News

Hudson's Bay fights back weak sales trend
Weak traffic at Saks 5th Avenue stores did not keep Hudson's Bay Company from reporting higher sales and profit in the third quarter.

For the third quarter ended Oct. 31, the company posted a profit of $1 million, compared with a $13 million loss a year earlier. Total sales increased 34% to $2.57 billion, up from $1.91 billion. Consolidated sales growth was 34.1%, up $653 million from prior year with same-store sales growth of 12.9%. But Saks Fifth Avenue logged a same store sales decrease of 3.6%.
Tech Guest Viewpoint: Getting Smart About Department Store Traffic
Industry estimates show in-store conversion rates (percentage of visitors who take the desired action to purchase) are below 30% and dropping. This means 70% of store visitors leave without buying. Never before has there been greater competition for sales and a smarter, more connected consumer base.

Restoration Hardware keeps building on growth streak

Restoration Hardware Holdings’ (RH) innovative store growth initiatives are starting to bear fruit, as the luxury home furnishings retailer reported record sales and profits in the third quarter.

For the period ended Oct. 31, the company reported net income of $20.7 million, or 49 cents per share, compared to $19.4 million for the same period last year.

Revenue increased 10% to $532.4 million, from $484.7 million in the year-ago period. It was the firm's 23rd consecutive quarter of double-digit revenue growth. Same-store sales increased 7%.
RH keeps building on growth streak

RH's innovative growth initiatives are starting to bear fruit, as the home furnishings retailer reported record sales and profits in the third quarter.
Desktop holiday spending reaches new heights

So far this holiday season, consumers are turning to their desktop PCs for shopping more than ever before.
See Target's new holiday pop-up in Manhattan

Target merges physical and digital retailing in its holiday pop-up, Target Wonderland, in Manhattan.
Report: Former Target marketing guru to help Walmart marketing

Former Target CMO Michael Francis will reportedly serve as a marketing consultant at Walmart when the retailer’s current CMO steps down.

The Wall Street Journal reported that Stephen Quinn will retire as executive VP and CMO in January after spending nearly a decade at the Walmart. Francis, who spent 27 years with Target, is expected to join Walmart to initiate a broad marketing revamp and work closely with Quinn’s successor, The Journal said, citing a person it said was familiar with the situation.
Belk begins new ownership era

The 127-year old family owned Belk department store chain is family owned no more, although one of the founder’s descendants remains in place as CEO.

The private equity firm Sycamore Partners completed its previously announced acquisition of the 296 unit Belk chain on Dec. 10, thus beginning a new chapter for what had been the nation’s oldest privately held department store retailer.
Video: Watch the build-out for the Target Wonderland holiday pop-up

Watch this video for a time-lapsed video on how Target transformed a 16,000-sq.-ft. space in Manhattan into its holiday-themed pop-up, Target Wonderland.
Retailers urge Congress to reject customs bill unless online sales tax is included

The National Retail Federation called on Congress to reject a customs reauthorization bill set for a vote this week unless it includes a provision allowing states to require online merchants to collect sales tax the same as local stores.
Lowe’s app helps customers believe
Kay Jewelers looks to connect with holiday shoppers

Kay Jewelers is looking to leverage social media and gamification to better engage with shoppers this holiday season.

From now through Dec. 20, visitors to Kay Jewelers' social media channels will be encouraged to participate in an interactive holiday-themed memory match game for a chance to win jewelry prizes. Fans can enter the Merry Match sweepstakes for a chance to win a prize from the featured daily collection by visiting KayMerryMatch.com, registering and playing the game. One winner will be selected each day and will receive a piece of jewelry.