Strategy

New York -- Coach on Tuesday reported that its net income for three-month period ending on March 30 rose 6.2% to $238.9 million amid strong sales in North America, beating analysts’ expectations. The company also disclosed that its longtime president and executive creative director, Reed Krakoff, will step down when his contract expires next year in order to focus on his own namesake brand, which is owned by Coach. Coach said it is already looking for a successor.

New York -- The National Retail Federation applauded a Senate vote to proceed with debate on S.743, an act to level the sales tax field for online and brick-and-mortar stores.

NRF president and CEO Matthew Shay issued the following statement: “NRF applauds today’s Senate vote on the Marketplace Fairness Act and we commend Senators Enzi, Durbin, Alexander and Heitkamp for their skilled leadership in moving this legislation ahead.”


New York -- Icing, a division of Claire’s Stores, is being re-branded with a new store design, new logo and updated imagery, Women’s Wear Daily reported.

The jewelry and accessories retailer plans to open some 35 stores this year, including a flagship in Chicago. The new locations will feature the updated design. Existing stores will be remodeled.
 

TORONTO, Ontario — U.S.-based specialty retail apparel chain Express has completed its move to parity pricing, in an effort to grow its customer base in the Canadian market.

Consistent North American pricing for all apparel and accessories available at the retailer will ensure that shoppers throughout the United States and Canada can enjoy the same value and shopping experience. Online shoppers will also be able to take advantage of the parities, including an $8 shipping fee, as well as free shipping on all orders totaling more than $125. 

HOFFMAN ESTATES, Ill. — An armed robber allegedly stole sensitive electronic information on pharmacy customers from a Kmart store in Little Rock, Ark., last month, the mass merchandise retailer said.

By Leslie Hand, research director, IDC Retail Insights

Ron Johnson's highly publicized short tenure at J.C. Penney, or JCP, as it was rebranded, will certainly make it into the textbooks and graduate theses on what to do and what not to do when undertaking a significant retail business transformation. The primary failure was not putting customer needs first in what promised to be an excellent long term strategy. Oops — forget the customer in an omni-channel customer strategy?

What a colossal mistake!

Fort Worth, Texas -- RadioShack Corp. on Tuesday reported a bigger-than-expected first quarter loss on weak sales of wireless phone contracts. The company also reported that it is updating its brand and will begin remodeling select locations with a new look and feel over the next few weeks.

Joseph C. Magnacca, a former Walgreens executive who became CEO of RadioShack in February, remarked on the initial priorities and initiatives underway. Last week, he named a new chief marketing officer and a new SVP store concepts.

New York -- Saks Inc. says it plans to close its Saks Fifth Avenue store in WestShore Plaza in Tampa, Fla., on May 4.

Steve Sadove, chairman and CEO of Saks, commented: “This planned closing is in line with our strategy of using our resources in our most productive Saks Fifth Avenue stores. We regularly assess the productivity, profitability, and potential of each of our stores and may determine that a closing is appropriate from time to time.”