Archive for the 'Saks' Category

Starbucks Ready for Growth Again

Starbucks is ready to start opening cafes again after a couple years of cost cutting resulted in the closure of hundreds of locations. During its fiscal year, the company plans to add 100 US stores as well as 200 internationally.

Management has high expectations for improved sales growth as the economy recovers. Starbucks also declared its first dividend at its annual meeting of shareholders yesterday.
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Saks Will Close Stores

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 Closures on the Horizon

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’

Retailers Not Holiday Deep Discounting

So as the holiday season enters its last few shopping days, it looks as if retailers aren’t going the Black Friday route and offering deep discounts to draw in throngs of shoppers.

“It’s a much more controlled environment,” Saks CEO Stephen Sadove was quoted saying in the Wall Street Journal.
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A Good Black Friday? Ask Abercrombie

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’

Ruby Tuesday Tries the Upscale Approach

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’

February Another Tough Sales Month

Analysts are predicting that most retailers had another tough sales month in February.

Department stores and apparel chains are seen getting hit the hardest, with same-store sales drops forecast at 10.1% and 8.6% respectively, according to one article.
Continue reading ‘February Another Tough Sales Month’

This Holiday’s All About Sales

People might shop this holiday season after all – if retailers keep slashing their prices. This BusinessWeek article says that Old Navy has pairs of gloves for $1, and even Saks has slashed prices on some items by almost half.

Says retail analyst Jennifer Black: “”I have never seen any environment like this. The fight is on … They are all scared.”
Continue reading ‘This Holiday’s All About Sales’

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November 2020

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