Apparel

New York - It appears that Hudson’s Bay Co. got itself quite a deal when it purchased Saks Fifth Avenue in 2013 for the sum of $2.9 billion, including debt. Saks’s signature  Fifth Avenue flagship has recently been appraised at an whopping $3.65 billion—significantly more than Hudson’s Bay paid for the entire chain.  As much as anything, however, the appraisal reflects the strength of Manhattan’s retail real estate market.

Armonk, N.Y. - Online sales were up 18.7% the weekend before Thanksgiving (Nov. 22-23) compared to the same two-day period in 2013. According to IBM Digital Benchmark analysis, mobile traffic accounted for 48.8% of all online traffic, an increase of 24.4% year-over-year.

In addition, mobile sales accounted for 26.6% of all online sales, an increase of 23.9% year-over-year.

Ann Inc. has named Coca-Cola executive Katie J. Bayne to its board of directors as the company looks to increase traffic and sales.

"Katie is an outstanding addition to Ann Inc.'s board of directors. She brings an exceptional background in strategic marketing and brand management that will add value to the company," said Ron Hovsepian, non-executive chairman of the board. "We're delighted to welcome her to the board and look forward to her insights and contributions."

Hibbett Sports reported relatively flat third quarter same store sales, but the company achieved record new expansion and is prepared to surpass 1,000 units in 2015.

For the third quarter, Hibbett posted profits of $16.9 million, down from $17.3 million in the prior-year quarter. The decline was mainly due to markdowns related to slow selling and aged inventory, the company said.

Ann Inc. President and CEO Kay Krill cited a number of factors that caused the company to report its first decline in same-store sales in 10 quarters.

Flushing, New York - The Shops at Sky View Center announced that Forever 21 has signed a lease with plans to open at the Queens shopping destination this coming spring. The store, to be located on Level D across from Nordstrom Rack, will occupy a 10,093 sq. ft.   

San Francisco – Gap Inc. failed to meet Wall Street expectations for net income and revenue in its third quartet as its namesake brand continues to struggle. The retailer cut its annual forecast as sales at its namesake brand continue to fall, Gap’s net income rose 11% to $351 million from $337 million, helped by lower cost of goods sold and taxes.  

New Albany, Ohio - Abercrombie & Fitch Co. has entered into a franchise agreement with Grupo AXO to establish a retail store presence in Mexico. The franchise arrangement, the first in the company`s history, will encompass both the Abercrombie & Fitch and Hollister brands.