News

By Christopher Lester, Emma   If you’re like me, you might still be in denial over the date on the calendar. But it’s true: The holidays are well upon us. Yes, it’s the most wonderful time of the year. But let’s be honest: It’s also one of the most stressful times of the year, and the busiest to boot.  

Canton, Mass. – Destination XL posted a loss of $6.3 million in the third quarter of fiscal 2014, up from a loss of $4.1 million the same quarter a year earlier. Transition costs, including lease exits and pre-opening costs, contributed to the growing loss.  

Sunnyvale, Calif. - The number one reason why some consumers avoid online shopping is the lack of in-person assistance and proactive engagement from brands. According to a survey of 2,500 consumers about their online shopping plans and preferences for the upcoming holiday season conducted by e-commerce technology provider Moxie, 72% of survey respondents indicated that they want brands to proactively engage with them online, especially when they are struggling on a website.   

San Francisco – Gap Inc. failed to meet Wall Street expectations for net income and revenue in its third quartet as its namesake brand continues to struggle. The retailer cut its annual forecast as sales at its namesake brand continue to fall, Gap’s net income rose 11% to $351 million from $337 million, helped by lower cost of goods sold and taxes.  

New York – Ann Inc. beat Wall Street expectations for the third quarter with net income of $29.9 million, down 27% from $41.2 million the same quarter a year earlier. Pre-tax and after-tax charges associated with the closure of the Madison Avenue Ann Taylor store helped drive down net income.  

Coppell, Texas – Bankrupt retailer Alco Stores is going out of business, and closing its 198 stores, a victim of both the economy and the changing retail landscape.   

By Phillip M. Perry New York  - Blue skies and cool breezes.  That’s the economic forecast as the calendar turns for a new year. Retailers looking to bolster revenues and profits over the next 12 months should benefit from a gradual improvement in the ability and willingness of shoppers to spend.   

NEW YORK - Macy’s is enhancing its Black Friday promotions by giving away  a million dollars in prizes in stores nationwide during doorbuster hours. Beginning at 6 p.m. local time on Thanksgiving Day, customers will have a chance to win big, scoring digital gift codes that can be used instantly for Black Friday purchases.  

FOOTHILL RANCH, Calif. - The Wet Seal announced that Thomas R. Hillebrandt will assume the role of interim CFO, effective December 1, 2014, concurrent with the previously announced resignation of Steven H. Benrubi, the company’s current CFO.   Hillebrandt has served as VP and corporate controller at Wet Seal since September 2013.   

Boston - X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S. and Canada, released third quarter transactional volumes totaling $746 million, bringing its year-to-date transactional volume to more than $2.24 billion.