With the growth of e-commerce still outpacing the overall growth of brick-and-mortar sales, retailers are continuing to close stores. While total U.S. retail sales grew 3.7 percent in the fourth quarter of 2014 compared to the same quarter in 2013, e-commerce sales jumped 14.6 percent in the fourth quarter. One year earlier, total sales grew 3.8 percent year-over-year, while e-commerce sales increased 16.0 percent. As e-commerce increasingly grabs a larger share of retail sales, several major retailers are reducing their physical presence, including department stores and specialty retailers such as clothing stores, bookstores and electronics outlets.
During Monday's Apple Watch event, Apple CEO Tim Cook suggested the high-end Apple Watch Edition will be available in limited quantities at a select number of stores. He was likely referring to some of the pop-up shops we've seen under construction in upscale department stores Galleries Lafayette in Paris and Selfridges in London. Women's Wear Daily has shared some more information on the locations where we will see the $10,000-plus Apple Watch Edition and other versions of the Apple Watch shown off around the world.
L.L.Bean, known for selling its trademark boots via catalog for more than a century, plans to make a bigger push into brick-and-mortar retail by more than tripling the number of domestic stores over the next five years, officials said Wednesday. The Maine-based company, which is coming off five years of increasing revenue, will open four stores this year before accelerating growth with a goal of at least 100 stores by 2020, CEO Chris McCormick told workers in a memo. The retail push will include Bean's first West Coast presence with the opening of stores in the Pacific Northwest.
Google has opened its first ever store, located in London, as an increasing number of digital companies are looking to get closer to their customers. The Google Shop will be based inside U.K. electronics retailer Currys PC World on London's Tottenham Court Road - a street packed with tech and gadget retailers and a short distance from Apple's U.K. flagship store.
We've all been there. We've all sat at home on our couches on Feb. 14, a pathetic expression on our faces, laptop open, desperately crying out, "Why can't I find these shoes in stock?!" It's not quite the woe-is-me sob story we're used to reading around Valentine's Day, but it's a sad ending indeed when consumers can't find their retail love match. Even worse, it's an epidemic that strikes all year long.
Bealls CEO Steve Knopik is betting that the Bradenton, Fla., retailer's latest experiment called Bunulu will become a permanent fixture for the 100-year-old company. "We're certainly moving forward as if it's going to be a permanent concept," Knopik said. Pronounced Boo-new-lou, Bealls is targeting the affluent customer living the coastal lifestyle by opening its first three to five stores this fall. "Bunulu is an Aboriginie name that means a place of water," said Bealls Department Stores President Lorna Nagler, who is heading up the launch. "Our tagline for our store is Land, Water and Style."
Led by relentless retail guru Mickey Drexler, Madewell is in expansion mode. It will ramp its store count up to 100 this year and is growing its availability at outside retailers to include Net-a-Porter and, beginning yesterday, Nordstrom. The department store landed 70 styles for its first delivery, which includes outerwear, easy dresses, and denim from shirts to shorts to flares. Tricia Smith, Nordstrom's executive vice president and general merchandise manager of women's apparel, said the partnership was Madewell's idea.
Barnes & Noble has unveiled plans to raise up to $775 million in a spinoff of the company's college bookstore assets in a move that will create a separate, publicly traded company. The plan will separate Barnes & Noble Education from the legacy Barnes & Noble retail and Nook digital businesses. Barnes & Noble last summer had disclosed plans to spin off the Nook Media business, though that business will still be owned by the parent company after the college business spin off. Barnes & Noble has faced challenges in both the physical and digital worlds.
Clothing company Chico's FAS said Thursday it's eliminating 180 positions and may close up to 25 stores to cope with the economy's toll on retailers. Chico's, which operates its namesake retail stores, White House Black Market and Soma Intimates brands, has suffered from weak sales as consumers cut their spending back amid the recession. The job cuts represent roughly 11 percent of its workforce at its Fort Meyers, Fla. headquarters. The move is expected to save the company $15 million over the next year.
A video threatening terrorist action at U.S. and other Western malls sent retailers’ emergency preparedness plans into action after it surfaced over the weekend. But the threat — which caused the Department of Homeland Security to warn American shoppers to stay vigilant, despite the fact that there's no known credible threat — isn't expected to dent traffic at shopping centers, which generated $2.5 trillion in sales last year.
