20 LONGISLANDPRESS.COM • NOVEMBER 2019
PRESS BUSINESS
WILL ECONOMIC UNCERTAINTY SOFTEN HOLIDAY SALES?
continued from page 19
The traditional retailers, such as
Macy’s, the Gap, and Bloomingdale’s,
will continue to be severely buffeted
by discounters Walmart and Costco,
as well as by Amazon, as they have
been for years, he says. But an array
of what he calls “new concept” stores
are set to fare well. These are stores
that cater to personal fitness, health
and beauty, and specialty food items.
Some examples:
Rent the Runway, an online service
started in 2009 provides designer
dresses and accessory rentals. The
clothing and other items are usually
worn overnight and are shipped back
the next day.
“This concept is not going to take
over shopping, but it’s been very
successful and will continue to be as
shoppers become more accustomed
with a rent-a-world society,” says
Steven Greenberg, president of Five
Towns-based The Greenberg Group,
which follows retail trends.
Drybar, a chain of salons providing
hairstyling services, such as blowouts,
for women, at what are called
lower prices than older outlets. Blue
Apron is a food retailer based in New
York City that provides its customers
with pre-measured food and recipes
each week. Meals, the company says,
cost just under $120 for two people,
for three recipes per week.
But the traditional retailers are
fighting back, making better use of
physical space, experimenting with
technology, and dreaming up new
customer services.
Macy’s, for example, has launched
its The Market @ Macy’s, earlier this
year. The concept allows pop-up shops
at Macy’s stores, allowing brands normally
available online to occupy space
in a big retail store.
John Rizzo, chief economist for the
Long Island Association, the region’s
largest business and civic organization,
emphatically states that this
holiday season will be a strong one,
and that there is only a gnawing a
perception that the economy may be
sliding and that the market may take
a nosedive. He says neither is likely.
“I think we’ll have a reasonably strong
season,” Rizzo says. “Business conditions
are solid.”
Bernice Fehringer, owner of Chocolate
Works, in the tony Stony Brook
Village shopping center, agrees.
"We're expecting a very good holiday
season," Fehringer says. "We're already
very busy with holiday orders."
Some consumers are wary. Melissa
Delano, 35, a substitute teacher and
model who lives in Glen Cove, says
she typically spends about $1,000 on
holiday gifts. This year, she says, she
has had higher medical bills.
"Maybe I'll spend a little less," Delano
says.
To be sure, the stock market shivers
with each mention by President
Donald Trump of trade wars against
China. The bond market has taken
a pessimistic view of the long-term
prospects for economic growth.
But unemployment on Long Island
remains at more than 20-year lows, at
about 3.6 percent. Private sector jobs on
the Island increased over the year by
6,100, or 1.5 percent, and hiring in the
leisure and hospitality sector hit record
highs. But the uncertainty persists.
“Business activity continued to expand,
but at a slower pace than in previous
months,” the usually upbeat Rizzo
wrote in his most recent economic
report for LIA. Is growing uncertainty
a cause of this apparent slowdown?”
“Business activity continued to expand, but at
a slower pace,” says John Rizzo.
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