LOS ANGELES-The retail sector will need to produce $10 billion in sales each day this holiday season to generate the 3.9% sales growth estimated by the National Retail Federation. To aide in achieving this goal, Jones Lang LaSalle's retail team has crafted five strategies for retail owners and operators to employ.
With Thanksgiving falling late in November, the holiday shopping season is only 26 days this year, six days less than the holiday shopping season in 2012. JLL recommends that retailers ignore the “official calendar” and begin pushing holiday sales earlier. Major department stores are opening on Thanksgiving Day for the first time this year to stimulate early sales, and the firm believes smaller retailers should follow.
Although ecommerce sales continue to grow, consumer needs during the holiday season afford brick-and-mortar retail to compete. JLL encourages retailers to provide “instant gratification” by partnering with their digital outlets as a pick up location for online purchases and by expanding store hours so that consumers have more shopping flexibility. “Brick-and-mortar retailers with locations that double as online fulfillment centers will see an uptick in their sales,” says Lew Kornberg, leader of tenant representation at JLL. “Retailers with an online only presence are also rethinking their need for traditional space.” Apple, Nordstrom and BestBuy follow this strategy, increasing store hours and allowing local online purchases to be retrieved in-store.
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