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With consumer sentiment and discretionary spend down, many retailers are already facing reduced profit margins and a higher cost of doing business, making hefty discounting for prolonged periods a particularly costly exercise. We’re pleased with the initial sales figures, which are in line with our expectations.
The huge increase in online shopping over the past decade or so has had a major impact on departmentstores, with many consumers turning to Amazon, eBay and other online shops for shopping, rather than a more traditional trip out to a physical store. Changing culture of shopping.
Australias departmentstores are at a crossroads. Once the go-to for everything from fashion to homewares, theyre now struggling to stay relevant in a world of online shopping, specialty retailers, and shifting consumer habits. In September 2024, department-store sales fell by 0.5 So how did we get here?
Departmentstores globally are adjusting their product offer to reflect rapid changes in the menswear category as the impact of the Covid-19 pandemic on the category wears off. But last year menswear rebounded to its pre-pandemic levels, reaching on average 14 per cent of total department-store sales.
Today’s consumers are craving a truly unique shopping experience. We are only at the beginning, and as brands begin to scale their AI utilisation, its full spectrum of benefits for consumers and retailers alike will be uncovered. The post Generative AI is supercharging retail, what does this mean for consumers?
Shinsegae — one of the Big 3 of Korean departmentstore retailing along with Lotte and Hyundai — has continued its great form right through into the second half of the year, helped by the removal of the country’s remaining pandemic restrictions and an increasingly buoyant mood among the country’s more affluent consumers.
I think bringing on 600 or 700 smaller stores only dilutes management focus, he added. In a tough market where departmentstores are struggling for survival globally, and then you bolt on the old brands of these retail operations? It rejuvenates the sales line of Myer; for a period of time, he added. billion in FY23.
The suite of treatments available at the third Clarins Open Spa are designed to offer pampering and relaxation to time-poor consumers. Korean departmentstores diversify into food delivery services. The company also announced that it is dropping its second, younger line from 2024 to focus on its main brand.
Myer currently operates 56 departmentstores across Australia, as well as its online business and in-house brands including Sass and Bide, Marcs and David Lawrence. It’s no secret that consumer-facing retail has had a tough year trying to stay price-competitive for customers. million and now account for 21.3
Global high-performance wellness brand, Hyperice , opens its first pop-up shop at luxury departmentstore, Harrods. Today, the company is a holistic high-performance wellness brand with numerous product lines and categories. Jim Huether, CEO of Hyperice says: “Harrods’ is the world’s most iconic departmentstore.
Japan’s departmentstores bear a striking resemblance to cruise ships: they’re big, luxurious, move glacially and serve an ageing customer. Japan’s Ministry of Economy, Trade and Industry (METI) reports that departmentstores led the retail sales recovery through the first five months of the year. per cent gain.
The themes on display are often indicative of the global trends affecting consumers and retail. In the past year or so, KPMG has published global research papers that add further insights to the big trends affecting retail models and consumer behaviour. What do consumers think and how are retailers using it? trillion in 2030.
Customer experience is almost as important to consumers as the product itself, and the experience of buying a luxury item directly from the designer is an area in which luxury brands are constantly investing. Longchamp manages 325 direct-to-consumerstores through 25 distribution subsidiaries around the world. billion in 2024.
With 2024s peak shopping season in the rearview mirror, consumer spending behaviours and responses to major retail sales events are coming into focus. However, the spike in spending activity on Boxing Day was short-lived as consumers gradually pulled back their spending as the new year approached. per cent from the previous year.
The beauty refill model In 2018, in line with its launch of lip oils, Fluff introduced its refillable compacts as a way to reduce product waste and lower costs for consumers. The idea was simple: limited supply could focus consumers’ attention. “We
per cent in March compared with the same month last year as the impact of Omicron on consumer shopping behaviour wore off. billion in stores and online in March, eclipsing the previous record of $33.3 Consumer spending rose across both discretionary and non-discretionary industries. Australian retail sales surged 9.4
Retailers are already bearing the brunt of the march of interest rates with consumer confidence in retreat and retail spending sluggish outside the discount promotional periods. Clothing and footwear stores started the half well bettering 2023 sales with a 2.4 Departmentstores followed suit with January up 1.7
In shopping centres, consumers will scan a QR code to learn more about each artist and make a purchase if they wish. In line with our new Reconciliation Action Plan, these activities also bring to life our goal of creating spaces for connection.”. The store has a weighted average lease expiry of 10.5 per cent year on year at $1.4
When business was booming, Revlon’s strategy was to expand sales through mass market departmentstores, as well as buying expensive advertising. Like other legacy brands, they invested in magazine editorials which drove shoppers into stores, where sales would be converted through personal selling and glossy displays.
Australian retail sales are on the rise – but new research suggests growth is being driven by inflation, not by consumers buying more. Having prices as the main driver of nominal retail sales – or top line revenue – is relatively unfamiliar for retail,” observes Rumbens. per cent increase in apparel spending over the quarter.
Shepard was inspired to start the brand based on his own experiences searching for such products, and he knew other consumers were looking for the same thing. An untapped apparel market Consumer demand for gender-neutral clothing or unisex fashion styles has been growing in recent years.
However, last month Designworks, the wholesale arm of Brand Collective, a leading house of lifestyle brands in Australia, announced that it was relaunching Pavement in the marketplace through the discount departmentstore Big W. Inside Retail: Tell me about Pavement’s relaunch in collaboration with Big W.
