Department Store

Target salvaged its fourth quarter with a 3.1% increase in January same store sales that followed disappointing results in December and November.

Target said sales for the five weeks ended February 2, increased 29.6% to nearly $6 billion due to the inclusion of an extra week in the recent reporting period.

New York -- Department store retailers reported strong sales in January as shoppers responded positively to post-holiday clearance events.  

Overall, the 20 retailers reporting January comps saw an average rise of 5.1%, according to the International Council of Shopping Centers, which beat the mall trade group’s 3% forecasted rise.

By Gary Glick, partner, Cox, Castle & Nicholson LLP

Business-to-consumer e-commerce sales in 2012 grew 21.1% to top $1 trillion for the first time, according to new global estimates by research firm, eMarketer. 

The firm predicts that 2013 will be even better, with e-commerce sales up 18.3% to $1.298 trillion worldwide, on the strength of the Asia-Pacific market. 

New York -- Social media isn’t likely to become an important retail channel anytime soon, according to a new report by PwC. The study, “Demystifying the Online Shopper: 10 Myths of Multichannel Retailing,” found that in-store shopping is still center to the shopping experience.

“Our report finds that the physical store remains the centerpiece of the purchase journey, while devices are used significantly for product research and deals,” said Susan McPartlin, PwC’s U.S. retail & consumer sector leader.

New York -- J.C. Penney Co. filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months, Reuters reported.

According to the report, J.C. Penney received a letter earlier on Monday from the Brown Rudnick law firm that said J.C. Penney had breached a covenant of a bond indenture agreement by granting a lien on its inventory. J.C. Penney filed the lawsuit after receiving the letter.     

New York -- Cache announced that it has appointed Jay Margolis as chairman and CEO of Cache. Concurrent with the appointment, Thomas Reinckens will step down as chairman and CEO.
 
Margolis most recently served as president and CEO of Limited Brands’ Apparel Group (Express and Limited Stores), where he was responsible for revamping the product line and leading the successful operational turnaround of the businesses. Prior to Limited Brands, he was president, COO & director of Reebok International.
 

NEW YORK — A new line of apparel, toy and specialty goods inspired by Nickelodeon's Dora Rocks! is now avaible exclusively at Target stores and on Target.com through April.

"We are excited to bring the Dora Rocks! experience to Target's guests," said Ron Johnson, SVP retail development, Nickelodeon Consumer Products. "Dora Rocks! extends the interactivity kids and parents have come to expect from the show, bringing Dora into their homes with specially designed products."

Items available exclusively at Target include: