News

Pier 1 sales drop for Q2
Despite strong digital gains, Pier 1 is feeling the effect of soft store sales during the summer. Net sales for the second quarter for fiscal 2017, ended Aug. 27, 2016, decreased 6.7% to $405.8 million, compared to $435.0 million for the same period last year. Comparable store sales for the quarter decreased 4.3%. Gross profit also fell during the second quarter, hitting $145.0 million, compared to $154.6 million in the second quarter of fiscal 2016.
Conn’s to embark on $700 million securitization transaction
Specialty retailer Conn’s is preparing for its newest round of securitization. Conn’s has entered into an agreement to securitize approximately $700 million of retail installment contract receivables, with an expected Oct. 6 closing. The face amount of the notes to be issued is $1.12 billion, with an advance rate of 77.5% of the outstanding customer receivables portfolio balance. This equates to approximately 89.5% of net book value at July 31, 2015.

West Elm fine-tuning its stores for sound

Shoppers at select West Elm stores will soon have their very own listening rooms — with state-of-the art sound speakers. The home furnishings retailer announced a partnership with Sonos to sell the company’s sound speakers and components in its U.S. stores and website, and to install “Sonos listening labs” in 16 West Elm stores. The listening rooms will be outfitted with West Elm’s signature modern furnishings and accessories and Sonos home sound system products.
A speedy exit for Stein Mart CEO

There is a leadership change underway at Stein Mart. Dawn Robertson resigned from her position of CEO and company direc-tor. D. Hunt Hawkins, the chain’s president and COO, has been named interim CEO.
American Eagle names new executive VP, CFO

American Eagle continues to strengthen its management team to further drive its growth. Bob Madore has been appointed executive VP and CFO, starting Oct. 28. In his new role, Madore will oversee all aspects of finance, merchandise planning and allocation, and investor relations. He will report to American Eagle’s CEO Jay Schottenstein.
Cartier, Hermes to open at Stanford Shopping Center

Simon Properties has announced the impending arrivals of Cartier and Hermes at its Stanford Shopping Center in Palo Alto, California. This marks Hermes’ first new U.S. store in five years, according to Simon. The 6,000-sq.-ft. Hermes shop, which will reside near Neiman Marcus in the center of the newly updated center, is scheduled to open in late 2017 or early 2018. Its focus will be on men's, women's, home, and equestrian collections.
Aldi’s green DC translates into ‘gold’

Aldi’s sustainability efforts are gaining recognition. The grocer’s sustainable distribution center and regional headquarters in Moreno Valley, Calif., have earned LEED Gold certification from the U.S. Green Building Council (USGBC). Working alongside Graycor Construction Company, Aldi improved the design and materials used in the development of both buildings.
NRF Study: Facebook leads digital marketing spend

Interactive media continues to shake up retailers’ digital marketing strategies.
Forever Flawless opens flagship at World Trade Center

Forever Flawless, a global skin care company that puts diamond dust in its creams, has opened a flagship store at Westfield World Trade Center in New York. The company, which claims to bring celebrity skin care methods to consumers, sells Black Diamond Age Defying Series, Pink Diamond Collagen treatments, and 24 Karat Gold therapy. Forever Flawless fields stores in Hong Kong, London, Madrid, Miami, London, and Syndey, among other locales.
Understanding and Controlling Energy Costs in Retail