Saks will close “a few stores” that are underperforming and have expiring leases, according to CEO Stephen Sadove speaking at a recent investor conference. Saks will not be breaking any leases because of the high costs that process involves, he says.
Sadove didn’t specifically name any stores it will shut, but yesterday the company announced that it will close two stores in Portland, OR’s Pioneer Place Mall, which is operated by General Growth Properties.
Continue reading ‘Saks Will Close Stores’
Department store sales are improving and many of the big chains are doing a good job controlling inventories after a dismal start to the recession. But for this to continue, they’re probably going to start closing some doors, according to one analyst.
“We’ll see more stores close than open in 2010,” says Walter Stackow, who follows retail for Manning & Napier, in a Reuters interview.
Continue reading ‘Department-Store Closures on the Horizon’
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 November 9, 2009
Nordstrom , Ruby Tuesday , Saks , Sandy Beall
Ruby Tuesday menus are now suggesting what wine to pair with your lobster entree. The New York Times takes an inside look at the 900-restaurant chain and its founder Sandy Beall.
The changes at the chain has lost it a few customers, but “very few people miss the roller skates on the wall and the bad food,” Beall says.
Continue reading ‘Ruby Tuesday Tries the Upscale Approach’
Consumers might be happier with where they shop, but that still doesn’t mean they’re purchasing more. The American Customer Satisfaction Index numbers recently came in, and it increased 0.9% during the fourth quarter, brining it to 75.7 overall on a scale of 100.
The two chains on top, with scores of 80, were Kohl’s and Nordstrom. Too bad their sales don’t reflect the score. Kohl’s same-store sales fell 6.9% in January, while Nordstrom recorded an 11.4% plunge during the same period.
Continue reading ‘Bad Customer Service Equals Good Sales’
June sales results proved that discount chains are the ones winning the battle during this
According to ICSC’s monthly same-store sales survey, luxury stores experienced a 10.9% year over year decline in June, while discounters rose 5.1%. Wal-Mart’s 6.4% gain compared with Nordstrom’s 18.6% decline tells the plainly tells the story.
Continue reading ‘Discounters Rule the Retail Landscape’
To the surprise of few, wholesale clubs and discounters had the strongest sales in February, as the economy continues to smack down consumers. Costco’s same-stores sales rose 7% year over year, and Wal-Mart’s chains advanced a solid (for this environment) 2.6%.
But February’s results still left us with some questions.
Continue reading ‘Costco, Wal-Mart Benefit From Downturn’