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Amazon: The retailer reported a 3% drop in online sales in the first three months of 2022. Higher prices, delayed delivery times and pent-up demand all are contributing to a decline in e-commerce sales post-pandemic.
Best Buy: The consumer electronics retailer wants to tap into its bargain shopper demographic by doubling its number of outlet stores to 32, starting with locations in Chicago, Houston, Phoenix and Virginia. These new outlets will have a larger assortment than existing outlets, including laptops, tables, gaming consoles and cell phones. Outlet stores also allow Best Buy to shift discount sections out of regular stores, freeing up space for full-price merchandise.
Burrow: The direct-to-consumer home furnishings brand plans to open 10 physical stores over the next two years. It opened its first store in New York City’s SoHo four years ago and plans to open its second, in Boston, this month. The location is open for appointments now. The retailer didn’t identify the exact locations of future stores but said they’d range from 2,000 to 4,000 square feet.
DSW: The footwear retailer is testing a layout in Houston that will focus customers’ attention on top brands. This layout, called Warehouse Reimagined, will feature shop-in-shops for core brands and differs dramatically from the stores’ current layout, which organizes shoes by style and category. The discount chain is piloting the format as consumers return to in-store shopping. Online shopping behavior informed the new layout, as nearly 90% of DSW shoppers visit the website before heading to the store and often search for specific brands.
Five Below: The trendy teen discount chain will open its first store, at Outlets of Mississippi in Pearl. The 8,880-square-foot store will follow the same pricing and merchandising strategy as traditional Five Below stores even though it will be in an outlet center. According to FFO Real Estate Advisors founding principal Scott Ferguson, successful outlet centers are finessing and expanding their tenant mixes.
The Fresh Market: South American retailer Cencosud has entered into a definitive agreement to acquire 67% of The Fresh Market from Apollo Global Management for $676 million. Cencosud operates in Argentina, Brazil, Chile, Colombia and Peru. The Fresh Market reported revenue of $1.9 billion in 2021, up from $1.5 billion in 2020.
Ikea: The Swedish retailer is investing $3 billion to make it easier to buy its furniture online. The company plans to use that money to open locations in cities across North America and Europe while repurposing existing stores to fulfill online orders. The retailer also aims to give customers a more immersive and personalized experience.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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