The Beginning...
WELCOME!
I am trying something new and I hope you enjoy it.
I continue to be encourage to expand my content on LinkedIn and thought about doing an email newsletter. I did not want to force content into people's already crazy inboxes, so I decided to try this instead. Thank you ๐Edie Weintraub -Retail Restaurant Real Estate , Ethan Chernofsky , Kevin Ervin Kelley, AIA, Lรฟden Foust , Douglas Munson and Meghann Martindale for planting this idea in my head in various ways.
So...coming your way every two weeks will be "The Corner of Main & Main" where I will attempt to share insights and trends (both curated and original content) from the worlds of retail, commercial real estate and the consumer.
Please do not hesitate to message me with any ideas, suggestions and comments.
ARE RETAILERS FOCUSED ENOUGH ON THE OLDER GENERATIONS?
The short answer is: NO!
There has been a lot of media attention around the continued spending of #GenZ and #Millennials, with some pull back from #GenX and #Boomers.
While the above may be true, its worth noting that, GenX & Boomers still make up 40% of the population, are enjoying longer life spans, retiring later, and are a largely untapped market in many retail segments.
If you take out the top four major expenses of housing, transportation, insurance and food, GenX and Boomers have more non-debt SPENDING POWER. While everyone continues to focus on the younger generations, and their influence on retail trends and spending, it would be wise not to forget about the two generations with the most ability to spend without furthering their consumer debt.
The U.S. population age 65 and over grew nearly five times faster than the total population over the 100 years from 1920 to 2020, according to the 2020 Census.
By 2030, all baby boomers will be age 65 and over and the growth in the older population is projected to start slowing. While GenX is up next, this demographic cohort is relatively small in comparison to others.
Retail segments that come to mind: health and wellness, experiential (restaurants, travel, etc), recreation, technology (yes...tech) and more.
IN THE NEWS
Amazon Fresh Aggressively Moving Forward With Store Openings
Amazon with a significant price advantage on its eCommerce goods
PERE: "Private real estate executives are bullish on retail again"
US: holiday shopping season set to break records
NOSTALGIC RETAILER SPOTLIGHT: TOWER RECORDS
Tower was founded in 1960 by Russell Solomon in Sacramento, California. The store was named after his father's drugstore, which shared a building and name with the Tower Theater.
In addition to CDs and cassette tapes, stores also sold DVDs, video games, accessories, toys and electronic gadgets like mp3 players, while a few Tower Records locations sold books as well. It was also one of the first retailers to move online in 1995 as Tower.com.
At its peak, TR had nearly 200 stores in 15 countries and more than $1 billion in annual sales.
Tower Records entered bankruptcy for the first time in 2004. On August 20, 2006, Tower Records filed Chapter 11 bankruptcy for the second time in order to facilitate a purchase of the company prior to the holiday shopping season.
On October 6, 2006, Great American Group won an auction of the company's assets and commenced liquidation proceedings the following day, which included going-out-of-business sales at all U.S. Tower Records locations, the last of which closed on December 22, 2006. The Tower Records website was sold separately. (Wiki: Ghosts of Retailers Past)
Today, TowerRecords.com still exists: "Today, in exciting partnerships with artists, labels and brands, Tower Records is transcending its historic past by creating online and physical experiences for all music fans to 'Know Music, Know Life'."
