International Business

It is hard to overstate the significance of Target’s entry into Canada in terms of the impact it will have on the company’s growth and the marketplace overall. You would have to go back to 1992 and Walmart’s acquisition of 122 Woolco stores to find an event of similar magnitude, and even that deal comes up short compared with Target’s plans to open as many as 150 stores beginning in early 2013.

As Hurricane Irene raged up the East Coast over the weekend of Aug. 26-28, Apple -- like many retailers strategically positioned in the storm’s path -- turned out the lights on its New York-area stores, including all three Manhattan locations, New Jersey and Connecticut, to shield itself from Irene’s wrath.

But on the same day it temporarily shuttered its East Coast stores, Apple officially opened locations in North Carolina, Arkansas and, yes, France.

PARIS — Gap Inc. has announced plans to open its first Banana Republic store in France in Paris in early December. Synonymous with culture, quality, heritage and style, the store will be , one of the most popular international shopping destinations in the world.

The 15,952 sq. ft. Paris flagship store will be located on Avenue des Champs Élysées and will occupy more than two floors.

San Francisco -- Gap announced Monday that it will open its first Banana Republic store in France in Paris in early December. The 15,952-sq.-ft. store will be located on Avenue des Champs Élysées, one of the most popular international shopping destinations in the world.

“Following the success of our London and Milan openings, we are delighted to bring Banana Republic to Paris and take another exciting step in our international growth strategy,” said Stephen Sunnucks, president, International, Gap.
 

NEW YORK — Customers with expensive taste will have greater access to luxury now that Saks is planning to open five new Off 5th stores throughout the United States. According to the company, these new stores will be located in upscale outlet, lifestyle, or strip centers, and each store will be designed in Off 5TH's unique "luxury in a loft" format. The new stores should have a particular appeal to foreign tourists, who helped drive up same-store sales to about 15% at Saks' flagship New York store.

New York City -- Supporting continued strength in the luxury sector, Tiffany & Co. reported Friday that profit for the quarter ended July 31 soared 33% to $90 million, from $67.7 million a year earlier. Results surpassed Wall Street estimates, and the jewelry retailer raised its full-year profit outlook.

Revenue surged 30% in the quarter, to $872.7 million, beating analysts’ expected $785.6 million.  Same-store sales jumped 22%.

NEW YORK — The economic headwinds so often cited by mass market retailers as a drag on financial results had no impact on luxury goods retailer Tiffany during the second quarter. The company’s earnings per share excluding non-recurring charges increased 58% to 86 cents, well ahead of the 70 cents analysts’ expected as the retailer’s customers didn’t let lingering unemployment and economic uncertainty dampen their enthusiasm for luxury goods.

From Gap and Coach to Best Buy and Starbucks, retailers across the board are looking to high-growth emerging markets to expand their business and increase revenues. Not surprisingly, China is a prime -- if not the No. 1 -- target of many retailers.