The Indicator | August 9th, 2024

● Retail vacancy rates have slipped to a 10-year low in the US and rents continue to rise globally. Slow rate of new construction and retail developments coupled with increase in demand from restaurants and other service businesses had led to the tight market of retail space for retailers. (Business of Fashion) 

● Facing declining sales and tumbling shares, Revolve is opening its first permanent store in Aspen after a successful pop-up, signaling a shift from its influencer-driven online model to meet growing consumer demand for in-person shopping. (Business of Fashion) 

● Ace Hardware is preparing to launch a new experiential store model and plans to invest over $1 billion to add the concept to its new and existing stores over the next five years. Key changes include adding store-in-store brand showrooms; new product assortments; a flagship store model featuring an outdoor space with a live goods display; and enhanced customer service. (Retail Dive) 

● Trend forecaster WGSN launched an AI-based platform for fashion buyers to help them understand product direction, key trends and how deeply to invest in specific styles. It aims to unite pre-planning, development and in-season insight to ensure accuracy and efficiency in both planning and production. (WWD) 

● Cosmetics giant Unilever has built over 500 AI capabilities across its global business and recently launched several diagnostic and personalization tools. One example, Unilever-owned Dove offers a virtual AI-powered Scalp and Hair Therapist on its website that provides diagnostic scalp and hair-care recommendations to consumers who take a 12-step scalp and hair assessment. (Glossy) 

● Scores of chain drug stores that once anchored shopping hubs across New York City remain shuttered even as much of the city’s storefront real estate has bounced back. Many could stay that way for years to come, because of ironclad leases, the difficulty of finding new tenants for the sprawling spaces and seismic shifts in the drugstore business. (NY Times)