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June
2003 Cover
Story
|
New
Vegas Entry
Chelsea Property Group and Simon Property Group will raise the stakes
in the outlet industry in late summer with the opening of their $80-million
Las Vegas Premium Outlets in the city's redeveloping downtown. The 126-store,
open-air center, sited just blocks from historic downtown casinos and
minutes from the Strip, opens Aug. 1.
VFFO
Goes Multi-Box
Venerable VF Factory Outlet launches a new "multi-box" store
prototype in the Las Vegas market that positions its Lee, Vanity Fair
and Healthtex outlet stores side by side as separate units, a big departure
from the company's traditional "big box" that combines VF goods
under one 25,000-sf roof. What most consumers won't realize is that while
the stores have separate selling areas - they aren't even connected with
pass-throughs - back-of-store operations are consolidated.
Consumers focus on price
A new study underscores that consumers are focused on finding the
lowest prices on products and are visiting value-oriented stores more
often to stretch their dollars. The study, conducted by Opinion Research
Corp. and sponsored by Big Lots, finds that consumers are searching for
the cheapest shopping alternative.
Spiegel
Shuttering
Twelve outlet centers and two outlet megamalls will be scrambling
to replace their large Spiegel outlet/warehouse anchor after the chain's
parent, Spiegel Inc., closes them in its bid to emerge from Chapter 11
protection.
Industry reacts to sales drop
Ferocious snowstorms, a weak economy and war worries combined to make
February one of the outlet industry's worst months ever in terms of comp-store
sales, according to new ICSC data. Outlet retailers and their landlords
add some perspective as to why sales dipped 15.9 percent in February.