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The departmentstore chain noted incurring higher employee costs, higher support office costs related to a new marketing agency and a separate investment in transformation capabilities. billion, attributed to mixed trading conditions, store closures, and Myer Exclusive Brands stock trapped at its national distribution centre.
Amazon.com is to open several departmentstores in its home US market to test the concept as it continues to build out its multichannel business model. Departmentstores’ share of the overall US market has fallen from 14.5 Departmentstores’ share of the overall US market has fallen from 14.5
A year after the French luxury departmentstore originally announced it would be launching its first US location, Printemps is officially opening a brick-and-mortar store in the heart of New York Citys financial district on March 21. Departmentstores havent had the best reputation the last few years.
Those brands that have avoided bankruptcy have often been forced to undertake aggressive cost reduction and store closures. Departmentstores have been particularly impacted, with consumers forced online during the pandemic now choosing to buy direct from brands or from more price-competitive online marketplaces.
Why would the owners of Selfridges, generally considered to be the world’s best departmentstore, decide to sell the business? To a far greater extent than most other departmentstores, Selfridges has embraced an experiential retail strategy that many industry leaders see as key to the sector’s survival. billion (AU$3.72
The flagship follows the openings of the label’s travel retail boutique at Sydney International Airport in November 2022 and a shop-in-shop at David Jones departmentstore in Sydney last October.
This includes significant investment into Steen & Strøm (S&S) shopping centre, the world’s oldest continuously running departmentstore and anchor of the Promenaden portfolio, to diversify the store’s product and service offerings, as well as enhance its provision of experience-led shopping experiences.
We have continuously worked with all our tenants to come up with robust marketing strategies to encourage customer traffic and spending, including creating promotional areas at high traffic areas, assisting with shopping and dining vouchers, and continuing with our shopper rewards and redemption programs. You can download it here.
Indian retail conglomerate Reliance Industries Limited has signed a franchise agreement with American luxury departmentstore Saks Fifth Avenue to expand its luxury retail portfolio through its subsidiary Reliance Retail, the company said in its third-quarter financial report last week.
In the landscape of global commerce, few sectors evoke as much intrigue and promise as the consumer goods market in China. per cent) of surveyed departmentstore operators expect their sales to grow in 2024, a significant decrease from last year’s 85.7 per cent and 6 per cent respectively. Two thirds (66.3
The long-anticipated deal between Saks Fifth Avenue and Neiman Marcus could create the ultimate departmentstore behemoth at a time when legacy players are facing increased competition from luxury e-commerce companies and a new generation of high-end brands blending premium products with immersive experiences. billion deal.
Nathalie Ahlström: For Fiskars Group, Australia is our fifth largest market, it’s big. When you look at other global companies, not many can say Australia is their fifth-largest market, so this is a unique place for us, and also I see a lot of future potential for Fiskars Group in the Australian market.
The departmentstore chain has yet to name the appointees for the newly created roles of GM of merchandise for beauty, accessories and services and GM of merchandise for women’s apparel. Last July, the company appointed Clarabella Burley, ex-Qantas Loyalty head of marketing, to the same role at Myer.
Departmentstores, which have traditionally been one of the favourite retail go-to places for high-end chocolates, have had to think a little bit out of the box (or out of the square if you prefer). Chocolate isnt everything A worldwide scarcity of cocoa isnt the only thing thats bothering Japans departmentstores though.
Japanese departmentstore Matsuya has introduced a digital platform with a click-and-collect service including tax refunds in a bid to tap into the growth of international tourists. Established in 1874 as a kimono retailer, Matsuya Co operates departmentstores in Tokyo’s Ginza and Asakusa districts.
Australias departmentstores are at a crossroads. Competition has never been more fierce and while data from the Australian Bureau of Statistics showed an uptick in department-store sales in November, this is likely temporary with earlier months showing stagnation or decline. So how did we get here?
The House of Amouage and Luxasia are expanding their partnership to bring high perfumery to several Asia Pacific markets. Moreover, the parties agreed to increase investments to grow the Amouage brand across all joint markets. Founded in Oman in 1983, Amouage now has over 50 perfumes available in more than 80 countries.
Upon completion of the transaction, which is expected to close in the first half of this year, Nordstroms common stock will no longer be listed on any public market. However, long-term success for Nordstrom wont come without further changes.
“While Australians continue to face cost-of-living pressures, particularly in a high-interest rate environment, we’ve seen that they’re still willing to spend, particularly on others during key gifting moments like Black Friday,” James Holloman, David Jones’ chief marketing officer, told Inside Retail.
Central’s acquisition move is not unusual,” Selvane Mohandas du Ménil, International Association of DepartmentStores managing director, told Inside Retail. Central Group made the headlines again in 2022 after snapping up Selfridges Group, making it the largest luxury departmentstore operator in Europe. What’s next?
When Laura Peden was growing up in the 1970s, departmentstores were a special place. Decades later, she still vividly remembers how she and her grandmother would travel into Myer’s city store at Christmas to see the “insanely fascinating” windows. The departmentstore was no longer the star attraction.
For once, departmentstores are leading a retail sales recovery instead of lagging it. Supermarkets (5,921 stores) gained 1.8 per cent but the big winners were departmentstores (190 of them) performing well above the average, with a 13.5 METI counted 190 departmentstores for its first quarter survey.
