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Shopping Centers Today -> December 1999
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By Jon Springer
The May Department Stores Co. recently announced the purchase of Salt Lake City-based department store chain ZCMI. The deal should bring some changes to the 131-year-old chain, which was 51.5% owned by a trust controlled by the Church of Christ of Latter-day Saints: Clergy will be still be offered discounts, but the stores may open on Sundays for the first time. ... Women’s Wear Daily’s recent Lifestyle Monitor survey revealed that women spent an average of one hour, 41 minutes shopping for clothes in the second quarter of 1999 — a 10% increase over the same period in 1998 and the longest amount of time since the Monitor began tracking such data in 1997. ... Citing a need to study their impact, the town of Rockville, Md., has placed a temporary ban on the development of big-box stores. “I read that as ‘We don’t want a Price Club here,’’’ one local real estate expert told SCT. … Ingvar Kampard, the usually frugal founder of the Ikea chain, pledged all the gross proceeds from the chain’s recent one-day sale to full-time employees, each of whom took home a $2,500 “millennium’’ bonus. ... In a compelling speech at ICSC’s Management and Marketing Conference in Denver in September, marketing/Internet guru Dr. Peter Sealy convincingly argued that technology is shifting the power of commerce from the retailer to the consumer. His advice: “Attack your own business model before a 24-year-old in Silicon Valley does.’’ ... The Supreme Court in Spain ruled that Nike cannot sell apparel with its name on it in that country. The name “Nike’’ in Spain belongs to sporting goods distributor Cidesport, which registered the name — for socks — in 1932, about 40 years before the Oregon athletic shoe giant. ... Vornado Realty Trust Chairman and CEO Steven Roth, telling a National Association of Real Estate Investment Trust audience how a colleague described being a REIT executive: “It’s like standing between a dog and a fire hydrant.’’
Shopping Centers Today
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