Doing Business in Brazil

brazilBrazil is more than just football!

Interesting fashion can be found in every corner of the globe and Brazil is no exception. Compared with China, Brazil has had far less attention from global brands. But that’s changing.

As I’m typing away on my flight from Rio de Janeiro to Sao Paulo and reflect on my trip so far, it becomes more and more apparent that the fashion industry here is set to explode in more ways than one. It is primed to be both impacted by global forces as well as make an impact on the world stage with more than just flip-flops and bikinis.

“B” as in BRIC

Brazil is the fifth largest country in the world with 200 million people, half of whom are under the age of 30. It is becomingmore urbanized as millions of people have transitioned from poverty to the middle class. Brazil has a $54 billion apparel market that’s expected to keep growing, and by 2020, almost half of apparel spending will come from its smaller cities. [Read more…]

Value is in The Eye of the Beholder…Who is Blind

PrintThere is a binary system governing value. The first “beholders”of value are its creators and sellers. The second are its consumers. Unfortunately,the first beholders have become blind to what their intrinsic value really is, or should be. As a result, they are blinding the second beholders by devaluing their products, leaving these consumers to conclude that the default “real value” is the lowest price.

No, I’m not getting all philosophical on you. Or maybe I am, if you’re able to fully understand the magnitude of what I’m about to serve up. It’s an enormous message for all businesses and, by extension, our economy as well.

It’s about the real, universal, global and all-encompassing definition of value, not just for the consumer, but also how you define it and hold it for your products, services, business and, indeed, your life.

For starters, before I take on the task of defining value and explaining why its creators and consumers are both blind to any common understanding of what it actually is, I submit that the collective “we” have been marking down value for a long time. The devaluation of value seems to be accelerating, particularly with the explosion of online businesses that don’t yet make a profit, relying on waves of funding and price promoting to stay afloat. This business model simply exacerbates the “marking down” syndrome. And this fragile model is also exacerbated by ongoing overcapacity throughout our economy, in which price promoting and endless methods of discounting become “weapons of necessity.” The end of this vicious cycle, of course, is worthlessness—AKA, zero value.

[Read more…]

Rise of the Machines

DV1035356What if you could find a new retail outlet—yet another piece of the omnichannel puzzle to enhance the in-store experience? Well, how about a vending machine?

Admittedly, it’s not the first avenue of growth that comes to mind in our high-tech, high-touch world, and not exactly the kind of impersonal customer service image that most retailers want to project. But it’s the wave of the future.

Condoms and Holy Water

The first documented vending machine showed up around 215 BC at a temple in Alexandria, Egypt. You inserted a coin in a slot at the top of the machine. Levers opened a valve and out spritzed holy water. It was designed to prevent people from taking more then they paid for and, for all you historians, an early solution to portion control and shrink. It’s been pretty much downhill from there with vending machines mostly denigrated as low-rent purveyors of cigarettes, stale chewing gum on subway platforms, and restroom condoms.

On a more personal note, I admit to having fond memories of the Coca-Cola machine at the local candy store dispensing ice-cold bottles for ten cents that cooled the body and the soul on those sweltering summer days. Or, my father tossing me a quarter during his weekly poker game in back of the hardware store to get him a pack of Luckies from “the machine.” [Read more…]

Competing in the New Normal

Competing_in_the_new_normalThe struggle between retail titans and industry disruptors is in the news more and more often. We are all well-versed in how companies such as Etsy and Rent the Runway, both of which were named to CNBC’s Disruptor 50 list, have successfully exploited a niche within the marketplace.

There are disruptors changing the rules of the game and titans who are reinventing themselves on a daily basis. Disruption is daring, while reinvention is daring but also extremely difficult and exhausting. Some days, pushing water uphill feels easier.

So, what is the new normal? The United States is arguably the most hyper-competitive retail market in the world. With exponential growth being seen in emerging regions like India, Brazil and especially China, the US market will continue to face oversaturation from domestic as well as international competition. Going outside US borders to seek growth is tempting.

As Mickey Drexler, CEO of J. Crew, once said, “There are too many retailers. There are too many brands. There are too many designers. There are too many discount stores, and the predator online companies are selling discount like crazy.”

What is frightening is that this oversaturation is becoming ubiquitous worldwide. As a result, a sort of depressing sameness has settled across major and medium-sized cities around the world, even in the world of fashion, which should have the highest levels of distinction in the fastest moving consumer goods category of all.

