Shopping centres are transforming vacant spaces into entertainment hubs as UK department stores close. Retail rents in Canada are climbing, with expansion in the luxury, grocery, and health sectors. Foot Locker’s NYC flagship reopens with a basketball-themed “Home Court” concept. Urban Outfitters’ Nuuly turns a profit, thanks to warehouse automation. The global cold storage market is set to grow 17.9% by 2030.
Empty Retail Spaces Transform into Entertainment Hubs
Shopping centres are turning vacant retail spaces into entertainment hubs. With 85% of UK department stores closed, landlords fill gaps with leisure and immersive experiences like trampoline parks and luxury clubs. Concepts like Netflix’s retail locations and Cosm’s domed screens redefine the retail experience, emphasizing the need for innovation to meet changing consumer demands.
Source: Retail Insider
Canada’s Retail Rental Rates Surge Amid High Demand
Retail rental rates across Canada are climbing due to high demand and limited supply. CBRE’s H1 2024 Retail Rent Survey shows that retailers, especially in the luxury, grocery, and health sectors, are expanding despite rising rents. Toronto and Ottawa are seeing the largest increases, with power centres facing the highest rent hikes. High construction costs and low vacancy rates are likely to keep rents elevated.
Source: Retail Insider
Foot Locker, Nike, and Jordan Launch Basketball Concept at NYC Flagship
Foot Locker has reopened its NYC flagship on 34th Street, featuring the “Home Court” basketball concept with Nike and Jordan. Part of Foot Locker’s global refresh, the store offers 3D scanning for shoe fit, a vertical jump challenge, and a street-inspired design. Foot Locker plans to revamp two-thirds of its stores by 2026, focusing on immersive, basketball-centred experiences.
Source: Retail Dive
Urban Outfitters’ Nuuly Turns Profitable with Automated Apparel Rentals
Urban Outfitters’ rental brand Nuuly has turned a profit for the second time in five years, aided by automation at its Pennsylvania warehouse. Automation streamlines the process, reducing logistics costs. Nuuly’s success highlights the growing appeal of the apparel-rental market, especially among millennials and Gen Z. Close ties to Urban Outfitters and efficient logistics have positioned Nuuly well.
Source: The Wall Street Journal
Cold Storage Market Soars with Growth in Food, E-commerce, and Pharma
The global cold storage market is projected to grow by 17.9% from 2024 to 2030, reaching US$427.8 billion. Growth is driven by the expanding food and beverage industry, e-commerce, and the rising demand for temperature-sensitive pharmaceuticals. Technological advancements are helping overcome challenges like high operational costs and environmental concerns. North America leads, with Asia-Pacific emerging as a key growth region.
Source: Inside Logistics
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