“Change or Fail”

These words cast an indelible impression on me as Don Fisher, Co-founder of Gap, Inc. sat on a solitary stool alone on a stage in front of over 3000 store managers and senior management from around the world in Las Vegas, Nevada in the late nineties. This was his mantra and he wanted to share it with everyone in the company. His deep baritone cast a spell on the audience as the white on black words appeared on three screens surrounding him on that stage.

He spoke about the humble beginnings of the Gap concept in San Francisco in 1969 and how he and Doris decided to go into the retail business after being in real estate for his entire career. Now, at 41, he decided to make his first big CHANGE.

His next big CHANGE came as he reached an inflection point in the Gap brand life cycle. He had built a terrific business based on being in stock in Levi’s jeans and he knew he needed to do something to drive his company further 16 years later. Being a real estate visionary and not necessarily a merchant, he decided what he needed was to hire himself a crackerjack merchant, and that he did. Mickey Drexler (now of J. Crew),  from Ann Taylor, was convinced to move from New York to San Francisco and become Don’s “partner” as they liked to call themselves. That was a brilliant move as Mickey effectively turned the company into what it is today, a multi-billion dollar, multi-national concern with four apparel brands (Gap, Old Navy, Banana Republic and Athleta), a burgeoning online business named Piperlime, and brand identities others crave to own.

There were many CHANGES in the business as Mickey helped steer the ship. Purchasing Banana Republic and re-positioning the brand. Conceiving of Old Navy and turning it into one of the largest specialty retail brands in the world. Pushing an online business which is the envy of the industry in performance and functionality. Occupying the best real estate in the country. Expanding internationally one step at a time in Europe and Asia and now licensing in several other countries.

Don was never afraid of CHANGE and as an entrepreneur, one can’t afford to be. He implored everyone in the company to embrace CHANGE and become a CHANGE agent, seeking it out before it is foisted upon us. He was our mentor, our father figure and our friend at the same time. I will never forget him calling me (when I was running Canada for Gap) several times to tell me how much he and Doris  appreciated my efforts on behalf of the company and that he was so proud of me. I will never forget him as long as I live and I will try to do him proud from this day forward.

Don Fisher passed away on Sunday, September 27th at his home in San Francisco, with his family by his side. His incredible legacy endures not only in the company he conceived and continually transformed, but in the San Francisco community, in the world of modern art and in his charitable work, specifically trying to revolutionize the educational system in the U.S. one step at a time. His story is one of humility, of fearlessness, of strength of convictions and of charity.

The true measure of his impact is that his message and his efforts have been and will continue to be felt by literally millions of people. What a life’s work. Rest in peace Don, you have earned it.

TheRetailTherapist

All Talked Out “Ain’t Satisfactioning Me”

I am tired of all the talk and am exhausted from doing the talking myself. Retail is tough these days, everyone knows it. There is a shift in the customer’s shopping behaviour and perceptions to be sure. But let’s not keep beating a dead horse.

It may not be business as usual but it still is business. People are shopping – it’s a natural and necessary phenomenon and usually a huge part of a woman’s means of entertainment (this is not a sexist comment rather a sad commentary on the 21st century male who still is averse to shopping for anything other than a big screen TV from Best Buy, a winch from Home Depot or fishing lures from Bass Pro Shops and they would do it all online if they could to avoid browsing the stores themselves).

But we have been talking about the economy for over 8 months now. It is time to act as retailers:

1) I am tired of talking about Gap’s recovery and how much cash they have: Do something bold and creative and re-invent that company! Tinkering with the Old Navy format is nice and may drive some comps (although they have probably lost a total of 50% of their volume from their peak by now so 5-10 comps aren’t bold enough to my mind). With $1.7 billion in cash, they could acquire or create something to revolutionize the retail industry. Continuing to talk about how well they have managed their expenses and cash does not cut it with the consumer. Gap brand has been an issue for over 5 years now. Old Navy seems irrelevant in the market right now with H and M and Uniqlo set to continue to eat their lunch. Banana Republic is the most surprising disappointment to me. It occupied a unique niche in the market and in these times, the brand should be excelling at playing up their position as the fashion alternative to expensive designer offerings and the anti-Neiman Marcus, if you will.

