couldn't help but notice how much it has changed. Where once stood TOP SHOP in prime position, is an IKEA in waiting. Reflecting on the past, I mentally noted the numerous High street stores that have closed - only available online or gone into administration during my 20-year career: BHS Topshop Dorothy Perkins Burton Laura Ashley La Senza Jeffery Rogers / Rogers and Rogers Evans Cath Kidston Warehouse Oasis Debenhams TM Lewin Monsoon Jaeger Peacocks Coast Karen Millen In their place now stand impersonal brands which seem like Tax loop holes and sweet shops, lacking the British spirit and quirkiness of the high street of yesteryears. These closures, akin to The Body Shop, serve as indicators of a broader problem. The decline of the UK high street is influenced by various factors, including shifts in consumer tastes, economic challenges, technological advancements, and fierce competition. To address these challenges, collaboration between government, retailers, landlords, and stakeholders is crucial to support revitalization efforts and drive innovation in the retail sector. Unfortunately, the decline appears to be accelerating, and many other brands may face a similar fate if they fail to adapt. It's concerning that some senior management teams have become complacent in their roles which some have held for over 20 years and are unable to foresee the imminent threats facing their businesses. Back in 2011, Mary Portas launched the "Save the High Street" campaign, highlighting the issues affecting traditional retail areas in the UK. Under the now foreign secretary David Cameron's prime ministership, reform was promised. If I am honest, it took me a while to understand what Mary was going on about as the business I worked in then was thriving… If it aint broke, why fix it? In hindsight, it is very clear now what she foresaw, however, it remains unclear what actions were taken by the government in response to the campaign's findings and recommendations. As we bid farewell to yet another iconic British brand like Ted Baker, it's a stark reminder of the challenges facing our high streets. In the words of the legendary BONNIE TYLER " It needs a HERO"! Have a great weekend everyone. Ari x

#c&a #shopping #england #france #where-ever #balance #border #century #brands Better balance? I’ve been “accused” of an all too parochial Scottish flavour to recent posts. Between spoots and irn bru a number of you have reported feeling left out So I thought to attempt redress, I’d trawl through recent photos for something quintessentially English. And I found it. Or so I thought Back in the day, quarter of a century ago and before department stores became an endangered species, the UK high street kissed goodbye to C&A. As a schoolboy, no trip to Glasgow or Edinburgh with my parents was complete without a visit I’d always assumed it was English owned. I’d always assumed the brand had gone for ever. But no, to my surprise there on the outskirts of a Southern French town was C&A In I went, just for old times sake you understand. I’m not the world’s most fashionable person, however I’m not entirely sure their stock has changed since I was last in, last century….maybe it’s what the youth refer to as retro? A quick trawl of Google and a second surprise. Not English, but Dutch founded. Well I never….I’ve still a dozen days until St George’s day. Plenty of time to find something to talk about that my English colleagues can embrace. Two surprises. Has the bond market provided a third as prices fell and yields soared this week? Nope To be honest, it’s Friday. Can’t be bothered talking bonds, sure you can’t be bothered reading about them. Getting more interesting by the day though. Can’t be bothered talking about riskier assets either. Getting more bifurcated by the day - got to pray those tech stocks hold up, there’s precious little breadth to the market momentum outside of them And although I remeber C&A fondly, I’d give my eye teeth for a Woolworths….

In the heart of #London later today, Tuesday 23rd April, industry mavens gear up for the highly anticipated CACI Ltd Retail Briefing 2024 at the illustrious Ham Yard Hotel, with its chic Kit Kemp interiors. Set against the backdrop of a #retail and #leisure world in constant flux, this annual gathering always promises a treasure trove of insights into deciphering the ever-shifting consumer landscape of 2024, 2025 and beyond. With the impending spectacle of what is set to be the largest voting year in history - and not just in the UK and the US - the shadow of heightened volatility in global politics and culture looms long. Yet, amidst this turbulence, we're told that glimmers of optimism are emerging within economic, retail and leisure-tainment realms. Following that tumultuous period akin to the taboo surrounding Voldemort in Harry Potter, the industry now stands on the precipice of renewal, signaling a promising horizon ahead. At the heart of CACI's agenda lie sessions set to unravel the mysteries of today's consumers for assembled landlords, brands (and worthy marcomm consultants). Spearheaded by luminaries such as Hannah Smith and Charlotte King, alongside the formidable Alex McCulloch and other eminent voices, attendees can expect a deep dive into the intricacies of latest consumer behavior, and should provide invaluable guidance for charting a course through the unpredictable currents of modern commerce - before a glass of wine and networking. A highly anticipated highlight of the event is the update on the Battersea Power Station Development, to be delivered by the insightful Sam Cotton, as London's latest destination sets its sights on an indelible position in the city. Since its grand unveiling on October 14th, 2022, this development has captivated imaginations and repositioned the Battersea area, even pulling older prime pitches in its direction. Adding to the allure of the briefing is the perspective shared by Michael Harrison, the Co-founder and Chief Growth Officer at Gravity . With recent forays into Grosvenor's Liverpool ONE following successful launches at Landsec and Invesco EMEA's Southside in 2021, we are hoping Michael will bring a wealth of insights garnered from navigating challenges in an era defined by rapid transformation. When change is the only constant, the CACI Retail Briefing 2024 holds the promise of equipping industry leaders with the foresight and agility needed to stay ahead of the curve. We know this well at Innesco, and have enjoyed numerous projects working armed with CACI information - in the UK and abroad. See you there! == #FutureRetail 🛍️ #TechInnovation 💡 #CustomerExperience 🤝 #OmnichannelStrategy 🌐 #Sustainability 🌱 #SeamlessIntegration 🔄 #AugmentedReality 🕶️ #VirtualShopping 🛒 #DataDrivenDecisions 📊 #ExperientialRetail 🎉 #SmartStores 🏬 #DigitalTransformation 💻 #MobileCommerce 📱 #AIinRetail 🤖 #CommunityEngagement 👥 #RetailRevolution 🔄 Dan ParrSimon StretchBobby Noori Sam Hiner.