The sea change shift is that rather than simply expanding geographically—which has been the classic approach to growth—new business models are quickly evolving … because there is no other alternative.

Competing to win in the fashion market requires that companies do not go back to traditional retail basics to find solutions. Customer service, great prices, fast delivery, brand awareness, an authentic brand—these are no longer enough.  In fact, they are the tickets to entry in this fast-paced marketplace. With all the omnichannel, e-com, customer-experience hype, we seem to be forgetting one key thing—the product. Let’s be honest: what do people actually get when they buy something? Garbage, even when sold as part of an amazing customer engagement process, is still garbage.

A new paradigm is required to be innovative and sustainable. For fashion, modern companies are returning to the future, focusing on these three foundational elements:

1. Newness and Unique Design

Fast-fashion is no longer a new concept; it is a business model that has changed the fashion industry forever. Fast-fashion has pushed companies to increase the number of drops through continuous replenishment. But in a seasonless market where everyone has access to the same trend forecasts, couture and ‘street’ photos and paparazzi snapshots, designers can no longer stay within the safety zone of following ‘predicted’ trends. As a consumer, if I see variations of the same trend over and over, and retailers are running with the herd and not giving me other choices, only price becomes a strong influencer. This is really a shame because uniqueness, creativity and design can be core strategic retail benefits to customers. And even more of a shame is that the US has both easy access to technology that can elevate creativity, as well as easy access to sheer creative talent. But are we levering this access? US fashion schools offer some of the best, most balanced programs in the world, yet many foreign students come to the US to learn, and then go back home to their native countries to apply their learnings (as competitors!).

2.Fit

It’s not going away. In fact, it’s more important than ever before. With more and more companies operating on a global scale, combined with the fact that morphologies vary greatly, coming up with an optimal size range to match fit remains elusive. This is one area where technology is really helping. Virtual fitting rooms and fabric libraries simulate the look of different materials; style and fit can also be simulated, adjusted and approved before a prototype is even made. Moreover, a virtual avatar can be simulated across size ranges and morphologies to accurately capture the nuances of today’s consumer. (Plus, avatars don’t get tired, need bathroom breaks, or change size and they always show up on time!)  According to fitsme.com, online garment sales alone have an average return rate of 13%, 77% of which is due to bad fit. This represents a massive potential impact on immediate sales as well as long-term brand loyalty.

3. Supply Chain

The supply chain is becoming the product engine. Brands, retailers and manufacturers are all rethinking their strategies to determine if greater vertical integration and proximity sourcing make sense for them. This can be seen especially in China and Mexico where traditional manufacturers are now developing their own brands. A lean approach to fashion development and manufacturing is an excellent opportunity to reduce cost, reduce time to market and boost innovation. Companies can gain greater control over the product itself, how it is developed, when it is available, and its price.

Three fundamental strategies: design, fit and the supply chain. Focusing on these key elements is critical for both disruptors and titans. Such is the opportunity and the new normal – and it’s there for the taking.

Are You a Fashion Titan or a Fashion Disrupter?

“Let’s face it, the fashion business does not attract the nation’s best and brightest…”

As told to me by one of the titans of retail, the ex-CEO of a major American brand.

Doubts about my own personal career choice aside, he was right. With a few exceptions, fashion is still somewhat a backward business. What other industry has so little pure product innovation and relies solely on fickle, fleeting consumer desires to drive business? Unfortunately for us, there are no real trends anymore, but gradual evolutions in style due to the way information is constantly leaked and diffused. Sadly, Jorgen Andersson, formerly with H+M and now CMO of Uniqlo, agrees, calling fashion and consumer culture “generic.” [Read more…]

Is Alibaba Really Worth It?

alibaba_newOn the verge of becoming the biggest initial public offering in US history, one has to wonder if it’s really worth the $187 billion some analysts are projecting. As we witness Jack Ma, former schoolteacher and founder of Alibaba, strut across a stage portraying himself as Jeff Bezos and Steve Jobs combined, at least he’s talking the talk. Walking the walk, as we all know, is a horse of a different color.

And to that point, off stage he’s been on a wandering and random acquisition binge, making some 30 investments since the beginning of the year, worth close to $7 billion. Whether or not he was just trying to find stuff to invest all of the cash gushing through the business, the deals he has made seem highly questionable. [Read more…]

Disruption Dysfunction

iStock_000034006880LargeThe Harvard Business School may have a different answer, but here’s my definition of a Disrupter:

The guy who comes into your market and screws up your business by doing something different.

