U.S. Retail Trends
Winter 2016
December 13, 2016
Vice President,
Retail Research for the Americas
Garrick Brown
• RAMIFICATIONS OF THE CONTINUING GROWTH OF PEAK HOLIDAY ONLINE SHOPPING
• THE MINDS AND MOTIVATORS OF THE HOLIDAY SHOPPER
• LATEST TRENDS FOR BLACK FRIDAY AND CYBER MONDAY – AND WHY WE SHOULD CARE
• THE COMBINED POWER OF STICKS AND BRICKS
• HOW THE LARGE DELIVERY COMPANIES ARE PREPARING FOR PEAK VOLUMES
• TRENDS FROM AMAZON
• CHANGING CUSTOMER DEMANDS REGARDING DELIVERY – SPEED VS. COST
What does this all mean to the real estate world?
WHERE WE’RE GOING
Holiday Sales as % of Annual Sales
Source: Cushman & Wakefield Retail Research / National Retail Federation
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Building/Garden Equipment
Food & Beverage
Health/Personal Care
Furniture/Furnishings
Warehouse Clubs/Superstores
Shoes
Clothing
eCommerce/Mail Order
Electronics/Appliances
Discount
Sporting Goods, Hobby, Book, Music
Department Stores
Jewelry Stores
WHY THE HOLIDAY SEASON IS CRITICAL
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
2001 2003 2005 2007 2009 2011 2013 2015
Source: Cushman & Wakefield Retail Research / National Retail Federation
(In
tho
usan
ds)
Holiday Season Retail Sales Growth
2.5% 10-YEAR ANNUAL AVERAGE
THE PROGNOSTICATORS:Cushman & Wakefield 3.7%
Deloitte 3.6% - 4.0%
National Retail Federation 3.6%
ICSC 3.3%
RetailNext 3.2%
BETTER THAN LAST YEAR....BUTBRICKS-AND-MORTAR SALES GAINS ARE
DWARFED BY ECOMMERCE GROWTH
US HOLIDAY SHOPPING SEASON RETAIL SALES GROWTH
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
The Christmas Creep is All About Promotions and Markdowns
HOLIDAY PROMOTIONS ARE STARTING EARLIER, OFFERING MORE “PREVIEWS” AND
“EARLY ACCESS” CONSUMERS ARE STARTING HOLIDAY SHOPPING EARLIER
16% 46% 54%BEFORE BEFORE AFTER
SEP 1
NOV 1
NOV 1
WHY IS BLACK FRIDAY DIMINISHING IN IMPORTANCE?
Online Holiday Gift Browsing Takes Off in November
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
Imp
ress
ions
in M
illio
ns
October DecemberNovember
November 7
Black Friday
Cyber Monday
Christmas Day
IN 2015, CONSUMER INTEREST IN DEAL SEARCHING INCREASED 21% ON
NOVEMBER 7
CHRISTMAS CREEP APPLIES TO ECOMMERCE TOO
Retail eCommerce* holiday season sales Retail holiday season sales
Note: sales are for Nov. and Dec. of each year; excludes travel and event tickets.*Includes products or services ordered using the internet, regardless of the method of payment or fulfillment.
US Retail and eCommerce Holiday Season Sales Growth 2010-2016
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
19.4%
17.5%
13.3%12.1%
14.4%
16.0%17.2%
7.3%6.3%
3.4%2.9%
3.6%2.1%
3.3%
2010 2011 2012 2013 2014 2015 2016
% C
hang
e
WHY IS BLACK FRIDAY DIMINISHING IN IMPORTANCE?
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16
eCommerce Acceleration
Source: U.S. Census Bureau
ECOMMERCE TOTAL SHARE OF US RETAIL SALES IS ROUGHLY 9.5%
(EXCLUDING AUTOMOTIVE AND FUEL SALES)
9.0%
4.2% Q1 2009
8.1% Q2 2016
WHY IS BLACK FRIDAY DIMINISHING IN IMPORTANCE?
