A renewed interest by national retailers in Fairfield County’s top shopping districts should translate into a very happy holiday season at the cash register, according to a new report from CBRE.
“We’ve seen renewed interest from national retailers in both Westport and in Greenwich recently, which bodes well for the overall economics of these areas and how we expect they will perform this holiday season,” said Jessica Curtis, senior vice president and restaurant practice leader at CBRE in Stamford. “For example, on Main Street in Westport several big-name brands, like Williams Sonoma, Lululemon and Peloton, have recently taken new space or have plans to expand their presence. In Greenwich, we have seen openings by Warby Parker, Frame Denim and Fjallraven.”
Curtis added that the presence of these retailers sends a reaffirming message that Fairfield County is still a prime location for shopping.
“We expect that these new stores will get solid traffic this holiday season and their success will inspire more brands to open stores nearby.”
CBRE also noted that Fairfield County was outperforming Westchester County for retail sales. During the first half of 2018, Fairfield County’s retail sales growth was 2.4 percent, up from 1.8 percent from the same period in 2017. However, Westchester’s retail sales growth rate in the first half of 2018 was 1.8 percent, a drop from the 2 percent rate during the same period of 2017.
On a national level, CBRE noted that a robust economy and near-full employment fueled retail sales growth to a six-year high during the first half of the year, with forecasts of retail sales gains of up to 4.8 percent for the holiday season. Enhanced retail loyalty programs and incentives for buy-online/pickup-in-store options will help grow holiday season sales, CBRE added, while the closing of Toys “R” Us stores will boost toy sales at both the big box retailers including Walmart and Target and in other retailers that including Michaels, Party City and Ace Hardware that are including limited toy offerings.
“This looks to be a strong holiday season for retail for several reasons,” said Brandon Famous, chairman of CBRE’s Global Retail Occupier Executive Committee. “In addition to the tailwinds of the robust economy and strong consumer confidence, retailers as a whole have gotten smarter and more efficient with their omnichannel strategies and their programs for attracting and retaining customers.”