Macy's (M), the largest department store chain, announced plans today to expand its successful test market of same-day delivery, which Web-based rivals such as Amazon (AMZN) and eBay (EBAY) are also providing. Macy's declined to provide any details, and investors were more focused on the mixed earnings report the retailer also announced today, pushing the stock down more than 3 percent. The Macy's same-day delivery service began in eight major metropolitan areas in September and in four others under its Bloomingdale's brand. However, analysts point out that implementing same-day deliveries won't be cheap. Amazon reportedly has spent billions adding some 50 new warehouses over the past few years. Indeed, Macy's announced earlier this year that it was planning to move its fulfillment center in West Sacramento, California, to a larger facility. The retailer expects capital expenditures to hit $1.2 billion this year compared with $1.07 billion in 2014. But like other traditional … [Read more...] about Macy’s: Can same-day delivery deliver results?
Macys closing down
NEW YORK – Macy's (M) shares tumbled Wednesday after the retailer reported weaker sales and slimmer profits, highlighting the broader challenge facing the country's embattled department stores. Macy's results fell short of Wall Street expectations, and the nation's largest department store chain warned sales will fall further this year. The retail climate is a big challenge for Macy's new CEO Jeff Gennette, who succeeded longtime chief executive Terry Lundgren in March. "[T]hese are unusual and challenging times for retail, especially for mall-based department stores," Gennette said in a conference call to discuss Macy's results, noting the impact of ecommerce on retailers. "As for the retail industry overall, we've known for some time that the United States is over-retailed compared to other markets," he added. "So it's not surprising to see the contraction in retail square footage. And it will take some time to tell how the consolidations and the closure of stores … [Read more...] about Macy’s shares punished after another earnings whiff
Department store chains saw key sales figures fall again in the latest quarter as customers increasingly move online, though at Macy's the decrease wasn't as bad as Wall Street expected and Kohl's managed to keep the decline to just 0.4 percent. Shares in the stores fell, with Macy's (M) down 4 percent and Kohl Corp.'s (KSS) off nearly 9 percent. Dillard's Inc. dropped 15 percent after reporting a loss of $17.1 million. Macy's has cut jobs and closed some stores to try to reverse falling sales. It has also started an off-price brand, and it plans to launch a loyalty program in the fall that it hopes will bring more shoppers through its doors. CEO Jeff Gennette cited "a notable contribution" from changes in the women's shoes and jewelry departments. And Kohl's is trying to attract more shoppers by offering more outside brands and cutting some of its in-house clothing lines. Macy's, the nation's largest department store chain, said sales fell 2.8 percent at established stores during the … [Read more...] about Macy’s, Kohl’s stock down on news of latest sales drops
Economy Facebook Twitter Flipboard Email Enlarge this image A sign announcing the store will be closing hangs above a Sears store on Aug. 24 in Chicago. Sears Holdings, which owns Sears and Kmart, said Thursday it was planning to close another 103 stores. Scott Olson/Getty Images hide caption toggle caption Scott Olson/Getty Images A sign announcing the store will be closing hangs above a Sears store on Aug. 24 in Chicago. Sears Holdings, which owns Sears and Kmart, said Thursday it was planning to close another 103 stores. Scott Olson/Getty Images Last year was one of the worst for the retail industry, with record setting bankruptcies and store closings — 8,000 across multiple national chains. And so far, things are not looking up in 2018. On Thursday, Sears Holdings Corp., the parent company of Sears and Kmart, announced it is closing 64 Kmart stores and 39 Sears locations, as it grapples with weaker in-store sales. "The company will … [Read more...] about Sears, Kmart And Macy’s Will Close More Stores in 2018
Food truck putting down Wayzata roots It's officially a trend, because another food truck is making the leap into a permanent restaurant. This time around it's Sushi Fix (www.sushifix.net). Owner Enkhbileg ("Billy") Tserenbat just signed a lease on the downtown Wayzata storefront that was most recently home to Black's Ford (682 E. Lake St.). The restaurant, scheduled for a January opening, will feature a 10-seat sushi bar and table seating for 25. Tserenbat launched Sushi Fix earlier this summer -- the Midwest's first mobile sushi operation -- and it quickly became a major crowd magnet at the Marquette Avenue food truck court in downtown Minneapolis. Tserenbat was born in Mongolia, and spent his teenage years in San Francisco. A classmate's father owned a sushi bar, "and that's where we hung out, and that's where I decided that it would be cool to be a sushi chef," he said. He moved to Minnesota nearly 12 years ago, becoming a familiar face among sushi aficionados at places ranging … [Read more...] about Counter intelligence: Food truck putting down Wayzata roots