Mall Traffic Returns to Pre-recession Level
from Chain Store Age
The latest ShopperTrak report found that mall foot traffic in both May and June was equal to that of May and June 2008, representing a return to "pre-recession" traffic levels. In fact, after adjusting for the fact that Easter fell in different months in 2008-2009, traffic has been steady year over year since February.
Built to Last
from Retail Merchandiser
A focus on essentials, customer service, and an efficient experience has brought success to drugstores while most in the retail sector are suffering. These industry experts share a behind-the-scenes look at bringing cash-conscious consumers into your store. More
Amazon's Buy Steps on Retailers' Toes
Amazon.com announced the acquisition of Zappos.com, a rapidly growing Internet footwear and apparel retailer with revenues of $600 million-$700 million. To the extent that Amazon can accelerate growth at Zappo's by leveraging its existing customer base, we believe this acquisition will further erode market share at the undifferentiated mall-based boxes like Foot Locker, which in our view is an overstored concept in an overstored industry (there are over 20,000-plus places to buy sneakers in the U.S. and often 10-plus in any given mall). More
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Back-to-School Shoppers Plan to Spend Less, Save More
Spending may drop in the U.S. back- to-school shopping season as more consumers, concerned about job losses, set money aside in the recession. Thirty-two percent of U.S. consumers said they are saving more, up 10 percentage points from a year earlier, according to a survey released by New York-based Deloitte LLP. More
CIT Group Sweetens Debt Buyback Offer
from The New York Times
Small-business lender CIT Group Inc. said it has sweetened some terms of a buyback offer for $1 billion of debt and repeated that it may have to seek bankruptcy protection if enough noteholders don't agree to it. The New York-based financial company said in a regulatory filing that if the offer is successful it won't file for bankruptcy and will pursue a restructuring through other unspecified ways. More
Box Stores Target Lighting Inefficiencies
from The New York Times
American retailers looking to save energy are aiming high — just below the roof rafters. That's where a small revolution is underway to replace 70-year-old magnetic-ballast lighting technology with efficient electronic circuitry. By using electronic ballasts — the transformers that regulate the current and voltage needed to operate the lamps — and a software-based energy management system, Wal-Mart, Publix and other retailers say they can typically cut a store's lighting costs in half. Those savings are realized in a number of ways. More
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The Nation's Retail Power Players
from STORES Magazine
Most would admit tat 2008 was a bad year for most retailers — and 2009 hasn’t exactly been great, either — yet there is hope that the bottom has been reached and the economy might show signs of real improvement before the year is out. Not that all retailers are in the same boat. More
Wal-Mart Using Its Clout to Go Green
from The Boston Globe
Will Wal-Mart’s Sustainable Product Index change the way we shop? The mega-retailer is working with suppliers to collect information about the environmental impact of products it sells and plans to share that information with consumers via a simple rating. Harvard Business School professor Rosabeth Moss Kanter blogged that Wal-Mart’s new initiative "changed the game with respect to environmental issues." More
Bankruptcy Court Approves Eddie Bauer Bid
Clothing retailer Eddie Bauer Holdings Inc. said that Golden Gate Capital's $286 million cash bid was approved by the bankruptcy court. The deal is set to close in early August. The company, which filed for Chapter 11 bankruptcy protection in June, said earlier in the month the bid was the highest and best offer in its bankruptcy auction. More
NRF Chief Named a Top Association CEO
from Chain Store Age
The National Retail Federation announced that president and CEO Tracy Mullin has been named one of the top association CEOs in the country. The list, which ranks association leaders from all industries, is published in the July edition of CEO Update. According to the article, top CEOs were chosen from interviews with hundreds of CEOs, executive recruiters, and CEO Update staff. More
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Grocers Increasingly Taking Over Vacant Big Boxes
from Retail Traffic
Later this year, Seafood City, a California-based supermarket chain specializing in Asian cuisine, will open a new store in Concord, near San Francisco's Bay Area. In its new location, Seafood City will benefit from high visibility on Diamond Boulevard, a trade population of 133,430 within a five-mile radius and average household incomes of $88,184 per year. But the supermarket chain won't be building a new store. Instead, it will take over a 61,833-square-foot former Circuit City box it recently bought from the Red Mountain Retail Group, a Santa Ana, Calif.-based retail developer, in a $10,280 transaction. More
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