COLUMBUS, Ohio--(BUSINESS WIRE)--Washington Prime Group Inc. (NYSE: WPG) today announced that it has launched Fulventory, an initiative which allows tenants to utilize space within the Company’s assets for last mile fulfillment and BOPIS (buy online and pickup in store), as well as inventory clearance. As BOPIS and BORIS (buy online and return in store) continue to gain traction with consumers, Fulventory captures the nexus between physical space and eCommerce and advances the symbiotic relationship which exists between the two.
Lou Conforti, CEO and Director of Washington Prime Group, Commentary:
“At Washington Prime Group, we wholeheartedly believe in the above relationship and that’s why we’re rolling out our last mile fulfillment solution, Fulventory. Actually so does the US consumer. According to a Business Insider survey¹, 68% made multiple ‘click and collect’ purchases during 2019 and cited delivery cost (48%), convenience (28%) and speed (39%) as additional BOPIS attributes valued by the US consumer.
“While there’s plenty of statistical evidence which supports capturing the nexus between physical retail and last mile fulfillment, there’s a pretty basic reason as to why these funny sounding acronyms as well as physical retail in general resonate with shoppers.
“At the onset, we’ll be offering three turnkey space options situated within our enclosed and open air assets. All have interior and exterior entranceways and offer 24 hour access. Fulventory space will be situated within a distinct corridor of our assets far enough away from your full price store albeit one heck of a lot closer than that warehouse near the airport where there is no chance whatsoever to upsell an additional item. In addition to utilizing your Fulventory space for local or regional last mile fulfillment, tenants will be able to use it for inventory clearance as it provides a discrete sales location, hence, maintaining separation between full price and discounted merchandise.”
Click here for the collateral material with conceptual renderings.
¹Source: Business Insider, February 22, 2019: ‘Almost 70% of US consumers use BOPIS'
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 which represent the current expectations and beliefs of management of Washington Prime Group Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “confident,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation: changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase store occupancy and same-store operating income; risks associated with the acquisition, disposition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; losses associated with closures, failures and stoppages associated with the spread and proliferation of the coronavirus (COVID-19) pandemic; to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation to update or revise any forward-looking statements to reflect new information, subsequent events or circumstances. Actual results may differ materially from current projections, expectations, and plans, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.