2) I am tired of talking about the woes of the Canadian department store business and what the future holds for these large consolidated national players. The Canadian department store business has shrunk considerably in the past 5-10 years. With new ownership (yet again) at The Bay / Zellers parent company, it is time for bold action. I don’t think going “upscale” to compete with Holt Renfrew at this time is the reinvention The Bay needs. It needs creative thinking about what each floor in their portfolio represents, who each floor targets and how to create excitement, energy and impulse buying. The Bay can become anything it wants as the name is that strong. An upscale fashion resource may not be the right overall message to reinvent the brand.

As for Zellers, it has been an enigma for so many years. Rumour after rumour about Target and others looking and passing on purchasing the company because of the onerous real estate issues regarding size and numbers of non-performing locations have all created a stasis in the business. Who does Zellers appeal to? How can it knock the socks off that customer and compete against Wal Mart at the same time? I would like to see some bold action taken and for Zellers to come out and stand for something other than “The Lowest Price is the Law” and “Everyday Value”. Apparel offerings may be a place to successfully compete with Wal Mart as they cannot seem to get that right. Everyone knows about the Zellers value proposition, thecustomer can get value in many places right now. What other type of “value” are you going to offer your customers aside from price?

3) I am tired of talking about expense cuts and layoffs and “belt tightening” and having Wall Street applaud companies for that. Firstly, in every business cycle, these are natural occurrences. Maybe the company was too fat to begin with. Anyway, my point is that there is never enough credit given to or talk about creativity and unique merchandising in the industry. I realize the current economic conditions but that is when, I believe, fresh merchandise that emanates value to the customer from the standpoint of being style right, colourful and that makes people stop and say “Im Lovin’ It” and entices others to ask them “Where Did You Get That?” People want to feel good about themselves, especially in these tougher times and those retailers that can constantly figure out what merchandise and/or experience helps them achieve that goal, will thrive. Look at Tesco or Buckle or Aeropostale or Family Dollar. They have adjusted to the times or have gained market share by standing out in terms of value, experience and offering.

It’s time to stop talking and start taking action to lure more customers back to your stores. To quote Elvis Presley:

A little less conversation, a little more action please
All this aggravation ain’t satisfactioning me
A little more bite and a little less bark
A little less fight and a little more spark

That’s the recipe for sustained retail excellence and performance no matter what the climate!

TheRetailTherapist

Anticipation

In this day and age, I am constantly reminded of Carly Simon’s iconic song “Anticipation” which actually became famous mostly because of a Heinz ketchup ad in the late 70’s. Carly wrote it while waiting for Yussuf Islam (formerly known as Cat Stevens) to pick her up on a first date.

Not only has the anticipation built for a new blog entry (;)), but in the retail industry today, everyone is anticipating a recovery in consumer spending shortly. Whether or not that happens sooner or later several questions will be answered over the course of the next 12 months regardless:

1) Will Abercrombie and Fitch come down off their high horse and figure out how to lure consumers back into any of their stores? Yes, I was a proponent of their staying the course without markdowns, but I, like most everyone else, never realized the depths that this recession would reach. It is too bad they didn’t think of knocking themselves off (like Gap did with Old Navy in a manner of speaking), because those that did (read Aeropostale and American Eagle Outfitters) have become quite successful and created billions of dollars in market capitalization on their own.

2) When will Gap start increasing same store sales? I am still a fan of their once iconic brands (that includes Gap, Gapkids, babygap, Gap Body, Banana Republic, Old Navy), but I know they are working hard at tweaking assortments and re-designing stores (again). Will it be enough to lure consumers back or have they already been fragmented out?

3) Can Buckle continue its amazing streak? They have yet to fall victim to any recessionary trends and their approach remains the same as it was when they had 5 stores (they now have close to 400). What will they do to continue to comp in the double digits?

4) What will really happen to the high end retailers? Will consumers learn to be happy with less in terms of material things including apparel and accessories?  I know consumers will always shop but will their shopping habits be forever altered and shift to better “value” and more economical merchandise? Will the Neiman Marcuses of the world have to close some stores and pare back their reach because of this new reality? Or, will the consumer treat this as a hiccup and go back to the way they were, purchasing high end merchandise with abandon? I gather it will depend on how long the recession lasts and how quickly the equities and housing markets recover.

