Consumers spent less, companies slowed their restocking of shelves and the nation's trade deficit dragged more on the economy in the April-to-June quarter. In a separate report, the Commerce Department said the recession was deeper than previously estimated.. . . more
Friday, July 30, 2010
"Our positive momentum from the first quarter continued," said Simon CEO David Simon in a prepared statement. “The improvement in business conditions extended into the second quarter as demonstrated by higher occupancy and sales. Sales for our malls and Premium Outlets during the second quarter of 2010 were 4.9 percent higher than in the second quarter of 2009, and occupancy grew 90 basis points from March 31, 2010.”. . . more
The recession brought many middle-class customers to Walmart for the first time. Now that the economy has shown some improvement, the discount retailer is trying to keep them coming back, in part by giving stores a fresh new look.
Called "Project Impact," the effort began in 2008, and the company hopes to have all stores remodeled by 2013.. . . more
In all, the Centro organization has addressed slightly more than $2.7 billion of $3.2 billion in debt that’s coming due. In a release from Centro’s Australian headquarters, the company says “a number of options to address the remaining balance of approximately $440 million are being considered, and we remain confident these will be resolved in due course.”. . . more
Thursday, July 29, 2010
Goldman Sachs Group Inc and Citigroup Inc will sell a $788.5 million commercial mortgage-backed security, according to a term sheet sent to investors, in the largest deal of its kind since volume began crawling back after the financial crisis.
Wal-Mart hopes to build a 155,000-square-foot, 24-hour superstore at a site off Ashleigh Drive — a key piece in the town's economic development puzzle for that area of Route 28.. . . more
To boost traffic and transactions, the company plans to focus on generating "a sense of urgency to shop with more frequent and high impact product introductions supported with enticing offers."
Build-A-Bear is also looking at new revenue streams outside its retail stores, including a new license agreement with Michaels Stores for the distribution of Build-A-Bear Craftshop kits beginning in September, Clark said.. . . more
The Remodelers Outlet recently opened in a new space, taking the first-floor area in the building formerly used by the Burlington Coat Factory, 657 Quarry St. The self-described “outlet with a personal touch” was previously located in the same building, but in a location that forced the business to use three floors to display products.. . . more
The company also said it plans to open kiosks offering cell phones and wireless products in most Target stores by mid-2011. Those kiosks will begin appearing next month.. . . more
How did I happen upon this astounding discovery? Scanning the news recently, I noticed an article about a recent study with the grandiose name of the “American Express Global Customer Service Barometer” a comprehensive, costly (one assumes) international survey “exploring attitudes and preferences toward customer service”. Know what they discovered? . . . more
Wednesday, July 28, 2010
In the golf section at Play It Again Sports in Dedham, behind rows of slightly worn soccer cleats and bins of brand-new baseballs, Finbar Ford of Walpole admired a used, $30 left-handed wedge.
Ford has been doing more second-hand shopping during the down economy as the cancellations for his construction business have piled up. But it wasn’t just a deal that Ford, dressed in shorts and work boots, was after at the store. “It’s recycling,’’ he said.. . . more
The company said in a news release Tuesday that Knous, 56, will be available to help with the transition after stepping down as CFO on Friday.. . . more
Overall occupancy in Kimco’s combined shopping center portfolio was 92.7% at the end of the quarter, an increase of 40 bps compared with second quarter 2009. In the U.S. portfolio, occupancy was 92.3% as on June 30, 2010, an increase of 50 bps compared with the year-ago period. . . . more
"While J.C. Penney has long gotten credit for its value and quality, we often don't get credit for our style," Coutlas said. "We want new customers to discover the fashion of J.C. Penney and also want customers that may have not been in a J.C. Penney in a few years to come give us a try.". . . more
Cravings and fun atmospheres drive consumers to restaurants rather than the local supermarket when time-starved families need a solution to the age-old question, “What’s for dinner?” according to a new report from The NPD Group.
The market research firm found that nearly two-thirds of prepared foods sold at retail come from traditional supermarkets, but there are advantages that restaurants can leverage to prevent further erosion in their takeout-meal market share from what NPD calls food stores.. . . more
The Jacksonville-based supermarket chain wouldn't say which stores are closing until company officials can inform the employees involved, which should happen by the end of Wednesday.
