One chain that is on the watch list of many industry observers this year for mass store closings is Borders Group. It is second place to Barnes & Noble in a flailing retail sector with only two major national chains pressured by technology.
Plus, it consistently reports weak earnings, at least, until its fourth quarter results came out earlier this week. Borders earned just under $60 million, nearly doubling what it brought in during the same year-ago period, and its stock soared as a result.
Continue reading ‘Can We Trust the Borders Bump?’
Published March 30, 2010
Athleta , Forth & Towne , Gap , Lululemon
Published December 4, 2009
Abercrombie , Aeropostale , Black Friday , Children's Place , Gap , ICSC , Nordstrom , Ross Stores , Saks , TJX Cos.
November’s same-store sales were released yesterday, and retailer’s results were far from overwhelming. The International Council of Shopping Centers says sales overall were actually down 0.8% year over year for the month.
Dow Jones has a pretty comprehensive list of individual retailer performance, and there are a lot of duds. Saks plunged 26.1%. Abercrombie & Fitch fell 17%. Children’s Place dropped 13%.
Continue reading ‘A Good Black Friday? Ask Abercrombie’
Published August 20, 2009
Gap , Mets
[Editor’s Note: Ian Ritter is taking a much-deserved vacation over the next week, and GlobeSt.com retail reporter Debra Hazel is filling in for him on Counter Culture. Please be nice.]
Mention 1969 to any New York Mets fan, and we all get a little dreamy with visions of Seaver, Koosman, Ryan and the late great Gil Hodges (yes, man walked on the moon and there was some concert upstate, but we have our priorities straight). But that year also saw the birth of The Gap, so the company is celebrating its 40th anniversary with a concert to be simulcast in more than 700 stores this evening, contests and a casual day (in 1969 Premium jeans) at the New York Stock Exchange tomorrow.
All the hoopla, however, can’t erase the fact that like the Mets, recent years haven’t been kind to The Gap. Final second quarter sales and earnings will be released later today, but total company July comp sales were down 8%. On Aug. 6, the company said its second quarter comps also decreased 8%.
Continue reading ‘Will Gap’s 40th Change Its Luck?’
A new book called Cheap: The High Cost of Discount Culture is suggesting that outlet malls are deliberately trying to fool consumers. Excerpted on the site AlterNet, the book has some interesting assertions:
It says outlet malls’ long distances from metropolitan centers aren’t only a result of developers trying to get cheap real estate. It’s also a psychological maneuver that makes people want to buy more since they’re investing more time. “Because the effort required to reach and shop at them is substantial, even extraordinary, the experience of going to the outlet is elevated in our minds to ‘special occasion’ status.”
Continue reading ‘Are Outlet Malls a Scam?’
Published August 22, 2008
Gap , store closings
How could this have happened?
The largest apparel retailer in the US didn’t really plan where it was putting stores, according to Chairman and CEO Glenn Murphy. “We’ve never had a clear real estate strategy,” Murphy said. “We now have that information, and it will allow us to make quick decisions.”
Continue reading ‘Gap Had No Real Estate Strategy’
Published June 11, 2008
Gap Inc. Chairman and CEO Glenn Murphy yesterday told a New York City investor conference that his company is looking at combining concepts into single stores and reducing store count.
The retailer will accomplish this, in some cases, by putting an adult Gap, along with baby, body and kids concepts, under one roof creating a superstore.
Continue reading ‘Will Gap’s Downsizing Work?’