30%+ drop in turnover – now that’s impressive. Learn how Red Wing Shoe Co. partnered with Cielo’s dedicated RPO team to improve hiring outcomes for retail stores throughout North America: https://lnkd.in/gppDjA5x #IlluminateTalent
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Aloha Friday 🤙🏼 Here are some interesting stories from the world of retail for Friday, March 1: 🖥️ More layoffs are coming to Best Buy after two years of declining sales that continued into holidays. Executives see the consumer electronics market beginning to stabilize, but not by enough to avoid pain. 👖 Levi’s wants consumers to rethink their denim shopping. Under a new chief executive, the brand known for jeans is aiming to be a full outfitter, working primarily through its own stores and e-commerce. 🛁 Bath & Body Works stock fell 6% on Thursday after the soap and perfume retailer said it expects earnings to fall in fiscal 2024, overshadowing better-than-expected fourth-quarter numbers. 📦 The Container Store has laid off about 100 employees, roughly 2.5% of its total workforce. The layoffs are the result of close scrutiny of the retailer’s cost structure amid declining sales that have continued into its fourth quarter. 📺 Qurate Retail Group’s fourth-quarter revenue fell 11% to $3.14 billion from $3.5 billion a year ago, the company. Revenue at the company’s main banners, QVC and HSN, fell 4% for the quarter. 🎈Party City is introducing a new store format that highlights two of its key categories: balloons and birthdays. Based on success in pilot stores, the party supplies retailer said it plans to introduce the new format in several locations. 💊 Ohio has fined CVS Health $1.25m for multiple violations at 22 outlets across the state, ranging from dirty, understaffed stores to missing pills and a customer sent to the emergency room after ingesting the wrong medication. 💰 Americans are socking away less of their paychecks each month so they have more cash to spend. The strategy has supported their purchases, and the economy, in recent months, but it’s bound to run out of steam this year. 🏋♀️ Oprah Winfrey is leaving the board of WeightWatchers, ending a nearly decade-long stint as a director of the beleaguered company that has faced sudden competition from Ozempic. 🎌 Seven & i Holdings Co. has opened a new, larger 7-Eleven store in Chiba prefecture, Japan, to test consumer appetite for a bigger version of its outlets. The store is almost double the size of regular 7-Elevens. 🏡 Whirlpool, a name often associated with home-appliance bruisers like washing machines and refrigerators, is looking to cut costs and focus on selling blenders and coffee makers, its latest effort to overhaul its business. 🇺🇦 Zara is set to reopen its stores in Ukraine, which were closed after Russia's invasion of the country. Parent company Inditex plans to gradually reopen 50 of its 80-plus stores in Ukraine, starting in early April. 🍺 The world’s largest brewer, AB InBev, may have lost as much as $1.4 billion in sales because of the backlash to its brief partnership with a transgender influencer to promote Bud Light beer. #retail #retailnews #economy
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In an interview a while ago, Richard Baker, the owner of HBC and SAKS, described himself as a real estate guy, not a merchant. Yesterday, it was announced that SAKS is buying NM. This was presented as a good thing: consolidation of resources, diversification of offerings (currently, the companies share a high number of brands), and many other great initiatives. Unfortunately, the real reason is unknown. When the principal of the company is not a merchant, who knows what the end goal is? Neither SAKS nor NM is doing well. A few years ago, when online was still hot, SAKS spun off their online business (remember OMNI mantra? No more). You don't need to be an economist to understand why. At the same time, NM went through bankruptcy, picking up an additional bank loan for recovery that is probably difficult to pay back. I don't think there is a bright future for department stores the way they currently run. In the last 30 years, society has undergone a dramatic change; the way people look at brands, clothes, and shopping is very different. However, department stores have patched their old ways and remain the same. Mergers like this add to this narrative, to the attempt to stay in business: cutting locations and payroll is the way to go if you have no other strategy. Macy's has been doing it for years. We will see stores closing, layoffs, and brands losing distribution. But this is justified to help both companies to survive. It is a short-term strategy - nothing is going to change if the department store doesn't change its way of doing business. If they want to keep the old model (I guess they do), two changes need to happen for them to succeed: Different ways to work with brands (partnerships). Different ways to work with sales associates. PS> WWD mentioned that only 6 malls have both NM and SAKS. However, in almost all key markets: LA, San Fran, Chicago- free standing stores are across the street from each other. #wwd #bof #fashionretail
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Attention jewelry retailers! 📣 Don't get caught shorthanded this holiday season. The Edge Retail Academy is hosting a FREE webinar on August 19th at 2:00 PM ET to help you 💥 Jumpstart Your Holiday Hiring 💥 Learn proven strategies for attracting top talent and building a winning team for the busiest shopping season of the year. Register today and ensure a smooth and successful holiday season: https://bit.ly/4db5KjD #TheEdgeRetailAcademy #JewelryIndustry #RetailTips #Webinar #HolidayHiring
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Honestly, how much more can #Macys cut? The stores are nearly empty of staff, and it’s a mess inside. The place is looking ever closer to a discount house instead of the premium brand it used to be. Either way, remaining open is just further eroding the quality of the brand. Stand alone (non-anchored) structures won’t help. They do not get the traffic to support the pricing, revenue model, and real estate. It’s about the numbers. Either change the business model or restructure. It no longer works under its old branding. #retail #retailfuture
Macy's is closing five stores and laying off more than 2,000 employees. The legacy department store announced the layoffs as it faces fierce competition and slowing sales. The retailer is chasing new ways to stay relevant, including opening smaller stores outside of the mall and launching new, exclusive clothing brands.
