Crain's | NYC Retail Industry Readies for 2008
12/27/2007
12/27/2007
By, Elisabeth Butler Cordova
Four experts offer their insights about what was learned in 2007 and what the industry faces in the coming year.
As 2007 takes its final bow, Crain’s asked four retail experts, from the toy, real estate, department store and specialty boutique sectors, to share their insights on what New Yorkers can expect from the industry as it heads into the New Year.
ROBERT K. FUTTERMAN, CEO OF RETAIL REAL ESTATE FIRM ROBERT K. FUTTERMAN & ASSOCIATES.
Q: Lesson learned in 2007, and how to apply it for ’08?
A: It’s important that retailers be in tune with customers and not take them for granted. J. Crew is an example of a retailer that understands their consumer. They deliver a fresh, interesting product that sells and are completely in tune with their customer’s needs.
Q: Challenge for ’08?
A: People will need to be reassured that the subprime mortgage crisis will not have a lasting impact, and the economy will be back on track soon.
Q: Where is the momentum?
A: Mass-market and home furnishing retailers will continue gaining momentum in 2008. As the popularity for designer fashion and products at affordable prices continue to increase, so does the demand for more retail locations. Aspirational retailers such as Zara, H&M and West Elm will continue to thrive.
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Four experts offer their insights about what was learned in 2007 and what the industry faces in the coming year.
As 2007 takes its final bow, Crain’s asked four retail experts, from the toy, real estate, department store and specialty boutique sectors, to share their insights on what New Yorkers can expect from the industry as it heads into the New Year.
ROBERT K. FUTTERMAN, CEO OF RETAIL REAL ESTATE FIRM ROBERT K. FUTTERMAN & ASSOCIATES.
Q: Lesson learned in 2007, and how to apply it for ’08?
A: It’s important that retailers be in tune with customers and not take them for granted. J. Crew is an example of a retailer that understands their consumer. They deliver a fresh, interesting product that sells and are completely in tune with their customer’s needs.
Q: Challenge for ’08?
A: People will need to be reassured that the subprime mortgage crisis will not have a lasting impact, and the economy will be back on track soon.
Q: Where is the momentum?
A: Mass-market and home furnishing retailers will continue gaining momentum in 2008. As the popularity for designer fashion and products at affordable prices continue to increase, so does the demand for more retail locations. Aspirational retailers such as Zara, H&M and West Elm will continue to thrive.
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