Source: U.S. Department of Commerce
General Merchandise
Clothing & Accessories
Furniture & Home Furnishings
Electronics & Appliances
Sporting Goods, Hobby, Book & Music
Office Supplies, Stationary, Gifts
(In
Bill
ions
$)
$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
$60,000
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
Retail Sales: GAFO, ($Mil.) eCommerce Share
AUG 2006
AUG 2007
AUG 2008
AUG 2009
AUG 2010
AUG 2011
AUG 2012
AUG 2013
AUG 2014
AUG 2015
AUG 2016
WHAT IS GAFO?General merchandise, apparel, furniture and other
BUT ECOMMERCE NUMBERS FOR GAFO ARE FRIGHTENING…
Brown Thursday Continues But Momentum Slows
OPEN ON THANKSGIVING CLOSED ON THANKSGIVING
CLOSED ON THANKSGIVING
AND BLACK FRIDAY
WALMART ALL DAY ACADEMY SPORTS HALF PRICE BOOKS OFFICE DEPOT REI
JC PENNEY 3 PM BARNES & NOBLE IKEA PETCO
OLD NAVY 4 PM BJ’S WHOLESALE JO-ANN FABRIC PETSMART
BEST BUY 5 PM BURLINGTON JOS. A. BANK PIER 1
MACY’S 5 PM CABELA’S LOWE’S PUBLIX
TOYS R US 5 PM COSTCO MARSHALL’S SAM’S CLUB
TARGET 6 PM CRATE & BARREL MATTRESS FIRM STAPLES
KOHL’S 6 PM DILLARD’S MENARD’S TJ MAXX
SEARS 6 PM DSW NEIMAN MARCUS TRACTOR SUPPLY
MICHAEL’S 6 PM GAME STOP NORDSTROM ULTA
WHY IS BLACK FRIDAY DIMINISHING IN IMPORTANCE?
Which Gift Categories Will Shoppers Seek Deals on During the Holidays?
56% 51% 31% 20% 18% 15%
ELECTRONICS CLOTHING & SHOES
TOYS RESTAURANTS / ENTERTAINMENT
JEWELRY TRAVEL
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
PROMOTIONS AND MARKDOWNS MAKING THEIR LISTS
Pricing “Race to the Bottom” Will Remain An Issue This Holiday Season
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
MULTI-CHANNEL SHOPPING DRIVES DEAL SEEKERS
73% 50% 83%
OF SHOPPERS SAY THEY ARE PLANNING ON HITTING BRICKS-
AND-MORTAR STORES
OF CONSUMERS SAY FINDING A GOOD
DEAL BEFOREHAND WILL PUSH THEM
IN-STORE
OF SHOPPERS USE UP TO 6 CHANNELS
TO FIND THE BEST DEALS AND
PROMOTIONS
DEALS MAKE THE IN-STORE DIFFERENCE
Consumers Still Motivated by Markdowns During the Holiday Season
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
51%OF CONSUMERS
BOUGHT A GIFT FOR SOMEONE ON SALE IN 2015
19%OF SHOPPERS USE A DEAL OR SAVINGS
APP
73%OF HIGH
EARNERS BOUGHT
SOMETHING WITH A
PROMOTION IN 2015
95%OF PARENTS
PLAN ON PURCHASING
GIFTS FOR THEIR KIDS,
SPENDING AN AVERAGE OF
$361 PER CHILD
90%OF SHOPPERS
WITH A SIGNIFICANT
OTHER PLAN ON PURCHASING A HOLIDAY GIFT
FOR THEM
$218 VS.
