retail Archive

Empty Space Haunts Fifth Avenue as Retailers Balk at Rent Hikes

NEW YORK, United States — Landlords on Manhattan’s Fifth Avenue are sitting on a record amount of open space as retailers balk at committing to expensive new leases in one of the world’s most prestigious shopping districts. The availability rate on the famed strip, home to Saks Fifth Avenue and Tiffany & Co.’s flagship store, jumped to 15.9 percent in the third quarter, up from …

Banana Republic to Close All UK Stores

LONDON, United Kingdom — Banana Republic will close all eight of its stores in the UK, the company confirmed today. The decision forms part of a longer-term strategy to boost the Gap Inc-owned brand’s overall business performance after more than a year of disappointing sales. “After a thorough evaluation process, the company has decided to close eight Banana Republic stores in the United Kingdom,” a company spokeswoman …

Macy's Flagship in New York Debuts Apple Shop

NEW YORK, United States — Customers at Macy’s flagship store in New York will be able to wander over from eyeliner to iPads. Macy’s launched an Apple shop Friday at its Herald Square store, the first US department store with a hub devoted to the brand. The shop features a range of products including iPhones, iPads, MacBooks, and the new Nike-branded Apple watch. Staffed by …

BlackRock Increases Stake in World’s Biggest Jewellery Retailer

HONG KONG, China — One of the worst analyst-rated jewellery retailers in Hong Kong has caught the attention of the world’s largest asset manager. BlackRock Inc. increased its stake in Chow Tai Fook Jewellery Group Ltd., and added the stock to its global long/short equity fund in the third quarter, according to data compiled by Bloomberg. European investment firms Gamax Management AG and Robeco Groep NV …

US Retail Sales Rose in September by the Most in Three Months

NEW YORK, United States — Retail sales climbed in September by the most in three months, showing American shoppers began to spend freely again after shying away from merchants earlier in the quarter. The 0.6 percent advance followed a revised 0.2 percent decline in August, Commerce Department figures showed Friday. So-called core sales, used to calculate gross domestic product, rose a smaller-than-projected 0.1 percent. Years of …

Amazon to Hire 120,000 Temporary Workers for Holiday Season

NEW YORK, United States — Amazon.com Inc said on Thursday it would hire more than 120,000 seasonal employees across its fulfilment centres, sortation centres and customer service sites in the United States in the upcoming holiday season. More than 14,000 seasonal positions were transitioned to regular, full-time roles after the holidays last year, and the company expects to increase that number this year, Amazon said. …

Amidst Hong Kong Gloom, Joyce Launches Redesign With Theatrical Exhibition

HONG KONG, China — For the past 18 months, retail sales figures in Hong Kong have suffered thanks to a sharp decline in tourism from the mainland and the rising popularity of online shopping, among many other factors. In the first half of the year, retail sales plunged 10.5 percent compared to the previous year — the biggest drop since 1999 — resulting in many …

Will Anthropologie Win Where Traditional Department Stores Have Failed?

PHILADELPHIA, United States — Walking into an Anthropologie store is a sensory experience, incomparable in its visual richness and tactile quality to that of most other retailers. An ode to the cultured bohemian, a rainbow of floral-etched serving bowls might be stacked on a found-wooden table, a suite of turquoise-accented flatware laid out nearby. Just steps away, next to a velvet armchair piled with hand-woven …

Can Tory Burch Build Another Billion-Dollar Brand?

NEW YORK, United States — If Tory Burch’s “accessible luxury” empire was built on the Reva, a ballet flat adorned with a gold ‘TB’ buckle reminiscent of the art-deco-inspired doorknobs bolted onto grand Palm Beach homes, the crown jewel of Tory Sport, her activewear brand, may turn out to be the $125 Chevron legging, which riffs on 1970s athleticwear without being overly retro. The leggings …

Gap Climbs After Better Than Expected September Sales

SAN FRANCISCO, United States — Gap Inc. shares rose as much as 6.7 percent in late trading after its September sales were a bit better than expected, boosted by a rebound at its Old Navy chain. Same-store sales gained 4 percent at Old Navy last month, the San Francisco-based retailer said on Thursday. Analysts had projected growth of less than 1 percent, according to Retail …