STORES Magazine - March 2009 - (Page 12)

trEnDS COMPILED BY STORES EDITORS Movers and Spenders Looking for a silver lining to the recent trends in the housing market? New research conducted by Irving, Texas-based marketing, data and research firm Epsilon may do the trick. It charts the relationship between macro housing trends and specific types of retail spending, and finds that moving to a new home is a great catalyst for spending. The data shows that, in good economic times and bad, households that move cross-country or cross-town spend an average of $7,300 at retail in the three months following the move. During the year of their moves, those households spend an average of 52 percent more than nonmovers on home decor and furnishings. In the subsequent year, new mover households slow their spending, but still allocate 16 percent more to home decor and furnishings than their non-moving counterparts. While sales of new homes have dropped precipitously over the last year, a report from the National Association of Realtors indicates that sales of existing homes actually rose in December 2008. While it’s hard to say how long it will take for lower prices and falling interest rates to eat away at a glut of homes with “For Sale” signs, some experts feel that this subtle shift could be a turning point in relocation trends – and could trigger much-needed retail spending. L.L. Bean Tops the List The definition of good customer service can vary from one retailer to the next, but customers can always tell when they’ve experienced it — and they’re typically happy to share the details. Such was the case with the NRF Foundation/American Express customer service survey conducted by BIGresearch: shoppers revealed that L.L.Bean delivers the best customer service in all retail formats. In the four-year history of the survey, shoppers have increasingly identified Internet-only retailers among those offering the best customer service. This 12 STORES / MARCH 2009 year was no different, with Overstock.com, Zappos.com and Amazon.com following L.L.Bean. Rounding out the top 10 were Lands’ End, Newegg, JCPenney, QVC, Coldwater Creek and Nordstrom. “Exceeding the expectations of customers through excellent service is incredibly important,” says Glenda McNeal, senior vice president of retail and emerging industries for American Express Merchant Services. “Particularly in a challenging economic environment, retailers who distinguish themselves through service are rewarded with increased customer loyalty and spending.” Think Inside the Box Building with LEGOs helps children explore their creative and imaginative abilities. SomeWWW.STORES.ORG http://www.Overstock.com http://www.Zappos.com http://www.Amazon.com http://WWW.STORES.ORG

Table of Contents Feed for the Digital Edition of STORES Magazine - March 2009

STORES Magazine - March 2009 Contents Executive Editor's Page President's Page Movers and Spenders What Shoppers Think Take Your Laundry Online 10 Things You May Have Missed Numbers Worth Counting Full Price/Markdown Retail People Luxury for Less Q & A CONCEPT2WATCH Checkout Management Online Entrepreneurs Sustainability POS Online Strategy Online Scheduling SaaS Online Marketing Merchandise Security PCI Compliance LPinformation Supplier Directory Exception Reporting Industry Perspective Theft Research LOEB Retail Letter ARTS Update Point of View NRF News Retail Crossword Retail Industry Calendar End Cap

STORES Magazine - March 2009

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