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The Curious Case of Struggling Department Stores: NORSTROM GROUP LIMITED & Macy's Wall Street has written off stores like Macy's and Nordstrom. Sales are slumping, their future looks uncertain, and stock prices reflect that pessimism.📉 Savvy investors are starting to circle. Why? These stores might be hiding some serious value: a) Location, Location, Location: Prime real estate holdings in major cities. 🏙️ b) Brand Recognition: Household names with potential for a fresh take. ✨ c) Customer Base: They still have loyal shoppers, despite the overall struggles. >>What's Going On? Macy's: Real estate investors are doing their homework, considering a buyout offer. They believe the company is undervalued. 🤔 Nordstrom: The founding family is exploring going private. This could mean major changes behind the scenes. 🤫 >>The Big Question: Can They Be Saved? It's a gamble. These stores desperately need reinvention to win back customers. But, could an outsider with a bold vision succeed where others have failed? Or, is the best move to sell off assets and gracefully exit? 🤷 >>The Dillard's Inc.'s Case One department store chain stands apart: Dillard's. They focus less on innovation, more on steady returns for investors. It's not flashy, but their stock performance is surprisingly strong. 💸 This is an industry in flux. We could see iconic stores fade away, or witness a dramatic transformation. The future of department stores is definitely up for grabs! What would it take for YOU to shop at a department store again? #retail #business #investing #innovation #fashion #india #china #mexico
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"Here I come to save the day!" Mighty Mouse might be worth $5.8 billion! In a recent turn of events, Macy's, the storied department store chain, has been thrust into the spotlight with a $5.8 billion buyout offer from real estate investor ARKHOUSE and asset manager Brigade Capital Management, LP. Announced on December 1, 2023, this aggressive bid values Macy's at a robust $21 per share. This marks a substantial 32.4% premium over its closing price on November 30. The offer, made as the holiday season kicks into high gear, also comes at a time when Macy's is undergoing changes, including a transition in leadership, with Tony Spring set to take over as CEO from the 40-year tenure of Jeff Gennette in February 2024. This potential buyout is a key development, considering Macy's has a prized real estate portfolio, headlined by its iconic Herald Square location in New York City. In recent years, various valuations have placed the worth of this trophy asset alone between $3 billion (USD) and $4 billion. The buyout offer is part of a broader trend affecting big box stores, which have been facing challenges due to changes in consumer behavior and the growth of e-commerce. Notably, Macy's has been losing market share in the U.S. retail industry since 2019. Despite the closure of numerous department stores since 2018, Macy's hasn't been able to significantly gain ground in the market. The future of Macy's under this potential buyout is still uncertain. Analysts suggest that being private could allow for more rapid changes and potentially a disassembly of Macy's as it currently exists. There's also the possibility that parts of the company, such as luxury chain Bloomingdales and cosmetics store Bluemercury, could be sold off individually. Stay tuned! Picture credits: Mighty Mouse (1951): Mighty Mouse soars above the crowd as he hogs the spotlight in his balloon debut. Nick Petersen/NY Daily News Archive via Getty Images #mergersandacquisitions #retail #realestate #buyout #consultingservices #businessstrategy #macys #newyorkcity
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Department Stores, which have been at the core of American cities since the mid-to-late 1800s, are one step closer to saying goodbye. For more than two decades, their cultural relevance (think Macy's #Thanksgiving Day parade and 4th of July fireworks) has been much greater than their economic relevance (in 2022, department stores accounted for less than 2% of US retail sales). The proposed $5.8 Billion acquisition of Macy's -- which, as an aside was valued at $4.8 billion before the offer, despite having a real estate portfolio "worth about $6 billion" -- is just the latest chapter. "Kohl's ... has faced pressure from activist investors and continues to struggle with sluggish sales. JCPenney filed for #bankruptcy and was rescued by mall owners. Saks Fifth Avenue and Neiman Marcus Group have been exploring a merger amid a slump in sales of luxury goods. And The Bon-Ton Stores, Inc. is a shell of its former self. Only Dillard's Inc., which is run by its founding family, has continued to thrive." (NOTE: No mention of Belk and Von Maur, two other notable dept store chains). The symptoms? A shift in consumer spending "to discount stores, fast-fashion retailers, and new entrants" as well as "buying more directly from brands," a reluctance to evolve the business model and self-cannibalize, under-investment in stores and nextgen operations and technology, all leading to "years of chronic underperformance.” https://lnkd.in/enJTq7nr
Macy’s Billion-Dollar Question: What’s More Valuable, Real Estate or the Business?