While Disruption, Disrupters and the entire Disrupt Movement have gone to the front pages of the business section the past 18 months, when you think about it, they have been constants in retailing since…well, since the first general store replaced the peddler’s cart. After all, didn’t the first generation of department stores – John Wanamaker and others – disrupt the retail world of specialty stores? Half a century later, the first discount stores of New England disrupted the department store channel, forever changing their business models. Big box category killers, superstore national chains, even Apple stores: they all disrupted what had been going on before they showed up on the scene.

Which of course brings us to today and the disrupter du jour: the Internet, of course. Perhaps it truly is the mother of all disrupters, changing the rules the way none of its predecessors ever did. Certainly, it seems that way to those of us who have no life and are consumed with the ever-changing nature of the retailing business.

But there’s disruption and then there’s disruption, and nobody can quite come to a clear agreement on which is which.

Dyson DC33 Multi Floor Upright Vacuum CleanerA Chinese Fortune, Cookie

Take the recent coverage of Alibaba – the huge Chinese online business that seems to be a combination of Amazon, Google and a Monopoly game – when it announced it was going public. Two New York Times stories couldn’t quite decide if Alibaba and its czar Jack Ma were disrupters or not. Consider this description from one of the two stories that ran on the same page on the day of the big deal:

“He (Ma) has also proved to be a serial disrupter – an outsider with a knack for creating new markets by reimaging old industries like retailing and finance.”

Contrast that with this next story: “Alibaba’s IPO filing breaks with that well-worn theme. Instead of     promising to disrupt an existing market, the Chinese e-commerce giant wants do something more straightforward, but potentially far more lucrative.”

So, disrupter or not? If the Times can’t figure it out, what chance do us mere mortals have?

Disrupters Clean House

Maybe you read Luke Williams’ 2011 book, Disrupt, which no doubt helped create the entire disruption disruption. Williams provides a classic home products example of what disruption is all about: the Swiffer mop. The basic premise with a mop is that it uses water to clean. But sometimes too much water retards the cleaning process. So what happens if you come up with something that cleans but doesn’t use water at all?

Presto, the Swiffer.

Presto, disruption.

The home furnishings business – never a hotbed for cutting-edge anything – has nonetheless had its share of disrupters…barely. Consider the Dyson vacuum cleaner. When it came out in the American market a decade ago, the average selling price of a better vac was about a hundred bucks, maybe $125. Hoover was the best-selling brand and the headlight was probably the biggest advancement in technology of the previous 20 years. James Dyson came along with a machine with advanced (though not totally original) technology, a huge advertising budget and a $400 price tag. Eighteen months later the Dyson was the number one selling machine in the business by dollars and another year or two later, it was number one in units too.

The other vacuum suppliers were not only disrupted, they were sucked dry.

A more recent poster child following the same path is the Nest thermostat. Talk about a product that virtually nobody was paying any attention to! Enter some guys who used to work for Apple with the classic Steve Jobs approach: design a gorgeous product that addresses an underserved category and, oh by the way, charge a lot of money for it. How much did Nest disrupt the home thermostat business? About three billion ways, which is how many dollars Google paid for the company this past January.

Does Domino Know?

Home disruption is also occurring on the retail side. Take a look at Domino magazine. Once the darling of the Gen X set for its irreverent takes on decorating, the publication was a Great Recession victim when owner Conde Nast shut it down in 2009 after just three years. An online version was maintained and there were some one-shots of repackaged content but it wasn’t the same. Late last year Domino Redux debuted, once again under the leadership of its original publisher Beth Brenner, now reinventing herself as chief revenue officer. As an online-only product that planned a print companion down the road, it set out to chase the holy grail of media convergence: read about products and decorating items and then buy those very same things right through the magazine. The old Domino sent you to someone to buy what it featured on its pages. Domino the sequel is cutting out the middleman.

Is it working? It’s too early to tell. But in a world where the line between journalism and commerce is increasingly not just fuzzy but often erased, Domino is certainly out to disrupt the way things have been done in both fields.

