Wednesday, January 22, 2020

Express trimming stores in new turnaround move

Chain Store Age
Express Inc. launched a new corporate strategy that involves closing stores and cost reductions.

The apparel retailer said it plans to close approximately 100 stores by 2022, with the total including nine locations that closed in 2019. Another 31 stores will shutter by the end of January 2020, and an additional 35 by the end of January 2021. Currently, Express operates approximately 600 stores. . . . more

Tuesday, January 21, 2020

Papyrus parent to close all stores

Retail Dive
In a letter to employees, Dominique Schurman, COO of Schurman Retail Group, which owns Papyrus stores, said the company would close its doors. The company has hired liquidation firm Gordon Brothers to assist with the going-out-of-business sales, according to the letter, viewed by Retail Dive.

Schurman cited "current challenges of the retail industry" and said the company had been "diligently working to revitalize our business" for months beforehand. Schurman thanked employees and told them more information would follow "as we navigate this difficult time." . . . more

Friday, January 17, 2020

Macy’s newest ‘story’ is wellness

Chain Store Age
Macy’s is encouraging consumers to “feel good” in the newest version of its ever-changing, narrative-driven in-store experiential concept.

The department store retailer has added “Feel Good Story” shops to 36 locations nationwide. The concept is the latest iteration of Story at Macy’s and comes about 20 months after Macy’s acquired Story, the experiential Manhattan retailer that reinvents itself with a new theme every couple of months.. . . more

Tempur Sealy Expands Tempur-Pedic Retail Footprint

Home Furnishings Business
Bedding supplier Tempur Sealy has announced its plans to open its first Tempur-Pedic retail location in Manhattan in June and is opening its 56th store at the Walt Whitman Mall on Long Island on Friday, Jan. 17, expecting to operate 75 to 80 retail locations by the end of 2020.

The one-of-a-kind store in the Bloomberg building in Manhatten will provide customers with a luxury retail experience, and ensure customers have an opportunity to try out and select the right sleep solution for their personalized needs. . . . more

The Department Store of the Future Will Look a Lot Like the Past

The Wall Street Journal
The department store transformed America. Now some of the very forces that fueled its rise have been turned against it. The only way out may be for it to recapture something of its past.

In an era in which online stores such as Amazon.com are battling with giants like Walmart and Target to offer customers anything under the sun, shopping at a department store for many Americans is almost quaint. Retail sales figures from the Commerce Department this past week showed that overall U.S. department store sales were down 7.2% in November and December from a year earlier.. . . more

Thursday, January 16, 2020

Gap is no longer spinning off Old Navy

CNBC
Gap Inc. has called off plans to split Old Navy into a separate public company, the company announced in a press release Thursday.

The apparel maker also announced that Neil Fiske, president and CEO of the Gap brand, is departing.. . . more

Moody’s: Operating income of department stores in 2019 to be down about 20%

Chain Store Age
Another dismal year for U.S. department stores will accelerate change in 2020.

That’s according to a new report from Moody's Investors Service, which said that despite strength in most other sectors of the retail industry in 2019, department stores lost momentum in 2019, with operating income for the year projected to be down about 20%.. . . more