wsj.com
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Managing Director, Getzler Henrich & Associates | Retail Practice Leader | Future of Middle-Market Corporate Turnarounds and Restructuring | Business Growth and Development
This is 1 of the biggest mistakes retailers can make: They forget that consumers see their brand as one, no matter how much they try to slice and dice it—by splitting off e-commerce from brick-and-mortar operations—in the name of financial engineering. But all this does is confuse priorities, create redundancies, and weaken the brand. Now, stores like Saks and Hudson’s Bay are recombining their divisions. And it’s working. https://hubs.la/Q02xf8hL0 #Retail #Mistakes #Ecommerce #Priorities #Branding
Hudson’s Bay, again a unified retailer, announces layoffs in organizational ‘re-alignment’
retaildive.com
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Delivering product to market has to take into account revenue streams from all of its channels and make product and production decisions from a unified perspective. If a company separates its channels into unique businesses then each can go in different (though subtle) directions with products and product categories that serves only to confuse their customers. It also minimizes the future state position of leveraging AI or genAI solutions that could bring market insights that would have been missed by product merch/mgmt.
Managing Director, Getzler Henrich & Associates | Retail Practice Leader | Future of Middle-Market Corporate Turnarounds and Restructuring | Business Growth and Development
This is 1 of the biggest mistakes retailers can make: They forget that consumers see their brand as one, no matter how much they try to slice and dice it—by splitting off e-commerce from brick-and-mortar operations—in the name of financial engineering. But all this does is confuse priorities, create redundancies, and weaken the brand. Now, stores like Saks and Hudson’s Bay are recombining their divisions. And it’s working. https://hubs.la/Q02xf8hL0 #Retail #Mistakes #Ecommerce #Priorities #Branding
Hudson’s Bay, again a unified retailer, announces layoffs in organizational ‘re-alignment’
retaildive.com
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The Nordstrom Story : Part 2 Generational change, Great Depression and the World War 2 - the company evolves through severe turbulence Wallin & Nordstrom made great strides through extreme customer focus. John would talk to every customer to understand their needs. If the customers couldn’t find what they wanted, he would note it down and ensure it’s made available soon. #Exemplary #CustomerService became a culture at Wallin & Nordstrom. John had funded his business expansion throw secured bank loans too. John’s family expanded too with the addition of his three sons - Everet, Elmer and Lloyd. The boys, as they grew up started working with their father in the shoe stores. A little later, John decided to retire. Instead of passing on the business as an inheritance, John sold his shares to his sons. Wallin too sold his shares to John’s sons. The second generation Nordstrom even rotated their roles every two years - an outstanding way to manage the business together without disagreements. Wallin & Nordstrom became Nordstrom. The second generation Nordstroms were educated and applied business management principles they learnt along with their entrepreneurial skills to expand the stores further. However, the great stock market crash and the ensuing Great Depression pushed the whole country into a stagnation. Enduring through the depression Nordstrom emerged stronger. During the depression they earned the reputation of not missing any payment to their suppliers or employees. World War 2 followed the depression and the shortages were rampant. All resources in the country were directed towards the war effort. Even, Lloyd joined the navy. Nordstrom brothers traveled far and wide to secure leather supplies. They innovated to replace leather soles with rubber soles. This phase of the Nordstrom story surely teaches us: 1. Why #financialdiscipline & #fiscalprudence are important for the business to thrive 2. The importance of #resilience and #innovation to convert every adversity into an opportunity 3. Finally when a business moves through generations, it is important to instill the sense of #ownership through the right process, rather than passing it on or handing it down. The post war story of Nordstrom is even more interesting… to be continued… The part 1 is available here : https://lnkd.in/gzJUfRu4 #EntrepreneurialJourney #StartupLessons from #BusinessHistory #GreatCompanies #ExcellenceInBusiness #CustomerService #Adversity2Opportunity
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