Then there’s Crane & Canopy. Started by husband and wife Harvard Business School classmates, this disrupter is trying to turn the business of buying bedding upside down. Right now most of the things you buy to put on your bed – sheets, pillowcases, comforters, duvets, what-have-you, are made by Asian suppliers, most often in China. American importers bring the product in and sell it to retailers. It’s the way it works, whether it’s Bloomingdale’s or Family Dollar…or Amazon.

Crane & Canopy is trying something different. Working directly with Chinese factories, it is designing its own products and then selling them directly to consumers online. Its products are not sold in any stores and are only available on the company’s own site. And by streamlining the sourcing model, it controls the process virtually from start to finish while shaving some costs out of the process. Again, this is another disruption in process. Whether Crane & Canopy can do the volume necessary to sustain its model is the 64-Yuan question.

As with any good disruption, the reaction of those being disrupted is mixed. In the case of Dyson, Hoover, Eureka and all the rest of the established vacuum cleaner market, it is still struggling to catch up. They were clearly caught with their dust busters down and Dyson continues to set the pace.

Nest has certainly shaken up its temperature-controlled market segment, as evidenced by a new Honeywell thermostat now coming to market that is voice activated. But you have to doubt that Google’s checkbook is out for that item.

And neither the new Domino nor Crane & Canopy have anywhere near the scale to make House Beautiful or Bed Bath & Beyond feel threatened. At least, not yet. But I guess that’s the way disruption works. You don’t realize until it’s too late that someone has come in and screwed up your business.

Warren Shoulberg is editorial director for several Progressive Business Media publications in the home furnishings field and could currently stand a little less disruption in his life, thank-you.

Lessons from Offshore

paco1Lesson #1 – Returning Turtles

“Organized retail” is the term we use to describe modern trade in the emerging market. It is an explosion that has quietly been transforming access to goods across the planet. In most emerging markets, the first intrusion of organized retail is the modern grocery store or hypermarket; however, it has stretched beyond big boxes, to specialty retail, foodservice and how malls are built.

paco2Local merchants that have ventured to the United States and Europe are behind much of that transformation. They have left home to get educated, observe and process, and then return to to reinvent. One early example is Thailand-based Lotus, an agribusiness broker that saw organized retail as a way of vertically integrating in the early 1990s. During the first Asian money crisis of 1997, Lotus sold its first attempt at retail, a grocery chain in Thailand, to Tesco and then made the decision to bet on China. In 2014, Lotus not only operates nearly 60 retail superstores in China (which sell the food products they produce), but also owns many of the shopping malls (such as Super Brand Mall in Shanghai, pictured) where their stores are lead tenants. [Read more…]

Will it Be Made in America?

FINAL image_Anastasia‘Made in America’ is quite the hot topic right now, grabbing up headlines left and right; from the backlash about Ralph Lauren’s 2012 Olympic uniforms (the company quickly learned its lesson—the 2014 ones were made in the US) to retail beast Walmart’s declaration to increase its purchase of American-made goods by $50 billion during the next 10 years. It’s a hopeful story—fostering patriotism while supporting the return of jobs to US soil.

There are those who say that domestic manufacturing is simply not feasible at certain price points, while others have found a significant shortage of skilled workers as a blocking point. Despite these obstacles, will apparel manufacturing sprout again in the US?

Our take is yes.

Companies are manufacturing clothing in the US today and have been for a long time. Take Martin Greenfield Clothiers, for example. The menswear company offers fine, hand-crafted tailored clothing including made-to-measure suits and tuxedos, made 100 percent by hand in its Brooklyn, New York factory. The company’s customers aren’t too shabby either—Presidents, Ambassadors, major motion pictures, the list goes on.

You may be saying, well of course a company that produces such high-end garments can charge a premium and not worry about paying extra for production. And we agree. But many companies are finding success producing in the US at all different price points. In fact, according to a recent study by Boston Consulting Group on the shift in global manufacturing, China’s manufacturing cost advantage over the US has shrunk to less than five percent, while Mexico currently has lower manufacturing costs than China. This shift highlights how American companies can now consider their home turf as a viable manufacturing option, keeping production closer to the end consumer.

Brand names like Ralph Lauren, Club Monaco, Frye and Brooks Brothers are now producing a percentage of their pieces on home turf as well. Designers like Nanette Lepore are outspoken on the topic; she organizes Save the Garment Center rallies and is vocal with lawmakers in Washington to support the American fashion industry.