From subtle living room updates to kitting out our new home office spaces, there has been an understandable and undeniable growth in consumer appetite to elevate our spaces while so many of us have been spending more time at home,” Burchell told Inside Retail. “As
Michael has led RipCurl with a relentless focus on brand, product, people, and the bottom line and we are confident he will bring the same focus and energy to the wider group,” said chairman David Kirk. This forms our commitment in building a trusted used car industry and elevating consumer experience, now powered by data.”.
It’s just simply pulling up a chair at the table for gender diverse and trans people to actually be able to consume fashion in a way that is safe.”. recalled an incident where they wanted to try on some shapewear at a departmentstore, but they were told by the sales assistant they couldn’t enter the fitting rooms. “It
The brand entered the South Korean market with the opening of its first store at the high-end Shinsegae DepartmentStore located in the bustling area of Gangnam. CDG by Comme des Garçons also opened its first standalone store in South Korea under a partnership with Samsung C&T Fashion earlier this year.
Measuring the Return on Investment (ROI) Retailers are not only focused on the bottom line, but also on the aesthetic impact. Building Emotional Connections In a world saturated with advertising noise, the significance of fostering emotional connections between brands and consumers cannot be overstated.
A recent Myer trading update will have analysts and investors thinking long and carefully about the bold proposal by the departmentstore for a merger with Premier Investments. The review of the Myer departmentstore business and Myer Specialty Brands was initiated by John King, who retired as CEO in June.
Australian online clothing rental company GlamCorner is adapting its offering as more brands look to launch their own branded rental service amidst major changes in consumer behaviour. This resonates with younger consumers in particular. It’s just another way that we can collaborate with brands.”.
Malone’s love for storytelling extends beyond the creation of Jo Love’s product line and into the consumer’s purchase experience. I then build the story, instead of using words I use scent notes and I imagine the colours of the story and these, as I have synaesthesia, translate into smells,” Malone detailed.
Luxury Swiss watch brand Tissot has just launched a new product that is a hybrid between a traditional timepiece and a smart watch, as it looks to keep pace with consumers’ changing needs and expectations. We recently launched our own online corporate store, which has gone from strength to strength throughout 2021.
The brand entered the South Korean market with the opening of its first store at the high-end Shinsegae DepartmentStore located in the bustling area of Gangnam. CDG by Comme des Garçons also opened its first standalone store in South Korea under a partnership with Samsung C&T Fashion earlier this year.
CBRE Global Investors has today announced that sustainability-focused departmentstore, Know the Origin, has opened its latest pop-up and first zero-waste store at community-led retail and leisure destination, Angel Central.
Imran Khan, consumer goods and retail industry director at Salesforce, said the retail industry also need game designers and programmers. “If People from the retail industry would need to change their customer experience and make it more interesting [for their consumers].”. Creativity and talent for storytelling.
Fabrica X, the experiential concept store launched last year by The Mills Fabrica in Hong Kong, has kicked off a new campaign celebrating innovation in biomaterials. The campaign is in line with Fabrica X’s mission to explore different aspects of sustainability through a combination of retail, education and experiences.
Neil Saunders, MD of GlobalData, said the country’s retail sector ended the year with a “solid note”, which shows that consumers pulled out all the stops to enjoy themselves over the holiday period. Food and grocery stores posted sales growth of 1.0 For 2023, unadjusted retail sales increased 3.2 per cent and 5.7
The 4,000 sq ft store will launch at the outlet on March 14 th , introducing its popular ‘second-hand departmentstore’ concept to a key entrance off High Orchard Street. Their huge success and growth in the past year or so mirrors our own, both down to a real understanding of consumer shopping motivations.
With customers continuing to seek more value as cost-of-living pressures bite, Wesfarmers’ Kmart Group is set to benefit from shifting consumer demand, and an increasingly strong value proposition. This is the message put forward by Wesfarmers’ CEO Rob Scott, and Kmart Group managing director Ian Bailey, to investors last week.
Luxury departmentstore Harvey Nichols recently announced the opening of the first blue-chip non-fungible token (NFT) retail space at its Pacific Place Hong Kong store. Physical stores are seeking to understand their place in the digital economy and align with this cultural phenomenon.
per cent, and a sharp deterioration on the bottom line where net income is down by 76.1 per cent, primarily due to a retrenchment by the consumer. First, it is exposed to channels like departmentstores where the economic softness is playing out. They show a continued decline in Capri’s overall revenue, by 9.6 per cent.
Australian luxury fashion label Ginger & Smart is spreading its wings to the US next month, when it enters high-end departmentstore Saks Fifth Avenue off the back of its show at Afterpay Australian Fashion Week (AAFW) in June. We’ll develop a core line [of denim] that will gently underpin our main collection.
The psychologist and author of the bestseller Why We Buy: The Science Of Shopping , will shed light on the evolution of consumer habits in our post- pandemic world.
In the UK, the business is already sold through a number of departmentstores and third-party retailers, but Seafolly’s new website will allow customers to buy directly from the brand. We’re seeing significant growth in Singapore through our website and four Seafolly concept stores.
“Customers do research online then go in-store to buy Or they go in-store to have a look, and come back to buy online. Our customers have that flexibility which is a point of difference for us, [while] Myer One provides a different layer of value for the consumer,” he said. ‘It It sets us apart from other retailers.”
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