Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
Barneys New York Inc. is an American chain of luxury department stores founded and headquartered in New York City. The chain operates five flagship stores and two warehouse stores in the United States.
It’s the quintessential high-service, high-price retail model that many thought e-commerce could never touch.
Until the upscale clothing retailer filed for bankruptcy earlier this year. Now its challenge is making the drastic changes necessary to emerge from bankruptcy and survive. What is their plan?
“Our intention is to come out of this with a very strong digitally focused partner and emerge on the other side…” said chief digital and technology officer at the department store.
The rest of their vision includes a more intentional push into food, entertainment and experiences.
They say they’re completely committed to radically transforming. But they also realize that executing this vision is the hard part. And how do they do it without alienating their existing customer base?
All the while they will close stores, renegotiate leases and maybe even seek a buyer.
In conclusion, I don’t think there are many safe zones for traditional retailers right now. An expensive brick-and-mortar store that’s full of inventory, by itself, isn’t a recipe for success. The successful retailers will bring more to the table.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com