5) And, finally, what will the mall landlords do? Will they load up their centres with service oriented merchants to fill the gaping holes in their malls or will they leave some of the spaces empty until they can get the rents they need to command? (just like Taubman Centers has always done – by choice mind you) Or will the mall landlords and retailers truly become partners and share the upside in any recovery and work together to forge a “New Deal”?

So, those are some of the reasons why that song keeps resonating in my head as I think about what the immediate future holds for specialty retail and the industry in general…

“And tomorrow we might not be together
I’m no prophet, I don’t know natures way
So I’ll try to see into your eyes right now
And stay right here, ’cause these are the good old days”

I am fine with the waiting, I just hope when the answers come, the red ketchup doesn’t spill all over the place…

TheRetailTherapist

“Not-So-Crappy” Tire

Remember the old days in Canada? Our parents would purchase our first set of hockey equipment and first hockey stick at what we would call “Crappy Tire” or Canadian Tire, a general merchandise big box retailer unique to Canada.

Walking through one of their newly renovated and expanded stores dispels the notion of it being “Crappy Tire”. The aisles are wide, the place is bright and relatively clean. For the most part (except for the sporting goods / hockey department), the shelves are fully stocked and easy to browse. It struck me though that the company had to go through many iterations to get to the point they are now – basically without direct competition. Their uniqueness is in their eclectic offering.

Start with a large automotive section (parts, tires, accessories), then move onto garden care, then cruise the sporting goods section on your way to the hardware aisles and finally end up in the home section with everything from small appliances to bath towels and area rugs. This is the charm and the mystery of Canadian Tire.

With over 470 stores across the country their other secret to success is that almost every one of them is dealer owned, which means they are run by an entrepreneur who operates it as if it’s his/her own business. This also helps in maximizing sales volumes, minimizing wasted expenses and avoiding bloated inventories. The network is well supported from home office and the machine has been built since 1923 when A.J. Billes and his brother opened their first store in Toronto.

Just to add to their assortment, they bought Mark’s Work Wearhouse in 2002 and entered into the apparel business. They now have a bunch of stores where they are either side by side or where they put a Mark’s shop within the confines of the larger Canadian Tire box. This has been an extremely successful venture mainly because the customer profiles are so closely matched. Selling work wear to their every day customers was a natural fit and they haven’t looked back.

Their old slogan “More Than Just Tires” started getting people to think of them as a general merchandiser and not just a place for automotive parts and gadgets.

So, who do they compete with? That is difficult to say. They compete with all the automotive parts players (although they own and operate one of the biggest automotive parts retailers in the country named PartSource); they compete with Wal Mart because everyone does in general merchandise; they compete with sporting goods chains such as SportChek; they compete with Zellers and Sears in the home business; and they compete with all gas stations and convenience stores based on their own 266 store gas bar business and their 278 convenience stores.

They also compete with the banks as they have become the second largest Master Card franchise in Canada and have established their own bank in order to sell financial services and products.

So, what is the lesson? In this case, it isn’t “stick to your knitting”. It isn’t “stay laser focused on what you do best”. It seems that knowing your customers  intimately (which is virtually all suburban Canadian adults), having a respected and established name brand, evolving your assortment to mirror the evolving lifestyles of your customers and sticking with and supporting an experienced and talented dealer network are paying off in spades. Maybe “Know Thy Customer” is the golden rule in retail after all.

Now, if we could only do something about being able to get some sales floor help, it would make their store experience that much less “Crappy”…

TheRetailTherapist:)

Mr. Doom and Mrs. Gloom

I know….It’s bad out there.

Not only are retail sales as frigid as the “Arctic Blast” we are now experiencing, but the rhetoric and the over-reaction have sunk to new lows along with the thermometer.

If one looked long and hard, there were some bright spots in December even amidst this depressing atmosphere: Buckle again proved their concept is impervious so far with a 13.5% comp sales gain, continuing its two year string of double digit same store sales increases ; Aeropostale same store sales gained12%; Hot Topic and American Apparel also showed increases (the question is at what margin cost to each?)

Childrens’ Place was flat; Costco, BJ’s Wholesale, Family Dollar, GameStop and Walgreen’s all posted positive comps in December – which may be expected considering the climate.

But the main market maker is always Wal Mart and they didn’t disappoint as the elephant in the room. They reported a positive 1.7 comp which was, according to analysts, “shockingly” below the consensus of a positive 2.8% that they had pegged and at the lower end of the spectrum of company guidance.

