News

Forever 21 has joined the crowded fast fashion scene on New York City’s Fifth Avenue by opening a new 36,000 square foot flagship store.

The store is spread out over four floors and will carry Forever 21 Men, Forever 21+, F21 Contemporary, basics, denim and shoes.

The new flagship takes over the site of a former H&M store, which closed in December a few months after the opening of its own new flagship on 48th Street.

A perfect storm is brewing for risqué product sales with Valentine’s day falling on a Saturday and coinciding with the release of the erotic film Fifty Shades of Grey.

Just as retailers such as Toys “R” Us, Kohl’s and Target offer extended hours ahead of Christmas, the 13-unit Hustler Hollywood chain is viewing this weekend’s confluence of events as a major sales opportunity.

Gap Inc. is raising its profit guidance based on its fourth-quarter sales and reduced taxes.

The retailer says it expects to report a profit of $2.86 to $2.87 per share for the year, up from its previous estimate of $2.73 to $2.78 per share. Analysts expected $2.74 per share on average.

The San Francisco company says its total fourth-quarter sales grew 3% to $4.71 billion compared with $4.58 billion for the fourth quarter last year.

Teen and tween retailer Aeropostale named a new COO and CFO and said its fourth quarter results, while still in negative territory, were not as bad as feared.

New York -- In a surprise move, Kate Spade & Company announced it is closing all 19 of its lower-priced Kate Spade Saturday stores and all 12 of its Jack Spade menswear stores. Both brands will remain in the luxury company's portfolio, with Kate Spade Saturday being folded into Kate Spade, and Jack Spade being sold at other retailers and online. The company also announced a new joint venture to speed its growth in China, where it sees a long-term potential for 100 stores.

Austin, Texas – The husband or boyfriend who forgets to buy Valentines flowers until late in the day Feb. 14 now has a safeguard. Whole Foods Market and the Instacart grocery delivery app are offering Valentine’s flowers delivered in as little as one hour across 15 major U.S. metros.

San Jose, Calif. – Consumers appear to have been feeling a seasonal hangover after what some analysts have called a relatively strong 2014 holiday season. According to the monthly Retail Performance Pulse for January 2015 from RetailNext, store sales and traffic both declined 7.7%

Atlanta -- Rent-to-own retailer Aaron’s saw its profit drop 35% in 2014 amid declining traffic and weak sales. The company, which operates some 2,100 stores, was also impacted by hurt by various charges related to restructuring and the acquisition of Progressive Leasing.

Aaron’s reported net earnings of $78.2 million for 2014, compared to $120.7 million in 2013.

Paris – Valentine’s Day has its origins in ancient Roman times, but that doesn’t mean the holiday isn’t keeping pace with modern technology. By analyzing data from 48 million online transactions made via desktop, smartphones and tablets from more than 200 U.S. retailers, advertising company Criteo determined that three out of 10 Valentine’s Day purchases will be made on mobile.

San Diego – Early results of 2015 suggest it will be a happy New Year indeed for PriceSmart Inc. For the month of January 2015, net sales increased 13.3% to $219.2 million from $193.5 million in January a year earlier.

The retailer’s growth to 36 warehouse stores from 32 a year earlier helped boost sales. In addition, same-store warehouse sales grew 1.7%.