The stores being closed "can't operate efficiently or profitably" in this economy, CEO Peter Lynch said.. . . more
Tuesday, July 27, 2010
The new venue at 126 Brookline Avenue will fill space formerly occupied by The Boston Billiard Club and will feature indoor and outdoor seating for up to 500 customers.. . . more
Frank Guidara, president and chief executive of the Boston-based Uno, announced Monday the reorganization plan approved by United States Bankruptcy Court for the Southern District of New York. . . . more
The median selling price for Bay State single-family homes in June was $331,150, up 8.2 percent from $306,000 in June 2009. The June 2010 median price was the highest median price of any month since June 2008.. . . more
No major expansion plans were made public by the retailer, but the company currently operates about 100 of these stores, and it seems prepared to open more. . . . more
From a marketer's point of view, one of the poll's findings is particularly alarming in this regard: 65 percent of respondents agreed with the statement, "Even though I am spending less on products now, it doesn't feel like I'm sacrificing that much.". . . more
Revenue fell 9.6 percent to $11.5 billion as the company exited certain markets.
CEO Craig Herkert said Supervalu, based in Eden Prairie, Minn., is trying to serve its customers and cut its costs as it attempts to rebuild its brand. It still faces challenges as shoppers keep a tight lid on spending and shop around more. Discounters and other grocers are increasingly competing on prices with Supervalu's chains, he said. . . . more
Monday, July 26, 2010
If you're looking to reach upholders of traditional American values, your best bet might be the Hispanic market.
The market is growing: The 2010 Census expected to count a record 50 million Hispanics, or one in every six U.S. residents, meaning the Hispanic population will have increased a stunning 42% from the previous census in 2000.. . . more
A California-based apparel business is opening its flagship Las Vegas store at Fashion Show mall today, taking 126,000 square feet of retail space that was leased but never occupied by Lord & Taylor when the Strip shopping mall expanded in 2002.
It will be the largest store in Nevada for Forever 21, a brand retailer that specializes in lifestyle clothing and accessories targeted toward the text-messaging generation of consumers.. . . more
LNR Property Corp., a Miami Beach-based real estate company behind the ambitious redevelopment project, plans to subdivide the air base into parcels that it can sell to home builders and commercial developers who would then construct SouthField, where 2,855 homes, offices, restaurants, retail shops, an 18-hole golf course, turf athletic fields, an ice skating rink, and film studio complex are planned.. . . more
Friday, July 23, 2010
Getting hit the hardest are independent operators, NPD says, while large chains' unit counts remained largely unchanged. Another interesting fact: Total spending at restaurants declined 1% over the period, the first time NPD has tallied a decrease since it started following the industry in 1976.. . . more
Under Chief Executive Officer Jeff Bezos, capital spending ballooned to $196 million last quarter as Amazon.com built more warehouses to help ship a growing array of products that range from books to car parts. He’s also adding data centers to beef up a business of providing computing services to companies.. . . more
Martin replaces Ron Marshall, who has left A&P after roughly five months in the job. Martin had been COO at OfficeMax since 2007.. . . more
Thursday, July 22, 2010
Bottom Dollar Food opened its first store in High Point, NC on Sept. 21, 2005. The company has grown since to 28 stores in North Carolina, Virginia and Maryland. . . . more
Chairman and CEO Sam Duncan will assume Martin’s COO duties, effectively immediately, and said the office supplies retailer will not immediately seek a replacement for Martin.. . . more
Leonard Green & Partners earlier this month said it had acquired a 9.5% stake in the retailer and intended to discuss potential financing deals, including a “going-private” transaction with the retailer.. . . more
Forty-two percent of surveyed operators said they expected to add hourly workers in the third quarter while just 5 percent plan to cut staff. Nearly half of the respondents plan to hire more managers and none planed to reduce their management workforce.. . . more
Today, nearly three out of four U.S. retailers have some kind of mobile initiative in place, yet many of them are still in pilot stage. . . . more
Target's first store on the New York island officially opens Sunday -- with merchandise tailored to the neighborhood, including Spanish-language greeting cards, multicultural dolls, religious candles and renowned Southern food produced locally. It's a key step in the discounter's push into urban markets to fuel its growth.. . . more
Wednesday, July 21, 2010
According to Softpedia, Microsoft COO Kevin Turner made the comments during the company's recent Worldwide Partner Conference (WPC). "We're going to build dozens more stores. And we're just getting started on that. And we're going to keep building them," Turner reportedly said at the event. . . . more
Several retailers can attest to the sometimes overwhelming power of promotional messages on social channels. But despite the hype of viral coupons testing retailers’ agility, studies suggest email is still the more effective promotional channel. . . . more
Blackstone Group LP, which had weighed a joint offer with Fort Worth-based TPG, is not likely to pursue the electronics retailer on its own, said another person with knowledge of the discussions, who asked not to be identified because the process is private. . . . more
Construction of the 12,500- square-foot store at the Essex Shoppes and Cinema began a year ago. EuroWest Properties, which owns the shopping plaza, closed its deal with CVS in June 2009.. . . more
High-volume mass-market retailers may seem to be marginal competition for home centers and hardware stores, but inspired by the soft economy, they are picking their competitive spots.