Maybe it is time for the silly practice of providing guidance to be retired. While 1 point of comp sales is significant revenue when one is talking about Wal Mart, it is not a reason to commit hari-kari, which is exactly how the markets reacted to this news. It was ridiculous.

Here is why: Many factors could have contributed to the shortfall in absolute dollars in comp sales for December. It may have had nothing to do with store traffic, the number of transactions, gross margin percentage performance or operations. It could simply have been a consumer anomaly.

For example, when buyers plan a season, they try and guess (although Wal Mart “guesses” less than the average retailer because of the strength of their systems) what the consumer is going to buy, in what quantity and at what price. That is the science and art of the retail game. However, consumers have a mind of their own and they may choose to buy in completely different patterns than the buyers expected. Judging from the game-changing environment we now find ourselves in, some unexpected consumer behaviour may be expected.

So, if the consumers as a group purchase the assortment differently than what the executives expected (read : lower priced items, not necessarily because they are discounted, just because those items sell at retails less than others) , you can get an anomaly in the same stores sales performance. Average retail can have  a large affect on these figures.  Wal Mart, of all the retailers out there, deserves its results to be analyzed further before we all go off on scary tangents.

Wal Mart lost 15% the day it announced its “disappointing” sales. All I am saying is that a closer look is required before we draw such hasty conclusions.

We certainly are hyper-sensitive these days and with good reason. But we need to be reasonable too. This is Wal Mart we are talking about. They are, and continue to be, in great shape.

TheRetailTherapist

2009 Retail Resolutions

We are all guilty of making resolutions every new year and then watch as they fade away by the end of the first quarter. It is the measure of a strong, stubborn and a-type personality that actually sees a resolution through to completion and makes it last throughout the entire year (let alone make it life changing).

I would like to think us retailers are resolute enough to see through some sorely needed resolutions in what is promising to be a challenging year for our industry. It does not necessarily have to breed disaster if we all stick together and ensure the following come to life for the full year:

1) No retailer should panic and take excessive markdowns unless your business is truly on the brink. Markdowns are the scourge of all retail (especially independent retail) as full price needs to take on some true meaning once again. I realize this is easier said than done but I doff my cap to Abercrombie and Fitch, who realize that this recession too is short lived and they need to be relevant for decades to come. They have managed their business (read:Inventory) intelligently and are maintaining their pricing structure for better days. If a company has the wherewithal to do this, it will be rewarded in time.

2) Every retailer should invest in their people, especially at the expense of marketing budgets (among other line items). It is hard enough to find great people let alone, great people who actually want to work in retail. Do not let them leave either your company nor the industry. This, again, will pay back in spades when the economy turns around. Invest in training, payroll on the sales floor, product development talent and store experience talent. Do not start massive cuts of labour especially at the store level, which will inevitably create a viscious cycle.

3) Pour money, resources and talent into improving the customer experience. This could be a website or a physical environment but this is where your customer interfacing needs to be pretty special, when dollars are scarcer. Store design, staff/customer interaction, special events, visual merchandising are all examples of elements that will maximize your returns over the long term. If you start treating every sale as a gift (and this year it may turn out that way) and your staff can emulate that attitude, then you will have instilled something unique and special that will be “Built to Last”.

4) Focus your strategic plan on fewer elements in order to nail them. In times such as these, execution is critical. The organization has to be even more aligned than at any other time. Make it easier on everyone to rally behind fewer initiatives. This will actually increase creativity and goal achievement. It will also serve to lower stress levels and improve employee morale overall in a challenging environment.

5) Start to leverage your organization to make a difference in the communities in which you operate and improve your commitment to charitable and socially responsible causes. At a time when funds are drying up for charitable causes and community needs, your retail organization can do so much to alleviate the stress on these institutions by donating more product, more time and more energy and creativity to helping your staff and your company help others who need it most. That could be the most meaningful contribution any organization can make in times such as this.

So let’s get cracking on these 5 simple resolutions. Let’s also make sure they do not peter out at any time over the course of the next 360 days or so. We will be watching

TheRetailTherapist

The New Five and Dime

In the old days, thrift general merchandise stores were literally called  “Five-and-Dime” stores. F. W. Woolworth created the concept in the late 1900’s and virtually every main street in America (and Canada) contained one of these variety stores, the precursor to general merchandise retailing as we know it today. With over 1000 stores by the 1960’s, they were the Wal Mart of their time. They lasted through World War I,  the Great Depression and World War II.

