2010 in Review: Retail Retrospective
The retail landscape in 2010 was a shifting one that included announcements of store closures as well as groundbreaking on new developments.
From swipe fees to the booming Black Friday, here is a look back at the retail highlights of 2010.
bull; The year started on a strong note. In the first week of January, the International Council of Shopping Centers reported that holiday 2009 sales were good, and December 2009 sales increased 2.8 percent. Forecasts of poor holiday business were beaten. The news set the tone for a year of recovery.
bull; Also in January, iconic English designer Vivienne Westwood confirmed that she would open a boutique on Los Angeles’ Melrose Avenue. A Vivienne Westwood sign is attached to 8320 Melrose Ave., but almost one year later, the store has yet to open.
bull; While many businesses struggled, retailers announced expansion plans. Rue 21, a Pennsylvania specialty chain offering popular prices, forecast in January that it will open 100 stores in 2010. By the end of the year, it almost hit its goal by opening 95 new stores.
bull; At ICR Xchange’s investors’ conference, Zumiez Chief Executive Richard Brooks forecast a year of slow growth and Joe’s Jeans’ chief executive said his company would look at opening outlet stores. In 2010, Joe’s Jeans opened stores in California’s Carlsbad Premium Outlets and Desert Hills Premium Outlets.
bull; In February, contemporary chain Planet Funk closed its Westfield Main Place store in Santa Ana, Calif. The 18-store chain shuttered all of its locations later in the year. In March, pioneering indie designer fashion boutique Aero & Co. closed its doors in Los Angeles after 11 years in business. Boutique owner Alisa Loftin said, “After the end of 2008, everything went haywire. Financially, I couldn’t do it anymore.”
bull; In May, surfwear giant Billabong acquired the five-store, Hermosa Beach, Calif.–based chain Becker Surf & Sport for an undisclosed amount. Later in the year, Billabong bought influential brand RVCA and Canadian chain West 49.
bull; In June, Malibu Village, a neighbor of the high-profile Malibu Country Mart retail center in Malibu, Calif., started a $4 million facelift. Also in June, Pacific Sunwear produced the free concert Summer Solstice Beach Ballyhoo, attended by 15,000 people, in Santa Monica, Calif.
bull; Store-closure news continued in July, when Bebe announced it would shutter its PH8 division of stores. The 48 stores are to close by the end of the first quarter of its 2011 fiscal year. In July, General Growth Properties, the second-largest mall operator in America, declared bankruptcy. By November, the Chicago-based company emerged from bankruptcy.
bull; Also in July, the U.S. Senate approved the Durbin Interchange Amendment. It mandated a reduction in debit card swipe fees. In December, the Federal Reserve proposed cutting swipe fees by 84 percent. However, the amount of the cuts will continue to be discussed.
bull; Wet Seal Chief Executive Ed Thomas announced his resignation in July after steering a comeback for the juniors chain. Emilia Fabricant was named president of Bebe in August.
bull; In August, Macerich Co.’s Santa Monica Place mall debuted. It was the only major mall to debut in the United States during 2010. In October, one of Los Angeles’ oldest retail districts, Sunset Plaza, announced the groundbreaking of a 15,400-square-foot building. In November, Shops at the Patio lifestyle center debuted at Westfield Valencia Town Center.
bull; Hot Topic announcedin November that it will close more than 40 of its stores.
bull; Back-to-school sales were slow, but Black Friday sales boomed. More than 212 million people shopped during Black Friday, the traditional start of the holiday sales season. The National Retail Federation increased its holiday sales forecast to 3.3 percent from 2.3 percent in part because of Black Friday’s robust sales.—Andrew Asch