America’s Research Group found that approximately 75 percent of consumers would pay more for American-made goods, up from 50 percent in 2010. Thus, people are seeing this as a business opportunity, evident by the rise of startups dedicated to US manufacturing. Look at American Giant, a direct-to-consumer apparel company that makes high-quality, affordable basics, including hoodies, t-shirts and sweatpants. After a December 2012 Slate article declared the company’s best-selling sweatshirt as the “greatest hoodie ever made,” there was a months-long waiting list. American Giant pledges to never outsource jobs overseas.

An important element to consider is the fact that this ‘repatriation’ movement isn’t unique to the US. There is also a push for ‘Made in Britain.’ British companies were dealing with the same challenges—wage increases in China, higher transportation costs, hard to control supply chains; there was also a wave of patriotism following the Olympics and the Jubilee. Many companies have been able to spark an onshoring resurgence, with Mulberry, Marks & Spencer, Topshop, Christopher Nieper and John Smedley being just a few examples.

The moral of the story is: if other higher wage countries are successfully moving toward domestic production, there’s no reason the US can’t follow suit.

We may end up eating crow because of our stance on this topic as only time will tell.

 

Reading Consumer Behavior in a Tentative Time

Sarah_ Spendin_Rd1The global economy has entered a period of transition. After the high hopes so many had pinned on the rise of the BRIC nations — Brazil, Russia, India and China — and other emerging economies, their seemingly inexorable ascent has proved all too exorable, with global demand for raw materials slackening and internal economic indicators demonstrating a cooling in overall economic growth.

But there are other factors making for the creation of a climate of transition — and, to a certain degree, of uncertainty. The existence of both exogenous and endogenous forces, not least of which are the seeming return of great power geopolitics in Eurasia and the South China Sea, the discovery and exploitation of new energy sources within the U.S. — thus creating a new source of instability in the Mideast — and the continuing struggle to make an integrated Eurozone a reality — all contribute to the atmosphere of watchful waiting. [Read more…]

Made Up in the USA

Made In The USAWhen Walmart announced last year it was going to launch a major push on domestically-made products—helping to fund some of the suppliers, in fact – it set off a jingoistic feeding frenzy.

All of a sudden everybody and his shopping brother was envisioning a plethora of product produced right here in the good old U.S. of A. Politicians jumped on the bandwagon, of course, visions of full employment and happy voters in their heads.

It was a wonderful story. And it would have been even more wonderful if it were actually true.

Because any discussion of wide-scale manufacturing returning to the United States needs to be put into context…and reality First off, this isn’t Walmart’s first manufacturing renaissance rodeo. Way back in the days of Mr. Sam, Made in the USA banners hung proudly in virtually every store the company owned. Many went so far as to single out exactly where the products were made, highlighting those in the immediate proximity of individual stores. [Read more…]

Re-Urbanizing America

Suburban Sprawl Gives Way to the Not-So-Mean Streets of the Big City

The Great American Dream isn’t dead, but it’s certainly on life support.

Shopping street Barfüßerstrasse of Marburg, Germany.After decades of unprecedented growth, suburbia has been surpassed by the inner city. It is — if you’ll excuse an old saying from my quasi-hippie days — where the action is! And that action is attracting an incredibly broad demographic — everyone from young professionals and singles to baby boomers who don’t want to end up living in God’s waiting room.

We have already seen the beginning of an inner city building boom by retailers who want a piece of the action and are willing to embrace the idea that bigger is not necessarily better or practical. Those who are late to the party or ignore this new urbanization should have no trouble finding new careers in the healthcare or dogwalking industries.

But to understand where we’re going we have to look at where we’ve been.

“White Flight”

Most historians concede that suburban life really took off in the late 1940s and early 1950s with GIs returning after World War II. This was the beginning of the so-called “white flight” to bucolic suburban settings where the kiddies were safe, stay-at-home moms traded recipes and child rearing advice across white picket fences and all was right with the world — far from the mean streets of New York, Chicago, St. Louis and L.A.

Those left behind, however, witnessed urban decay, a descent into the heart of darkness where once-vibrant neighborhoods became ghost towns after dark, street crime proliferated, empty stores were boarded up canvases for graffiti and the scent of dinner from apartment windows was replaced by the stench of urine, garbage and despair.

I didn’t read all this in some urban history book. I lived it in New York throughout the 1970s when muggers could elude police by ducking around piles of uncollected garbage. But the pendulum, I’m happy to say, has swung in the other direction.

