Department Store

Saks Off 5th is joining the likes of Nordstrom Rack, Marshalls and Old Navy as the newest tenant at a Southern California shopping center that serves by value conscious residents of a community synonymous with celebrity and glamour.

New York -- Saks Fifth Avenue Off 5th will open its first store in Los Angeles County, in the Beverly Connection shopping center in Beverly Hills California.

The new two-level, 27,000-sq.ft. store will be fashioned in an open, modular layout.

“Saks Fifth Avenue Off 5th’s move to Beverly Hills is an exciting venture for us,” stated Jonathan Greller, president of outlets, HBC (Saks’ parent company).
 

L Brands continued to be a bright spot in specialty retail in March, reporting a 9% increase in same-store sales.

The company said an earlier Easter and the spring break season helped its March sales increase 6% from the year before. L Brands is the owner of Victoria’s Secret, Bath & Body Works and its own eponymous brand. The company reported brisk sales at Victoria's Secret and Bath & Body Works in March.

San Francisco – Strong same-store sales growth at Old Navy helped drive a 1% increase in net sales at Gap Inc. to $1.53 billion in March 2015, compared with net sales of $1.51 billion for the same month the previous year.

Gap Inc.’s overall same-store sales were up 2%. The company said that the earlier timing of the Easter holiday peak shopping weeks in 2015 benefited March sales results and will likely negatively impact its April sales results.

Surging sales at Old Navy helped Gap Inc. offset sales declines at its namesake division and its Banana Republic stores in March. 

Gap Inc. reported that net sales for the five-week period ended April 4 increased 1 percent to $1.53 billion compared with net sales of $1.51 billion for the five-week period ended April 5.

An early Easter helped Stein Mart post an impressive 7.9% boost in same store sales for the first quarter.

Stein Mart reported sales of $244.4 million for the nine weeks ending April 4, a 10.6% increase over that period the year before. The sales growth was especially strong in March, according to the release.

The company reported $155.8 million in sales for the five weeks ending April 4, a 14.2% increase over that time the year before. Same store sales were up 11.2% for March. 

New York -- Specialty retailer L Brands continued its winning ways in March, reporting a 9% increase in same-store sales, higher than expectations. Total sales increased 10% to $981.2 million, from $923.7 million in the year ago period.

The Cato Corp. also turned in a winning performance, with a 12% surge in March same-store sales. For the nine weeks ended April 4, sales totaled $197.5 million, up 5% from $188.98 million a year earlier.

Amazon’s Prime membership is starting to crowd out traditional retailers like Walmart and Target, according to Forbes.

The magazine reports that research consultant Millward Brown Digital found that consumers with Prime accounts –- of which there are reportedly 40 million subscribers –- are less likely to visit other retail sites when making online purchases.