Snowy, Cold Winter Weather Chills Sales for Retailers
from USA Today
As if the recession and a shortened post-Thanksgiving shopping season weren't bad enough, Mother Nature is dealing retailers another blow. Stormy winter weather affected many store openings late last week and made driving too treacherous for many to venture out for those last few gifts. More
Chile Deal Spices Up Wal-Mart
from The Wall Street Journal
Wal-Mart Stores has become the envy of U.S. retailers for scaling back store growth two years ago, well before the recession struck. While most of the industry is still struggling to put the brakes on expansion, Wal-Mart has turned outward to find a deal in a coveted international market. Wal-Mart's $2.8 billion offer for Chile-based grocer Distribución y Servicio D&S also shows the world's largest retailer is trying to adapt from past mistakes overseas. In 2006, Wal-Mart threw in the towel in Germany and South Korea by selling its loss-making stores to local competitors. More
Abercrombie CEO locked in through 2013
from Columbus Business First
Abercrombie & Fitch Co. CEO Michael Jeffries is set to head the apparel merchant for at least the next five years. The retailer this week said it struck a new employment agreement with Jeffries that runs until Feb. 1, 2014. A previous contract with Jeffries, 64, was to expire at the end of this year. More
Half Price Books is Helping to Replant Texas after Ike
from the San Antonio Business Journal
Half Price Books has agreed to help Keep Texas Beautiful replant the trees that were lost or damaged in Texas during Hurricane Ike. The Dallas-based new and used book retailer has agreed to donate 10 cents from the sale of its 98-cent reusable tote bags to the nonprofit organization. The company will donate part of the sale of six of its reusable bags at its 39 Texas Half Price Books stores. More
Developers Scramble to Cultivate a New Generation of Executives
from Shopping Centers Today
Thanks to a hot market and years of outreach by REITs and private developers alike, young job seekers are rediscovering retail real estate, observers say. The demand for enthusiastic students of the real estate arts has never been greater, not only in mature markets such as the United States and Europe, but in developing ones in Asia. More
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Retail Group Lowers Holiday Forecast After U.S. Sales Fall
Purchases at U.S. retailers fell last week and a trade group lowered its holiday forecast as recession fears deterred shoppers from spending in the closing days of what may be the worst Christmas sales season in four decades. Sales at stores open at least a year declined 0.6 percent in the seven days through Dec. 20 from a year earlier, the International Council of Shopping Centers and Goldman Sachs Group Inc., said today in a joint statement. More
Bloomingdale's Will Take its Hip SoHo Prototype to California
from the International Council of Shopping Centers
Export SoHo beyond New York City? Bloomingdale’s says it’s possible. Nearly five years after launching its scaled-down, super-chic SoHo boutique, in lower Manhattan, Bloomingdale’s is expanding the concept. The company plans to open two more SoHo stores, one at Santa Monica, Calif., Place in 2010, and the other at Georgetown Park, in the Georgetown district of Washington, D.C., in 2011. More
Landry's Restaurants Signs $81 Million Credit Deal
from The Associated Press via Forbes
National restaurant, hotel and casino company Landry's Restaurants Inc. said it signed an $81 million credit agreement and is using the financing to refinance debt under a prior credit deal. The new agreement includes a senior credit facility of $50 million and a $31 million term loan. It was arranged by Wells Fargo Foothill, part of Wells Fargo & Co., and Jefferies Finance LLC, as co-lead arrangers and co-bookrunners. More
Grocery Stores Stepping into the Financial Services World
from Retail Customer Experience Magazine
Kroger, the largest pure grocery chain in the United States, has offered a private-branded credit card for five years, but newer additions to its financial services product line see the company moving into territory traditionally dominated by banks. Some of those additions include mortgages, renter's insurance and even pet insurance, all advertised prominently at the checkout counter through new POP displays. More
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