$163MEN PLAN
ON SPENDING MORE THAN WOMEN ON
GIFTS FOR THEIR SIGNIFICANT
OTHER
PROMOTIONS AND DISCOUNTS TO DRIVE ACTIVITY
TGT CONCLUDES THEIR OMNI-CHANNEL SHOPPER IS 3.2X THE REVENUE
GENERATOR OF IN-STORE ONLY SHOPPER
US Average Total Annual Revenues
$1,400IN-STORE ONLY SHOPPER
$200ON-LINE ONLY SHOPPER
$2,500DUAL PLATFORM SHOPPER
THE NEW MATH OF THE OMNI-CHANNEL WORLD – WALMART EDITION
“The millennial impact is critical. It is the driving force behind a lot of the change in retail.” - Neil Saunders, CEO of retail analysis firm Conlumino
18-34 AGE GROUP RECENTLY PASSED
BOOMERS IN TOTAL SIZE
MILLENNIALS NOW MAKE 54% OF
PURCHASES ONLINE
UP FROM 51% IN 2015
AND 5% AHEAD OF ONLINE PURCHASES
BY NON-MILLENNIALS
MILLENNIALS DON’T VIEW THE WORLD
IN TERMS OF CHANNELS
SMARTPHONES,
TABLETS, SOCIAL MEDIA, STORES, ETC.
ARE ALL ONE BIG ECOSYSTEM
TO SURVIVE, RETAILERS MUST INTEGRATE THEIR
THINKING, SYSTEMS AND WAYS OF
DOING BUSINESS
DIGITAL NATIVES ARE A FORCE TO CONTEND WITH –
OR SUCCEED WITH
MILLENNIALS
Digital Natives + Demographic Shift = More Omnichannel!
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
13% 65+
19% 55-64
BLACK FRIDAY CYBER MONDAY
23% 45-54
21% 35-44
39% 25-34
35% 18-24
10% 65+ 15%
55-64
26% 45-54
36% 35-44
49% 25-34
48% 25-34
Millennials are almost twice as likely
to shop online or on smartphones this Black
Friday
Cyber Monday goes mobile too
MILLENNIALS LOVE MOBILE
Source: Cushman & Wakefield Retail Research / RetailMeNot.com
Projected Top eCommerce Shopping Days in 2016
4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 25 2627 28
S M T W T F S
1 2 3
29 30
NOVEMBER
2 34 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30
S M T W T F S
1
DECEMBER
31
128
3 1 6
10
4
27
6
5 10 9
4 7
3 8 9
5
Mobile Desktop
THANKSGIVING WEEKEND RULES THE ONLINE CALENDAR
Black Friday No Longer Number One! Surpassed by Final Friday and Super Saturday…
Source: Cushman & Wakefield Retail Research / RetailNext
10 Busiest Shopping Days (Sales) 10 Busiest Shopping Days (Foot Traffic)
4 56 7 8 9 10 11 1213 14 15 16 17 18 1920 21 22 23 24 25 2627 28
S M T W T F S
1 2 3
29 30
NOVEMBER
2 34 5 6 7 8 9 1011 12 13 14 15 16 1718 19 20 21 22 23 2425 26 27 28 29 30
S M T W T F S
1
DECEMBER
31
23
5 10 9
5
10104812
66
95
84
31
77
TOP BRICKS-AND-MORTAR RETAIL SALES DAYS
Internet Retailer, Adobe Digital Index
2015 PROJECTED 2016 DELTA
THANKSGIVING $1.7B $2.0B 17.5%
BLACK FRIDAY $2.7B $3.0B 11.1%
CYBER MONDAY $3.1B $3.4B 9.7%
SINGLES DAY GMV $14.3B $17.8B (ACT) 24.5%
ONLINE PEAK REVENUE MILESTONE DATES – COMPARISONS
eCommerce Retail Sales Nov/Dec
CHRISTMAS CREEP AND BROWN THURSDAY ARE FACTORS....BUT ECOMMERCE IS THE PRIMARY REASON
Source: Cushman & Wakefield Retail Research / eMarketer
(In
Bill
ions
$) $85
$90
$95
$100
$80
$75
$70
$65
$60
$55
$502012 2013 2014 2015 2016 (est.)
$94.71
$80.81
$69.68
$60.92
$54.34
WHAT DOES IT MEAN FOR THE HOLIDAYS?
Total Annual GDP vs. Cyber Monday:
Barbados $4.4B
Eritrea $3.9B
US CYBER MONDAY $3.4B
Andorra $3.3B
Aruba $2.7B
Greenland $2.4B
Source: Cushman & Wakefield Retail Research / ComScore
CYBER MONDAY SINGLE DAY SALES LIKELY TO EXCEED $3.36B
(In
Bill
ions
$)
$3.5
$4.0
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.02005 2006 2007 2008 2009 2010 20122011 2013 2014 2015 2016
(est.)
9.7% INCREASED EXPECTED
CYBER MONDAY IS HUGE
Alibaba $17.8B ($1B in 5 MINUTES)
Total Annual GDP vs. Singles Day:
Honduras $19.5B
Bosnia & Herzegovina $18.5B
ALIBABA SINGLES DAY $17.8B
North Korea $17.4B
Iceland $17.0B
Cambodia $16.8B
Source: Cushman & Wakefield Retail Research / Statista
11/11/2016 Was the World’s Largest Retail Day By Far
(In
Bill
ions
$)
$14.0
$16.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.020122011 2013 2014 2015 2016
(est.)
$18.0
$20.0
Singles Day Cyber Monday
BUT NOT AS HUGE AS SINGLES DAY
ASSUMING JUST 15 MINUTES PER EMPLOYED CYBER SHOPPER ($6.48 X 103.1M), LOST WORKPLACE PRODUCTIVITY
= $668.1M
121MCYBER MONDAY
SHOPPERS IN 2015
132MCYBER MONDAY
SHOPPERS ANTICIPATED IN 2016
132M CYBER MONDAY SHOPPERS X 78.2% (CURRENT EMPLOYMENT TO POPULATION RATIO)= 103.1M EMPLOYED CYBER SHOPPERS
THE AVERAGE U.S. HOURLY WAGE IS NOW $25.92 PER HOUR, OR $6.48 FOR EVERY 15 MINUTES
CYBER MONDAY LOST PRODUCTIVITY
WE HAD 3 DAYS OF GREATER THAN 25 MILLION SHIPMENTS DURING PEAK 2015 VS. AVERAGE NON-PEAK VOLUMES OF 12
MILLION SHIPMENTS PER DAY
PROJECTED 10-14% PEAK UNIT
GROWTH IN 2016
ESTIMATED 370M SHIPMENTS BETWEEN
BLACK MONDAY AND CHRISTMAS;
UP FROM 325M IN 2015
FEDEX GROUND INVESTMENT IN
INFRASTRUCTURE IN 2016: $2.0B;
OF TOTAL FEDEX CAPITAL INVESTMENT OF $5.6B (VS. $4.8B
IN 2015)
4 NEW DISTRIBUTION HUBS, 19 NEW
FULLY AUTOMATED STATIONS
TOTALING 12MSF
6 NEW TEMPORARY
HEAVY/BULKY ANNEXES
SORTATION HUBS
30 NEW AIRCRAFT; ENHANCED VISION
CAPABILITIES FOR 270
AIRCRAFT TO IMPROVE
WEATHER RESPONSE
FEDEX: MORE STRESS, MORE RECORDS
PROJECTING 13 OF 21 HOLIDAY DELIVERY DAYS BEFORE CHRISTMAS TO EXCEED 30M
SHIPMENTS VS. AVERAGE NON-PEAK VOLUMES OF 18M SHIPMENTS PER DAY
PROJECTED VOLUMES UP 10% TO 700M
SHIPMENTS DURING PEAK
EXPECTS FOUR MONDAYS BEORE CHRISTMAS TO BE ITS BUSIEST DAYS
IN HISTORY
INVESTMENT IN INFRASTRUCTURE
PROJECTED AT $2.8B (VS. $2.3B IN 2015)
AMONG BILLIONS IN CAPITAL INVESTMENT DURING 2016 ARE 15 NEW OR EXPANDED
SORTATION HUBS NATIONWIDE
PROMOTING EXPANSION OF
UPS ACCESS POINT NETWORK FOR
REMOTE DELIVERY
UPS: MORE STRESS, MORE RECORDS
Amazon
Apple
Dell
Walmart
Staples
Macy’s
Home Depot
Costco
Office Depot
QVC
Best Buy
Nordstrom
Kohl’s
Gap
Target
$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100
$92.5B
$13.7B
$5.0B
TOP 2015 US RETAILERS BY ONLINE REVENUE
Staples
Williams-Sonoma
J Crew
Macy’s
Nordstrom
Gap
Sears
Kohl’s
JC Penney
Best Buy
Under Armour
Home Depot
Costco
Target
Walmart
50.8%
38.8%
20.1%
11.2%
14.9%
9.5%
50.7%
22.9%
16.1%
10.1%
14.7%
5.3%
3.9%
3.4%
2.8%
0% 10% 20% 30% 40% 50% 60%
TOP 2015 US RETAILERS BY ONLINE REVENUE AS SHARE OF TOTAL REVENUE
The Explosion of Online Fashion
AMAZON PROJECTED TO SURPASS MACY’S AS #1 APPAREL RETAILER
IN U.S. IN 2017 “
“
In 2016, Amazon’s apparel business is expected to reach $16.3B compared to Macy’s $22.2B. However by 2017, Amazon is expected to sell nearly $28B in apparel. Just four years ago, Macy’s apparel sales were 5X greater than Amazon’s.