In places like New York, Atlanta, L.A. and points in between, we are seeing the reanimation of city life and a retail renaissance that has drawn the attention of everyone from Costco and Home Depot to Walmart and a new generation of small but competitive neighborhood stores.

The New Normal

A temporary phenomenon? I think not. I believe the financial crisis of 2008 was a major turning point — a time when the dream of home ownership became a nightmare of foreclosures or at least unattainable for younger people. If you want to add another label to your already overburdened lexicon, forget about Millennials, Gen X, or Gen Y, What we’re seeing is “Generation Rent.”

This isn’t the end of suburban sprawl. Many people still yearn for the pastoral life and the retail industry is happy to oblige. But remember the old saying that retail follows the rooftops. Increasingly, those rooftops are urban high-rises and the impact on people and business will be tremendous.

But reurbanization, gentrification or whatever you call it has its dark side. It often displaces people who have lived in some neighborhoods for generations. For instance, take the Chinatowns or other ethnic enclaves that have been fixtures in cities like New York, San Francisco and London. Young professionals and Millennials are paying rents that have forced out long time residents. Such is the price of urban renewal or, as the novelist and playwright James Baldwin called it, “Negro removal.”

On another front, legal and illegal immigrant populations — now 40 million strong across the country — are growing rapidly and moving from their traditional central-city locations to the inner suburbs or ”exurbs” in order to find affordable housing. They are creating cities within cities.

Chinese Checkers

Of course, if you want an extreme example of reurbanization gone wild just look at China. For decades, millions of people were practically ordered off the farms and into the cities to bolster the country’s insatiable demand for industrial workers. People happily obliged in order to get lucrative factory jobs that would lift them from abject poverty. Now the government is encouraging people to leave the cities for rural areas to alleviate overcrowding and re-populate the interior. It’s like Chinese checkers but with real Chinese.

Reurbanization is an economic issue here as well. Gas and commutation prices and real estate taxes are so high in some areas that you can literally save thousands of dollars annually by moving to the inner city. Besides people like the “walkability” factor and are tired of the sedentary lifestyle that requires one to own a car or two. .Additionally, the number of married Americans continues to dwindle or people are getting married later and having smaller families.

In fact, due to the above factors and lingering economic uncertainly that some call “the new normal,” the US Census Bureau and the Department of Housing and Urban Development (HUD) forecast that by 2025, only 10% of new households will have children. Put another way, only 2.6 million of the 27 million new households to be formed will have children.

Other sources have gone even further, stating that by 2025, families with children will account for only 25% of all US households. Basically, the days of cheap money, cheap mortgages, cheap gas and long-term economic stability are over. As Yale economist and Nobel Laureate Robert Shiller has noted: “the heyday of the exurbs may well be behind us.”

Foundations for Growth

I’m not sure I agree and the reasons may be of interest to retailers formulating expansion plans over the next few years. It’s the far fringe suburbs that are in jeopardy for the reasons previously stated. The exurbs, in my definition are the inner-ring suburbs — places outside of city centers but accessible by public transportation or even bike paths. I believe these areas will be the foundations that support economic growth in cities across America.

Herein lies the conundrum for retailers who have erected those monuments to consumerism called malls and supercenters. They aren’t obsolete. But how many more of these pleasure palaces can you build before reaching the saturation point or the point of no return on investment?

The entire concept of retailing needs a refresh to compete in space-starved urban environments.

Some say retailing is retailing no matter where you are. For years, the mantra was “bigger is better” But urban living means give and take — giving up space and taking less home. Trust me. In New York closet space is scarcer than a parking space.

From the retail perspective, building in a city like New York means dealing with uncompromising union rules, convoluted fire and electrical codes and erratic deliveries. Getting timely deliveries is like planning the Normandy invasion. Only Allied forces never had to deal with parking violations.

Nonetheless, retailers like Target, Walmart, Costco and others have seen the future and are focusing more closely on smaller urban formats.

Urbanization is not a fad or a simple trend. It is an inevitable, unstoppable force. Retail will follow the rooftops in the cities as they have done in the suburbs, creating new jobs and becoming one of the foundations of urban economic growth. This in turn will hopefully contribute to a stronger infrastructure and, in turn, a better quality of life for everyone.

Kind of makes you wonder. America’s Heartland may not be where you think it is.