Across the ecosystem, retailers, landlords and property managers and thinking about how to adapt physical spaces to best address changing consumer behaviours. By investing in this area now, Canadian retailers will be better positioned to support the customer experience that shoppers are looking for today and well into the future. In a new article, Monica Chadha and I share the steps brands can take to right-size real estate footprints and ultimately deepen relationships with consumers, foster loyalty and expand market share. https://lnkd.in/guu5MSqF #EYCanada #FutureConsumer #LeadersInRetail #Realestate #Transactionrealestate #realestateadvisory #EYCanada #BetterWorkingWorld

American actress Bo Derek famously said "Who ever says money doesn't buy happiness doesn't know where to shop". Apparently the place to find shopping happiness in Australia.......is Canberra!!!! This Monday, March 11th, Canberra (ACT) celebrates 111 years since being founded as Australia's capital city. In addition to being Australia's political capital, Canberra can now claim to be the nation's shopping capital. Canberrans, with a strong public servant population, spent big and ultimately surpassed Victoria during Covid. Victoria's capital, Melbourne, promotes itself as Australia's shopping capital and indeed boasts Australia's largest shopping centre (Chadstone Shopping Centre). Notwithstanding Melbourne's marketing, Canberra retail spending is up 60% since 2015, the highest growth in Australia, while Victoria is pushed to second with a strong, but slightly less, 55% growth. There have been retail winners and losers during and post covid. But in good and difficult times, a Canberra and Melbourne presence provides a positive impact for Australian retailers as both cities spend above the national average. Knowing on the ground retail spend dynamics will give retailers a competitive edge. Speak with DataCo Technologies if you'd like to know how to achieve that kind of competitive advantage at a sub-postcode level. #canberra #canberrabusiness #victoria #melbourne #melbournebusiness #datacollaboration #dataanalytics #economicgrowth #retail #retailinvestors #retailtrends

sharing interesting article, from a client 🕴💲🕊️ How can larger organizations replicate the human connection and adaptability of small businesses to engage their customers more deeply, What do you think? #CFO #OpentoWork #JobSeeker

Living in The United States, I have had many experiences with our retail system and how it works, as well as how crucial it is as a sector in our economy. During my time in Rome, I have seen many differences in their retail system compared to the United States, with the unique shopping experiences, consumer behaviors, and retail environments. These differences in Rome’s retail market make it unique and interesting to study from an outside point of view and offers valuable insight into the daily life of living in Rome. In Rome, the retail landscape is filled with family-owned shops, that are smaller and more personable than what Americans are used to. These shops sell items that range from artisanal goods to fashion items and souvenirs. These charming stores are passed through generations and offer a personalized shopping experience. The emphasis shifts from efficiency and accessibility to personal interactions and a connection to locally made products. There is also a certain pride in these items sold, especially for the unique products that are made directly by the shop owner themselves. In contrast to Rome, The United States is filled with larger retail stores, characterized by convenience and variety. These stores are large chains and big box retailers like Walmart and Target, which have competitive pricing compared to other stores. According to the Bureau of Labor Statistics, in 2023 the retail sector generated $1.7 trillion (6.4%) of the total United States GDP. This is a fast-paced environment with the goal of building brand loyalty and the perceived value that the product brings. American Stores focus more on ease and efficiency than a personal approach, and this defines the shopping experience in the United States. The Roman retail environment is characterized by quality, craftsmanship, and brand heritage, with a high regard for locally made products. The United States retail environment prioritizes convenience, speed, and cost-efficiency, and aligns with a fast-paced shopping culture. By understanding the differences between these retail environments, I can now see how each market has tailored marketing strategies to meet the needs of their market and how they implement those strategies. Heather Sprandel #hogsabroad #BeEPIC #MarketingInRome #WaltonCollege

sharing interesting article, from a client 🕴💲🕊️ How can larger organizations replicate the human connection and adaptability of small businesses to engage their customers more deeply, What do you think? #CFO #OpentoWork #JobSeeker

LET'S CREATE LOVE AND LOYALTY I've just read an article within Inside Retail, and it really resonated with me. It's fundamentally about retailers and brands getting real, and getting human - through activation of the 'Third Place'. The 'Third Place' concept enables retailers to attach to some of our most core human wants and needs; community, collaboration, connection and communication - to form an authentic bond and attachment. Forging trust and loyalty, and ultimately driving sales. So what is the 'Third Place'? The 'Third Place' is a physical location where people feel they belong, and want to belong; outside of home, school or work. It is a place where people feel connected and happy - and it can be a very powerful tool for a retailer. Now, imagine your retail space as a community hub rather than just a shop, where customers feel a sense of belonging, where they can enjoy some downtime in a space that speaks to your brand. Whether it’s through climbing walls, cafe corners, art & craft space, or music areas, these environments can offer the experiences shoppers crave, and can build deeper engagement with your brand.   Article Author Zach Edwards provides a great example of a retailer who has executed the third space concept: Bandit – a running apparel company from New York, recently opened The Running Room. Part-retail experience, part café, part-community centre. Read more about this concept in the article below (note: the paywall): https://lnkd.in/gu3_kPZM   #Retail #Community #CustomerExperience #ThirdPlace #BrandLoyalty #CBRE #ExperientialMarketing Mark Calvert Ashley Whitting Zoe Smith Paris Holten Leif Olson Barbara dela Pena Sheree Griff Matthew St Amand Andrew Stringer