ONLINE FASHION & AMAZON’S GROWING DOMINANCE
ONLINE FASHION & AMAZON’S GROWING DOMINANCE
$26B
TJ MAXX
$23B
MACY’S
PROJECTED AMAZON MARKET SHARE OF CLOTHING AND ACCESSORIES:
PROJECTED CLOTHING AND ACCESSORY REVENUES IN 2021:
AMAZON
$62B
6.6%
2016
8.2%
2017
16%
2021
%
BIL
LIO
N $
COWEN ANALYSIS
AMAZON FASHION OFFERING: TO MACY’S AND BEYOND?
30M SKUS = TOTAL # OF ITEMSNOT JUST CLOTHING SOLD IN 250
WALMART SUPERCENTERS
Mill
ions
of
SK
Us
(inc
lud
ing
FB
A/M
arke
tpla
ce)
35
30
25
20
15
10
5
0Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
11 12 1316
1821
25
30
IT LOOKS LIKE AMAZON’S WORLD....AT LEAST ONLINE
Percentage of Total US Online Sales in Nov/Dec of 2015
NEXT 10 RETAILERS AFTER AMAZON TALLIED 24.9% SHARE
COMBINED%
35
40
45
30
25
20
15
10
5
0
Amaz
on
Best B
uy
Apple
Nordstr
omiTu
nes
Walm
art
Macy’s
Targ
et
Kohl’s
Groupon
Etsy
42.7%
2.4% 2.2% 2.0%
The downside of retailers being on the Amazon marketplace – Bezos gets the data along with the retailer
WHO DREW THE TRAFFIC DURING PEAK 2015?
Wayfair
Costco
JC Penney
Sears
Newegg
Macy’s
Kohl’s
Home Depot
Best Buy
Target
Walmart
Amazon
3.2%
1.6%
6.0%
34.5%
0% 5% 10% 15% 20% 25% 30% 35% 40%
MOST TOP SITES POSTED YOY VISIT GROWTH DESPITE THE FACT THAT MANY
ACTUALLY LOST SHARE DUE TO AMAZON’S ASTRONOMICAL GROWTH
WALMART GAINED 13.8M VISITS IN DECEMBER VS
2014, WHILE GOING FROM A 7% SHARE
TO A 6% SHARE OVERALL
Source: WSJ, StellaService, Internet Retailer, Slice Intelligencer
Amazon is Messing it Up For Everyone Else
IT PAYS TO BE PATIENT
50%OF THE TOP 30 ECOMM
RETAILERS FEATURED A “FREE” SHIPPING OFFERING;
UP FROM 33% IN 2014
4 DAYS THE AVERAGE ACTUAL
DELIVERY TIME AMONG TOP 30 US ECOMM RETAILERS
5.1 DAYS THE AVERAGE ACTUAL
DELIVERY TIME TODAY AMONG TOP 240 ECOMM RETAILERS
(EXCLUDING AMAZON), DOWN FROM 8.3 DAYS IN 2014
SHIPPING SPEED COSTS
Source: Slice Intelligence
Average Delivery Time in Days For Top Online Retailers by Package Volumes(Excluding Amazon)
APRIL 2014 APRIL 2015 APRIL 2016 % IMPROVEMENTNORDSTROM 7.9 6.3 4.9 38%WAYFAIR 5.9 6.0 5.9 0%WILLIAMS-SONOMA 9.3 7.0 6.0 35%JC PENNEY 9.7 6.5 5.1 47%KOHL’S 8.0 6.5 5.6 30%MACY’S 7.3 5.8 4.4 40%TARGET 7.8 6.5 4.8 38%WALMART 8/0 5.5 5.5 31%BED BATH & BEYOND 6.7 5.3 4.2 37%BEST BUY 6.8 5.3 3.3 51%NEWEGG 6.5 5.5 4.1 37%
BASED ON SURVEY OF 100M SHIPMENTS
WHO’S COMPRESSING TIME THE MOST?