Of course, mass-market retailers are important rivals in a couple of critical categories, most of them associated with outdoor living. Recently, one major mass-market player has matched a home center on a major backyard initiative.. . . more
Chief Executive William McComb said Tuesday that the current fleet of Liz-branded outlets—87 locations in the U.S. and Puerto Rico—was designed to handle clearance for many brands in its portfolio, a plan he called outdated, adding that it no longer makes economic sense, given changes to the company's business strategy. . . . more
Tuesday, July 20, 2010
It seems these days that half the headlines in the financial media fear a double-dip recession, as do half the conversations on Wall Street. There certainly are risks, not least in Europe’s financial difficulties. But still, there are reasons to question such widespread concerns. History, after all, offers only one true double-dip experience, and that grew out of a policy error. More, the actual data on the economy fly in the face of such an outlook. Following are seven reasons to doubt the double-dip outlook. . . . more
Target Corp. is entering the game for the first time, with a one-day online sale starting Friday on 500 items from clothing to Blu-ray disc players that's modeled after sales typically held Thanksgiving weekend. And Sears and Toys R Us are dramatically promoting "Christmas in July" online and in the stores based on the success they saw in last year's efforts.. . . more
Monday, July 19, 2010
The sofabed retailer has agreed with its largest creditor and foreign supplier Haining Mengnu Co. to convert a large part of its pre-filing debt into equity of the company.. . . more
Almost two-thirds of the survey respondents said overall business conditions in retail were better now than a year ago, in marked contrast to KPMG’s survey last summer when only one-fifth thought so.. . . more
Retailers are having second thoughts about orders they placed earlier this year, when the economic recovery looked stronger and Americans were more willing to spend money.. . . more
The new store is the first of five the specialty retailer says it will open in fiscal year 2010 as part of the test phase of its new factory store concept.. . . more
Tuesday, July 13, 2010
On a week-over-week basis, sales fell 1.5% after two weekly gains. Customer traffic patterns were mixed by segment with discounters and specialty apparel retailers benefiting over the last week. . . . more
Neiman's rollout of the Studio, a boutique version of its Last Call Clearance Center outlet, comes as sales at luxury department stores have fallen in the face of the downturn, bolstering the case for more off-price shops that appeal to a broader range of consumers. . . . more
Borders said it was required to use $25 million of the proceeds to reduce the amount outstanding under its $90 million term loan credit facility.. . . more
Monday, July 12, 2010
Then, in came the recession, and out went the niceties. Department stores slashed prices on $1,200 handbags, while luxury lines fretted about losing their exclusivity. . . . more
Friday, July 9, 2010
Specifically, when loans went bad, the banks didn't write the loans off - they lent the bankrupt borrowers more money so the borrowers could keep paying interest on the original loan. Thus, the bank and the borrower could pretend that everything was hunky dory.. . . more
The credit card operation contributed about 5 percent of pretax profits to the Minneapolis-based retailer in 2009, but it has been hit with high numbers of write-offs during the recession as consumers got into financial trouble.. . . more
Yucaipa accuses Barnes & Noble directors, including Chairman Leonard Riggio, of engineering a “self-dealing scheme designed to entrench the Riggio family” as controlling shareholders and to stymie Burkle’s efforts to gain seats on the board. . . . more
That will give nonprofit Goodwill — which has dominated the secondhand goods market and practically invented the thrift store concept in Boston about 100 years ago — a run for its money.. . . more
Thursday, July 8, 2010
A score of 50 is neutral.
“Massachusetts employers report that current business conditions are now mildly favorable, and they are optimistic though not exuberant about continued improvement,” Raymond G. Torto, global chief economist at CB Richard Ellis Group, Inc. and chairman of AIM's Board of Economic Advisors said in a prepared statement.. . . more
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Limited Brands and teen apparel chains like Abercrombie & Fitch Co, Hot Topic and Zumiez reported some of the biggest gains. Warehouse club Costco Wholesale Corp, however, missed expectations as its stores are closed on Memorial Day.. . . more
Wednesday, July 7, 2010
The company said Wednesday its goal with the new store and e-reader is to take 17 percent of the electronic book market by next July. Amazon has the Kindle e-reader and Barnes & Noble Inc. has the Nook, and all the players are cutting prices to woo buyers.. . . more
Sales probably expanded at an average monthly rate of 4 percent in the first five months of the retail fiscal year that began Jan. 31, the biggest gain since 2006, the International Council of Shopping Centers trade group said in advance of its June report tomorrow.. . . more
Shopping centers and strip malls have been pounded harder than other types of real estate, hurt by weak consumer spending, anemic job growth and an oversupply built to serve new housing that never materialized.. . . more