Today, the basic business model has certainly been proved out mainly by Wal Mart. Granted, Wal Mart is on a much bigger scale but they certainly modernized the concept. The similarities are staggering: Low prices; endless supply of general merchandise; mediocre / non-descript store layout and design; outstanding real estate; and large footprints. If you think about what the five-and-dime grew up to be, it certainly has to be Wal Mart. Even Lee Scott, the retiring CEO, mentioned this past week that “Sam Walton built this business for economic times like these”. Indeed, Sam understood the five-and-dime concept intimately. Better yet, he knew that to survive long term and not become obsolete like Woolworth’s did, he would have to modernize the concept. That meant to him: bigger boxes; prime suburban real estate; the most revolutionary logistics retail has ever seen; and the lowest prices anywhere. He certainly captured the minds and wallets of a nation or two.

But there are other segments that were created out of the five-and-dime image. For instance,  the dollar store phenomenon has blossomed with more than 27,000 stores expected to be open in the U.S. by 2010.

However, there is a hipper version of the five-and-dime that I really admire. 5 Below was born in the New Jersey / Philadelphia corridor and now boasts 80 stores on their way to 200. They feature general merchandise in approximately 5-7,000 square feet of strip plaza type space that is targeted to kids and teens. Candy, licensed sports merchandise, t-shirts, stuff to decorate your room, a variety of balls and games that inspire the younger set are all on display in a stuffed store, but one with clear, wide aisles. This concept actually seems closest to the original five-and-dime offering from the early years. Everything is $5 or under as the name suggests and they ensure they keep things fresh and carry only the hottest trends that are available at that price point.

In this economy, these new aged five-and-dimes should thrive. However, from now on, we will have to start calling them five-and-tens owing to the fact that prices have increased 100 fold since the good old days when five-and-dimes were born.

TheRetailTherapist

Friday Night Lights

Some of us spend Friday nights at high school football games; some at the family dinner table; some at bars and clubs; some at friends’ houses; some babysitting at home. I spent Friday night at the mall. This mall is what you would call a “super-regional” at highway crossroads and very close to the big city. What I found was surprising.

Based on what the media tells us and the phrase “Global Financial Crisis” that flashes on the screen of CNN every 5 minutes or so, you would think the parking lots would be empty, stores would be in disarray and people grumpy and irritable. The exact opposite was true.

Now, was it promotional?  Yes. But I seem to remember the holiday season being promotional for several years now. Was it quiet and tense? Not at all. It seemed festive and energetic and there were lots of children running around squealing, lots of people laughing on their cellphones and lots of shopping bags in hands.

Maybe this was an anomaly. Maybe this was a night where people let off some steam of pent up demand that has been building for weeks, but somehow I doubt it. I am sure the numbers are not as good as last year, but I don’t think it is the disaster that the media has made it out to be. The problem with the “Global Media” that is able to change its message or report a snippet of “news” in a nanosecond, it tends to exaggerate any situation. Crises sell. They sell programming on TV and radio and they certainly sell newspapers (and everyone knows they need all the sales they can get these days).

This is not to say that there are not structural problems with the economy. The U.S. housing crisis of confidence is the biggest of them all since this directly affects people’s lives and their notion of personal worth. The other scary issue is layoffs which is a slippery slope. As the economy slows, there is a domino effect on demand and therefore pressure on companies’ overhead and that’s when you get layoffs to cut costs and preserve some form of profitability to stay in business. Everyone gets that.

What I don’t get is the constant harping on retail sales once they happen especially when everyone knew what to expect. Everyone knew October was soft before they announced the actual sales tallies. However, once it was announced (an “astounding and record breaking” drop of 2.8%), the market acted as it it were shocked. That seems ridiculous to me.

What is also ridiculous is the manipulation that is going on near the end of trading days. I know I am straying from my mission on this particular entry but I have had it. The very best retail companies are being painted with the same broad brush as those copy cats and lesser lights I spoke about last time. Trust me when I tell you, people are buying and the good retailers are operating better than ever. Their results may be below last year, but who really cares for one year out of 10-12?

By the way, the busiest store in the mall by far was Bath and Body Works. It is pretty new to this market and their store is nice and compact and the merchandise is also very unique and affordable. I predict they have an outstanding holiday season.

