Hampton's Town Center weathers the recession
(Source: Daily Press) By David Macaulay, Daily Press, Newport News, Va.June 26--HAMPTON -- More than a year after Peninsula Town Center's grand opening, Merchant Lane remains quiet on a Tuesday morning and there are still a number of empty storefronts.
General Manager Raymond Tripp says the recession has lasted longer than anyone imagined when the center opened at a high profile ceremony in March 2010, but he says it continues to weather the downturn and is adapting well to the austere climate.
He said Merchant Lane is set to benefit from a new influx of tenants expected at Peninsula Town Center later this year.
"They would be lined up down this street," Tripp says. "This is one of the areas that really has high end retailers," he said. "We want to keep that clientele in this market. We are right outside Macy's which is our higher end department store."
Tripp is not yet saying how many new stores have committed to opening but says he expects to announce a "batch" by the end of August. They will be either opening or under construction by the spring of 2012.
Macy's itself is set to become a "test pilot of Coach," Tripp said, and will be the only Macy's on the Peninsula selling the high-end handbags and related products.
But it's also a sign of the times that even the high-end retailers are giving discounts -- and this is a key strategy of the Peninsula Town Center this year, according to Tripp.
"Nowadays everything is value orientated," Tripp said. He highlighted the emphasis the town center is putting on coupons this year.
"Last year it was more 'UK -- let's do stuff to get people's attention; to get it out here to see what we have.' This year we are strategically focused on driving sales. We are still going to have entertainment but the real focus, and where the money is spent, is really on driving sales because that's what's going to make us more successful than anybody else."
Lynn Meredith, marketing director for the Peninsula Town Center, said, "Customers are more savvy than they've ever been. Because of that our merchants have certainly responded to that. They are offering deeper discounts than ever before." The new PTC magazine that contained a two-page spread with coupons was launched this year.
And the town center is launching its PTC Privilege Program later this year, a free online initiative that provides coupons and instant information on sales and specials, as well as events at the town center.
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We are right outside Macy's which is our higher end department store." Tripp is not yet saying how many new stores have committed to opening but says he expects to announce a "batch" by the end of August. They will be either opening or under
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