Andy Bank Discusses Decline of Department Stores with Wall Street Journal
Partner Andy Bank was cited in a Wall Street Journal article entitled “Left Behind in the Retail Real-Estate Comeback: Department Stores.” The article discussed factors, including the rise of discounters and specialty stores, that have forced department stores to close, and what the future holds for their vacant spaces and the department stores that remain.
Andy, who is chair of Morrison Cohen’s Real Estate Practice and co-chair of the Luxury Brands Practice, attributed department stores’ decline in part to online shopping. He said that now that shoppers can order directly from retail brands, department stores are less necessary for customer acquisition and boosting retailers’ profit margins.
Retailers are also increasingly opening their own stores rather than relying on department store staff to sell their goods, Andy said. Retailers want to control their customers’ entire experience, from the way their products are displayed to the shop’s lighting and scent and the design of the shopping bags customers walk out with.
Wall Street Journal subscribers may read the full article here.
Contacts
- Andrew W. Bank Partner & Chair, Real Estate; Co-Chair, Luxury Brands
- abank@morrisoncohen.com
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