Life is too short…You should too.

TheRetailTherapist

The Bizarre Bazaar

Thanks to our good friend the “retailfanatic”, I am reminded of another what you could call “new age” drug store, although the concept has been in existence for over 60 years. Called London Drugs after King George VI’s home town, it became revolutionary almost right away. A camera shop was going to close right next door to their very first location in Vancouver, British Columbia. They decided to buy the leftover stock and sell cameras in a traditional drug store. That seemed to be the beginning of many unorthodox moves.

However, when you look at those moves, are they truly unorthodox when they have achieved unfettered success for over 60 years? Not only were they the first pharmacy to extend their hours to evenings and weekends (because people actually get sick at those times as well), but they started carrying categories that consumers wanted to buy in order to further convenience them. Cosmetics (for the same reasons as Shopper’s started emphasizing this category – the poor performance of department stores), small household appliances, consumer electronics and yes, computers and software were carried when they became available and desired.

If you happen to walk into one of their 68 stores, it is less slick and less polished than the “new age” Shoppers, but I believe that is the point. It is supposed to be a bit of a treasure hunt – you are supposed to be pleasantly surprised as you turn into each and every aisle. The stores are loaded with merchandise and they do huge volumes because they have been trusted to know exactly what their consumer wants and needs and they respond in a timely fashion. That, in essence, is their brand.

If you were to formally outline a strategy for this “concept” in some boardroom somewhere, you would never hit on the current assortment that London Drugs currently carries. That is the lesson here. Fundamentally, retailing isn’t as much about strategy and boardrooms, but about what the consumer actually wants and how the consumer responds. Retailing is still about giving the consumer what he/she wants when he/she wants it at a price he/she is comfortable with. Period.

London Drugs has done that for over 60 years. But not because it has “stuck to its knitting”. They have morphed their assortments every decade since inception because they identified trends, knew their customers intimately and were willing to take some calculated risks for them. Not only were they the first to discount dispensing fees, extend their hours, add consulting bays for consumers to speak privately with pharmacists, create one of the first digital photo kiosks to develop one’s own photos but the reason they have done these types of things time and time again was solely on behalf of their consumer.

The rarity in this day and age is that they have no target market, they have no high concept store design – they target everyone who shops (or, at times, doesn’t feel well), the store is very utilitarian in its layout and approach and it works. People love to shop there.

I guess London Drugs isn’t that bizarre after all.

TheRetailTherapist

Mall Experience Also in Need of a Bailout

Like the markets, a walk through the mall these days is totally uninspiring. I am not sure what came first (the old chicken and the egg theory), but it has taken me an extra week to try and write something about this industry at this time. It seems that the mall is reflecting the markets or the markets are reflecting the mall.

Sure, Abercrombie and Fitch’s music keeps pounding in one’s ears as one walks by; Gap is featuring “Colour” in their windows which is more like them but it has taken them too long to get back to what their core strengths are; most stores still have sale signs in their windows and I am not sure they ever came down since June; American Eagle is featuring their standard BOGO event (which my 14 year old and 12 year old sons took advantage of this weekend); the Nike store looked flat probably suffering from a post-Olympics hangover; Pottery Barn looked empty; and MAC cosmetics looked bright but almost dated at this point.

The only scintilla of activity is in the multitude of cell phone stores featuring the blessed iphone by Apple or the Blackberry Bold. That may be the only energy source in an otherwise lifeless mall experience. It seems that shop owners and their staff are going through the motions awaiting for the clouds to blow over. It feels like everyone in the mall is holding their collective breath until the storm passes. It certainly looks like investors are feeling the same way.

So it is true that the mall reflects Wall Street, or Bay Street or whichever financial hub you care to name. And Wall Street reflects the mall.

Someone needs to break from the malaise and offer something new, cool, fun and affordable. Someone needs to be the contrarian and shock the mall customer into feeling some kind of passion The mall is in need of a bailout – badly.

I now do not believe a bailout will come from any of the larger retail corporations, they need to play it safe and cozy until the uncertainty passes. It will come from some virtual unknown, some small buckeroo who will, all on their own, nail exactly what the customer needs and shake the doldrums from our malls.

I hope it comes soon. For the financial markets’ sake.

TheRetailTherapist