WSJ and NRF; L2 Insight Report Department Stores: Omni-channel
US RETAIL SALES ON TRACK TO REACH $4.0 TRILLION BY 2017
BY 2017, PROJECTED US ECOMMERCE SALES WILL REACH $440 BILLION
TOTAL RETAIL RETURNS BY 2017 PROJECTED TO EXCEED $460 BILLION
9/100 IN-STORE PURCHASES
ARE RETURNED
30/100 ONLINE PURCHASES
ARE RETURNED
70-80% OF SHOPPERS MAKING ONLINE-PURCHASED RETURNS TO STORE ALSO MAKE A NEW PURCHASE
RETURNS – THE GIFT THAT KEEPS ON GIVING
OUR HOLIDAY PREDICTIONS SUMMARIZED…
It’s a make or break holiday season for some retailers
SURGING ONLINE SALES WILL AGAIN STRESS NATIONAL CARRIERS & FACE RISK OF FAILED DELIVERY PROMISES
TOO LATE TO FIX ANY PEAK SUPPLY CHAIN GAPS – SEE YOU NEXT YEAR FOR THOSE THAT SURVIVE
SEARSCLAIRE’SGORDMAN’SBON-TONTRUE RELIGIONNINE WEST99 CENTS ONLYRUE21NEBRASKA BOOK COMPANYRUBY TUESDAYCHRISTOPHER & BANKSCONN’SIGNITE RESTAURANT GROUP LUMBER LIQUIDATORSGANDER MOUNTAINSPORTSMAN’S WAREHOUSELE CHATEAUBEBEJ. CREW
RETAILERS ON THE EDGE
3.7%OVERALL
RETAIL SALES GROWTH
FOR THE 2016 HOLIDAY SEASON
17.2%TOTAL
ECOMMERCE SALES GROWTH
9.4%INCREASE IN
CYBER MONDAY SALES TO JUST
OVER $3.6B
DISCOUNTING & MARKDOWNS WILL CONTINUE
TO BE MAJOR DRIVER OF
SALES ACTIVITY
WHAT DOES IT MEAN FOR REAL ESTATE: RETAIL & LOGISTICS?
RETAIL CLOSURES CONTINUE, AND
WILL LIKELY INTENSIFY, IN 2017
FOOD & ENTERTAINMENT CONCEPTS DRIVE
GROWTH IN MALLS, LIFESTYLE CENTERS
& URBAN RETAIL
STRONG DEMAND ACROSS ALL
PRODUCT TYPES CONTINUES
LARGE PERIPHERAL FCS, SMALLER CLOSER-IN FCS, SORTATION HUBS/CROSS-
DOCKS & LAST-MILE DEPOTS
LAST MILE FULFILLMENT
CONTINUES TO BE THE HOLY GRAIL
INCREASING THE PUSH TO BE BETTER, SMARTER, FASTER &
CHEAPER
POSITION THE RIGHT INVENTORY CLOSER TO THE CUSTOMER AT
THE RIGHT TIME