Retail

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.  

Rental values on the two most expensive retail streets in the world have decreased as retailers balance the demands of physical and online shopping.   The upper part of Fifth Avenue (49th to 60th Streets) in Manhattan narrowly beat out Hong Kong’s Causeway Bay in DTZ/Cushman & Wakefield’s annual Main Streets Across the World report, which tracks 462 of the top retail streets around the globe, ranking them by their prime rental value.    

Sears’ loyal shoppers will have the chance to preview holiday sales at an exclusive shopping event.  

The 400,000-sq.-ft. retail component of The Source, a new mixed-use project in Buena Park, California will be opening next month, according to developer M+D Properties.   A highlight of the center will be the nation’s first CGV Cultureplex, a concept pioneered by the South Korean movie theater chain CJ CGV. It features 4DX theaters with motion seats and ScreenX, which employs six screens and projectors to surround viewers with movie images.