Retail

A familiar U.S. retailer will soon make its exit from the U.K. retail scene.    Staples, which operates some 105 stores in the United Kingdom, has agreed to sell its U.K. retail business and operations to Hilco Capital Limited. The use of the Staples brand in the U.K. will be phased out over the coming months.   In May, Staples announced plans to explore strategic alternatives for its European operations as part of its new strategy.  

Move over Amazon Marketplace — Crate and Barrel is moving onto your turf.   Crate and Barrel has expanded its online assortment by launching its own marketplace, which it describes as a highly curated selection of products based on Crate and Barrel's merchandising style. Shoppers enter the marketplace directly from the retailer’s website.  

Ace Hardware Corporation reported a sales miss in the third quarter -- even if the co-op wasn't expecting to match its impressive results in the prior-year quarter.   “The third quarter of last year was the best in company history, with revenues up 13.2% and net income up 45.3%,” said John Venhuizen, president and CEO. “As a result, our expectation for the third quarter of this year was modest sales growth and lower net income. We whiffed on sales, but exceeded our net income budget for our domestic business."

Coach is celebrating its 75th anniversary year with an impressive new flagship on one the world’s most prestigious (and pricey) streets.    The company has officially opened the doors to its “Coach House” flagship on Manhattan’s Fifth Avenue. The 20,000-sq.-ft., three-level space, designed by Coach executive creative director Stuart Vevers and Studio Sofield, showcases the brand’s modern luxury positioning. (A Stuart Weitzman flagship is located adjacent to it. Coach acquired the brand in 2015.)

The ghost of holidays past hangs over many retail workers, according to a new study of part- and full-time retail employees by Kronos.   Forty-percent of employees in the survey said that their employer did not have enough staff in previous years to account for the amount of shoppers they receive at their store. And 53% are worried about getting burned out during the holiday season.  

J. Crew Group is reportedly considering options for its popular Madewell brand, which it launched in 2006.   According to Reuters, the retailer, which has struggled with slumping sales in its namesake division, is working with investment bank Lazard Ltd. to assess multiple strategic and balance sheet options for Madewell, which operates some 108 stores.  

Best Buy Co.’s sales and profits in the third quarter topped forecasts, but the retailer warned that the recall of a Samsung smartphone is likely to impact its holiday sales.   Best Buy’s profit jumped 55% to $194 million, up from $125 million in the same period a year ago. Adjusted for one-time expenses, it earned 62 cents a share, which was higher than the 47 cents analysts were expecting.  

As retailers expand their operations beyond their domestic borders, many are finding new opportunities to connect with new shoppers.    This message was delivered in “PayPal Cross-Border Consumer Research 2016,” a report from PayPal and Ipsos, a study that investigated the online domestic and cross-border shopping habits of more than 28,000 consumers in 32 countries.