News

New York -- The collapse of oil prices translates into a huge tax cut for 90% of the economy, former CNBC host, economist and newspaper columnist Larry Kudlow told attendees at Chain Store Age’s 51st annual SPECS show. Kudlow was a keynoter at the event, which was held at the Sands Expo, Venetian/Palazzo Hotel, Las Vegas, March 15 – 16, and brought together retail executives in store planning & design, construction and facilities.
 

Houston – Mattress Firm Holding Corp. is revving up its growth in fiscal 2015, with plans to open 200 to 220 new stores.

New York – The elimination of a one-time adverse legal ruling helped Tiffany & Co. swing from loss to profit in the fourth quarter of fiscal 2014, but a strengthening dollar hurt overall sales. Tiffany reported net earnings of $196 million, compared to a net loss of $104 million the same period a year earlier.

However, worldwide net sales of $1.28 billion were down 1% from $1.3 billion, with the stronger U.S. dollar negatively impacting foreign sales results. Same-store sales dropped 4%.

New York – New York & Company Inc. reported a net loss of $6.7 million in the fourth quarter of fiscal 2014, compared to net income of $6.9 million in the same quarter a year earlier. A variety of costs, including increased selling, general and administrative (SG&A) expenses as well as expenses related to relocation of corporate headquarters and severance, contributed to New York & Company’s negative profit results.

Omaha, Neb. – Net income at Gordmans Stores Inc. dropped 15% to $2.3 million in the fourth quarter of fiscal 2014, from $2.7 million the same period a year earlier. Increased selling, general and administrative (SG&A) costs helped push down profits.

In 2015, the company plans to open six new stores, two of which opened in the Cleveland area earlier in March. Gordmans also plans to close one store later in 2015 when the lease term expires.

Austin, Texas – Whole Foods Market is bringing fresh food to the people of Portland, Oregon, through its My Street Grocery program. Operating from a refurbished classic trolley car, My Street Grocery is a mobile grocer that travels to neighborhoods throughout the Portland metro area and is focused on improving fresh food access and building community.

New York – Multicultural consumers are growing in importance as the U.S. increasingly becomes a multicultural country. According to an upcoming study from Nielsen, “The Multicultural Edge: Rising Super Consumers,” multicultural consumers today are leaders in technology adoption.

Mexico City - Mexican brand manufacturer and retailer Ferrioni is updating several legacy systems and processes by implementing the complete Jesta I.S. Vision Suite. Ferrioni will not only replace its manual supply chain processes to fully automated ones, but it will also replace legacy POS and merchandising systems.

New York -- Retailers in the United States are taking a huge risk by underestimating the buying power of the over-50 generation, according to a new report by the Fung Business Intelligence Centre.
 
The study, “A Booming Opportunity: Profiling from a Graying America,” finds that the aging Baby Boomers will continue to be a growing consumer market for the next 20 years.

Wasn’t Best Buy supposed to be out of business by now? Instead, the company has shown itself to be one of the retail industry’s most resilient operators, achieving growth in the face of intense competition and deteriorating demand for once hot product categories like tablets.

Not that long ago Best Buy was at risk of becoming irrelevant, a victim of showrooming and competitive forces, headed for a fate similar to RadioShack. Instead, as evidenced by its fourth quarter results, Best Buy is practically thriving against some still challenging circumstances.