Review of REI’s new TV spot

Dan Neil, one of the best writers in the land, has a great review of new TV advertisements running for the outdoors store REI, which just opened a new store at Short Pump.

The ads are also airing on TV here in Richmond.

Writes Neil:

“I have enough pro expedition gear in the garage to mount an assault on K2. Snowshoes, ice axes, climbing helmets, plastic mountaineering boots and wicking-action underwear sufficient to dry up the Red Sea.

Why? Because I’m thoroughly manipulated by advertising imagery in this category.”

It’s a must-read.

Below is one of the ads:

A slew of new shops in Short Pump

A handful of new retailers have recently opened their doors around the Short Pump area. HomeGoods opened Sunday morning at West Broad Village. The highly-anticipated discount home accessories retailer was packed with eager shoppers through the afternoon.

Teavana, a highly-specialized retailer carrying over 100 kinds of teas from around the world, including India, Nepal and Japan, has opened on the lower level of Short Pump Town Center, near Firebird’s. The store also carries a variety of teapots and other related products.

Crazy 8, a new concept from children’s retailer Gymboree, has also recently opened in the mall, offering discount children’s clothing and accessories.

A third new tenant at Short Pump Town Center is Fast-Fix Jewelry & Watch Repairs, offering watch and jewelry repair, cleaning and battery replacement, plus key duplication and other services.

Electronics retailer hhgregg will be the next new tenant at the mall, scheduled to open around Thanksgiving in the former Circuit City outparcel next to Chipotle.

This article orginal appeared on DowntownShortPump.com, an RBS news partner.

Retail vacancy continues to rise

There are more storefronts in Richmond than ever before; the problem is that more of them are also empty. Commercial real estate brokers say that could mean banks might soon start taking back some retail properties if tenants don’t start signing leases.

The metro area’s retail vacancy rate rose to 6.9 percent in the second quarter, up from 5.5 percent a year ago, according to Thalhimer’s recent market report. And that most recent figure is up from 6.2 percent in the first quarter of this year. Read more

New retailer swoops in to fill Circuit City void

A major electronics retailer is opening multiple stores in Richmond, possibly taking over some locations left behind by Circuit City.

Indianapolis-based HHGregg announced Wednesday they planned to open up to 22 stores over the next year, most of which will be located in Richmond; Tampa, Fla.; and Memphis Tenn. The company did not say exactly where those stores would be located.

One reported location will be at Hancock Village in Chesterfield County.

Developer Doug Horack told the Chesterfield Observer last August that HHGregg would take over the 30,000 square foot store that was originally slated to be a Circuit City location.

From the HHGregg press release:
During the past year, competitive dynamics within the consumer electronics industry and the real estate landscape have changed considerably, with a major competitor exiting the market and substantial real estate availability in both new and existing markets.

BizSense could not reach a representative of the company to confirm how many employees they may hire here, but a recently opened store in Wilmington, North Carolina hired about 45 part and full-time workers.
HHGregg started as small appliance shop in 1955 in Indianapolis. It is still operated by the Gregg family and today has 112 stores located throughout the South and parts of the Mid West. In addition to selling electronics it also sells appliances, mattresses, and luggage.

BizSense has been unable to confirm if HHGregg plans to take over any of the six Circuit City stores around town, but brokers are reported to have been marketing the properties to them since they became available.
The expanding retailer has already moved into former Circuit City stores in Indiana, Tennesse, Ohio and Mississippi.

HHGregg accelerated its expansion once Circuit City collapsed. The company also gave away $50 gift cards towards purchase over $299 in exchange for defunct Circuit City gift cards and credit cards of the same value. It repeatedly extended the deadline for that promotion from February to April and as recently as May 31.

Watch More:
See our most popular video of going-out-of-business sale at Circuit City’s Headquarters here.

Al Harris covers commercial real estate for BizSense. Please send news tips to Al@richmondbizsense.com.

Outfitter opening at West Broad Village in November

A national outdoor equipment and clothing chain is opening a store at West Broad Village in November.

Recreational Equipment, Inc., known as REI, announced this morning the 26,500-square-foot store will cover two floors and offer camping, climbing, cycling, fitness, and hiking gear.

The location is the company’s first in Richmond; they have two in Northern Virginia. The company has stores in 28 states. The corporate headquarters are located in Kent, Wash.

The West Broad Village location will feature a full service bike shop, gear rentals, and educational programs. The retailer also offers adventure travel packages.

REI started as a cooperative for outdoor enthusiasts in 1938. The company still operates a customer co-op program that pays its members an annual refund on their purchases of about 10 percent, according to their website. Earlier this year $72.7 million was distributed to $3.7 million members.

According to KIRO news in Seattle, REI reported a $15 million profit from sales of $1.4 billion in 2008, a 65 percent drop in profit from the year before.

Comic book dealer’s secret hideout

Surrounded by hundreds of thousands of comic books, Brett Carreras shows the crown jewel of his inventory. The restored copy of Batman No. 1, the first appearance of the Joker, is protected by a hard plastic case (Batman first appeared in Detective Comics #27). Carreras shares ownership of this particular comic 50-50 with a business partner. First published in 1940 and sold for 10 cents, Carreras is hoping that the rare issue will fetch $10,000 when it sells on an online auction site. Read more

The Monday Q&A: What’s in store for Retail?

Retailers battled through last year’s tough shopping season. Now it’s all about survival. The pullback in consumer spending has made the past six months difficult for retailers across the county, and Richmond is no exception. Negative sales. Decreased foot traffic. Slimmer margins. What can a retailer do? Read more

State wants to close retail tax loophole

When Virginia shoppers pay the 5 percent sales tax on retail goods, most – but not all of it – goes to the state. A small percentage is kept by the business.

It’s called the dealer’s discount, and it has been in place since Virginia started the sales tax more than 40 years ago. It was designed to cover the retailer’s cost of collecting and accounting for the sales. Read more

Op/Ed: No holiday cheer for retailers

“The American consumer is a train wreck.” So says Howard Davidowitz, an industry veteran who spoke at the International Council of Shopping centers earlier this month.

Editor’s Note: BizSense will be adding occasion guest columns on Fridays. This week Brian Glass talks about what a retail slow-down will mean for commercial real estate. Read more

Local luxury retailers hang tight

Luxury retailers may be in for a cold winter.

After witnessing a decline in sales at the tail end of the summer, luxury brands like Saks, Nordstrom and Tiffany & Co. are bracing for what could be an even weaker holiday season. Local high-end retailers and other business operators say business is holding steady. Read more

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