Wesfarmers booked higher net income and revenue in the last fiscal year, with its discount departmentstore chain Kmart contributing the most growth among its retail businesses. billion, benefitting from above-market rise in the technology category. The company’s net income grew 3.7 per cent to $2.56 per cent to $44.19
Typically, consumers seek out departmentstores and shopping centres to get in the holiday spirit but LaManna has managed to position itself as the exception. LaManna, the 10,000sqm independent supermarket located at Essendon Fields, is rising to the Christmas occasion.
A prospective backdoor listing and a marriage of convenience have enlivened end of financial year stock market prognostications. After some six years spent exploring and preparing for a stock market listing, Chemist Warehouse believes the Sigma backdoor listing is its best option and will not adversely impact on competition in the market.
In an ASX announcement, the departmentstore’s board thanked King for his “extraordinary contribution” and added that his decision to leave is based on “being with his family as their health circumstances demand.” When he took over the helm of Myer in 2018, it was losing sales and struggling.
Departmentstore group Myer has proposed to combine its business with Premier Investments’ Apparel Brands, comprising Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. The proposal is non-binding, indicative and conditional.
The downfall of the almost 40-year-old business raises the question of whether this is a sign of things to come as retailers struggle to compete with the increasing e-commerce capabilities and convenience of retail goliaths on the global market, or whether it is a case of Harrolds facing a ‘perfect storm’ of challenges on multiple fronts.
Fulfilment by GlamCorner now sees the platform handling the logistics of clothing rental on behalf of fashion brands, including warehousing, cleaning, shipping and returns, and giving brands their own rental stores, which they can embed in their e-commerce sites and promote to customers. The ‘Attenborough’ effect.
Macy’s has been stepping up to the plate with a series of new moves, from the expansion of its smaller-footprint stores, to a new digital fashion platform targeting younger shoppers. But while these initiatives sound promising, the question remains: can the departmentstore chain truly adapt to the needs of the modern-day consumer?
A fundamental question about the future of David Jones was put to rest this week, after the retailer’s parent company Woolworths Holdings announced the sale of the departmentstore chain to Australian private equity firm Anchorage Capital Partners on Monday. Growing in a shrinking market. I’m not sure what will happen.”.
As a CommBank iQ spending category, general retail covers more than 10 sub-segments, from pet, discount and departmentstores to online marketplaces. Under 30s have cut back substantially in retail categories like apparel (-8 per cent) and departmentstores (-15 per cent). Read the analysis here.
The face of beauty is shifting, with younger generations leading a step change in the way the industry approaches marketing and retail. Gen Z currently makes up around 18 per cent of Australia’s population, making them an increasingly important market for savvy businesses, as they age through adolescence and begin earning money.
Australian luxe-for-less beauty brand MCoBeauty launched into the US market this week and is now stocked in over 1,800 Kroger Co stores. Inside Retail: How did MCoBeauty approach entering into the US market? SS: The Kroger Co and its family of stores, including Kroger, Fred Meyer, Ralph’s, Dillions and Smith’s.
Myer saw a decline in net profit in the last fiscal year due to the underperformance of Sass&Bide, Marcs, and David Lawrence, inflationary pressures, and store closures. The departmentstore chain’s net profit fell 26 per cent to $52.6 million as sales dipped 2.9 per cent to $3.27 million, which accounted for 21.6
From a practical standpoint, even from a marketing standpoint, I can’t see a logic behind the rationale for a departmentstore with, essentially, 50 stores or 60 stores across Australia to buy another 600 or 700 smaller stores, Gary Mortimer, a Professor of Retail Marketing and Consumer Behaviour at the QUT Business School, told Inside Retail.
Moreover, the group started the reconfiguration of departmentstore space at Westfield Bondi and Westfield Burwood in Sydney and Westfield Southland in Melbourne. Meanwhile, Scentre Group said it continues to progress its $4 billion pipeline of future retail development opportunities.
Departmentstore Myer will exit its Queen Street Mall flagship in Brisbane’s CBD after unsuccessful negotiations with the landlord on lease renewal terms. In a trading update, the retailer said it will continue to search for alternative locations for its CBD flagship.
Departmentstore Myer has enjoyed the fruits of a rebounding retail environment in FY21, with total sales up 5.5 The result, according to CEO John King, is due to the business’ ability to thrive despite the extraordinary market conditions, and a continued focus on its online channel. “As per cent to $2.65
Despite the efforts that go into planning, maintaining and marketing local shopping areas, the people who use these places are often not consulted about what they actually want and need on their main street. So what types of stores and services do they want? The top ten stores and services in an ideal main street.
Wirth’s leadership has focused on in-store enhancements, customer loyalty, and curated brand partnerships, helping Myer adapt to and anticipate market shifts,” she added. In his view, successful brands are those that answer the customer’s question, or in other words, meet the customer’s demand. “If
The luxury market is categorised by its exclusivity, maintained through a combination of high price points, consciously limited product volumes, reputation and customer experience, amongst other factors. Longchamp manages 325 direct-to-consumer stores through 25 distribution subsidiaries around the world. “The billion in 2024.
The departmentstore chain has launched a standalone business called David Jones Amplify which will give brands access to more than 475 in-store media, 102 digital formats and 70 print and digital editorial formats. We want to partner with brands to achieve their marketing objectives.” This is a true partnership.
One of the key issues facing Simon and other mall operators is that they are still joined at the hip to departmentstore anchors. Seven of Simon’s top 10 anchors are mainstream departmentstore chains, headed by Macy’s (97 stores) and JCPenney (53 stores). While demand has surged, supply is still limited.
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