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Finance & Capital Management

  • CBRE: Hong Kong and New York are world’s most expensive retail destinations

    London -- Hong Kong is the world’s most expensive retail destination, with retail rents at $3,864 per square foot, according to the quarterly rankings of global retail rents from global property advisor CBRE Group. CBRE cited the city’s significant inbound tourist traffic and continued increases in domestic wealth as fueling demand from international fashion and luxury retailers.
     

  • Study finds traditional grocery stores, food brands may fall out of favor

    NEW YORK — It seems that traditional grocery stores and established food brands may lose their position in the market due to a confluence of changing demographics, economic factors and customer preferences, according to new research from global investment bank Jefferies and global business advisory firm AlixPartners.

  • Consumer confidence drops to lowest point this year

    New York -- Consumer confidence unexpectedly declined in July to the lowest level this year as Americans over concerns about the economy, Bloomberg reported.

    The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 72 this month from June’s 73.2 reading. The metric was projected to rise to 73.5, according to a economists surveyed by Bloomberg News.
     

  • Kate Spade in deal to gain full control of Japanese venture

    New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.

    Kate Spade will have full ownership of Kate Spade Japan Co. after it buys Sanei International Co.'s 51%  stake in the business. Fifth & Pacific said the deal is expected to cost $45 million to $50 million, including debt repayment and transaction fees.

  • Is Walmart too big to innovate?

    That’s not exactly the question a couple college professors ask in a new booked called, “The Physics of Business,” but it might as well have been. The authors suggest the forces of scale and efficiency are trumping innovation at U.S. companies of which Walmart is the largest.

  • S&P further lowers rating on J.C. Penney

    New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.

    J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.
     

  • Callaway Golf to cut 12% of work force

    Carlsbad, Calif. -- Callaway Golf said Wednesday it will cut 150 to 170 jobs, or about 12% of its work force, as demand for golf equipment has weakened.

    The eliminated jobs will span all regions and levels, said the retailer.

    Callaway has downwardly revised its full-year forecast after announcing in April that it expected a significant improvement in fiscal 2012.

    The job cuts are expected to generate about $52 million in annual savings.
     

  • PetSmart to open new DC in Berks County

    Harrisburg, Pa. -- Pennsylvania governor Tom Corbett said Thursday that PetSmart will open a new distribution center in Bethel Township, Berks County, Pa.
     
    PetSmart will construct an 870,000-sq.-ft. distribution center in Berks Park 78, a new industrial park located in Bethel Township. The company will start construction on the $50 million distribution center in the fall of 2012, with completion expected in first quarter 2014.

    The project is expected to create at least 500 new jobs by 2016. 

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