THEATERS DOWN ABOUT EIGHT
TENTHS OF 8%.
LIKE THE PERFORMING ARTS,
LUXURY RETAIL IS MAKING A
2021 COMEBACK FOCUSING ON
THE RETURN OF IN PERSON
SHOPPING WE HAVE TO GO TO
GRADY TRIMBLE HE’S JOINING
US FROM THE MAGNIFICENT
MILE IN CHICAGO ON THE
BRICK-AND-MORTAR REVIVAL,
WHAT ARE YOU SEEING, TELL
US.
>> NOT A LOT OF SHOPPERS
ARE HERE TODAY THAT COULD
BE BECAUSE THE TEMPERATURES
ARE IN THE SINGLE DIGITS
BUT IT’S ALSO LARGELY
BECAUSE OF THE PANDEMIC YOU
CAN DO IN-STORE SHOPPING
BUT LUXURY RETAILERS HAVE
BEEN STRUGGLING FOR THE
LAST YEAR OR SO, SALES DOWN
ABOUT 23% COMPARED TO 2019
BUT THERE ARE SIGNS OF HOPE
IN THIS INDUSTRY, LARGELY
THEY IMPROVED ONLINE SALES
THEY WENT FROM 12% 2019 TO
ABOUT 23% ONLINE SALES WITH
THE LUXURY RETAIL SECTOR IN
2020 THAT’S EXPECTED TO
CONTINUE TO GROW BUT
EVERYBODY WANTS TO KNOW
WHEN BRICK-AND-MORTAR
RETAIL BE BACK WHEN WILL I
BE ABLE TO GO TO THE
MAGNIFICENT MILE AND GO
SHOPPING LIKE I USED TO.
THERE IS HOPE THERE AS WELL
THE REAL ESTATE FIRM J LL
SAYS BY THE END OF 2021
THEY EXPECT 80% OF
EMPLOYEES TO BE BACK IN
OFFICES WHICH IS PROMISING
FOR DOWNTOWN SECTORS LIKE MAGNIFICENT MILE, TIMES
SQUARE AND OTHER AREAS
WHERE THERE’S A LOT OF
PEOPLE WORKING WHICH DRIVES
SALES.
ANOTHER AREA OF PROMISE,
TOURISM IS EXPECTED TO PICK
UP A LOT OF PEOPLE DON’T
THINK OF THIS RIGHT NOW
WHEN THEY’RE NOT TRAVELING
BUT WHAT DO PEOPLE DO WHEN
THEY TRAVEL THEY GO TO THE
LUXURY RETAIL AREAS AND
THEY SPEND THEIR MONEY.
IT COULD BE TIME UNTIL
SALES RECOVERED IN 2019
LEVELS BUT THERE ARE SIGNS
OF PROMISE ON THE HORIZON
AND ALL OF THE STORES LIKE
OMEGA BEHIND ME THERE USED
TO CREATING THE
EXPERIENCES.
THEY’RE NOT SOMETHING THAT
YOU CAN GET ONLINE AND
THAT’S WHY THERE’S HOPE IN
THE SECTOR IN PARTICULAR
LUXURY RETAIL, HIGH-END
SHOPPING THAT IT COULD
BOUNCE BACK AFTER THE
PANDEMIC.
LIZ: YOU HAVE LV MH, CANADA
GOOSE, WERE VERY SLIGHTLY
LOWER BUT IT’S GREAT TO
FEEL THAT THERE WILL BE A
COMEBACK AND WHEN THE
WEATHER GETS GOOD I AM
PUTTING ON DESIGNER PURSES