Zara Billionaire Owner Ortega Buys $550 Million Chicago Tower
Pontegadea Inversiones SL acquired the 51-story One North Wacker in the city’s business district in one of the biggest US office deals this year.
Retail
Analysis and advice from the front lines of the retail transformation.
Macy’s CEO Assures Tariffs Will Only Hit Profits by 5 Cents a Share
Chief Executive Jeff Gennette said looming US tariffs will reduce per-share profits by a maximum of five cents and assures it is not a big impact.
Plus-Sized Retailer Avenue to Close All 222 Stores
Like many retailers in the plus-sized market, Avenue has been under pressure as rivals such as Amazon and Target encroach on the space.
Sports Direct Says Happy With Accounts Despite Auditor Quitting
The retailer is struggling to find a replacement auditor but has said its board is comfortable with its latest accounts. CEO Mike Ashley has admitted that buying House of Fraser may have been a mistake.
Britain's Empty Shops Hits Highest Level Since 2015
The national town centre vacancy rate was 10.3 percent in July was the highest since January 2015, and shopper footfall fell by 1.9 percent, the worst decline for July since 2012.
Rebooting Barneys New York
The troubled retailer could once again be reborn. But this time, it’s going to take a drastic overhaul to get the business back on track.
The Inner Workings of Victoria’s Secret: A Chairman and His Circle
Creative director Ed Razek is exiting Victoria’s Secret as the brand suffers from sinking sales and media reports of past links to sex offender Jeffrey Epstein. But the root of the problem may be the very thing that made the company so successful in the first place: billionaire L Brands chairman Les Wexner’s tight grip on power.
Mall Landlords Consider Becoming Lenders to Blunt Retail Apocalypse
The arrangement could give landlords a stronger say in the restructuring of retailers who have gone bust, as lenders are treated with a higher priority in a bankruptcy.
Walmart Explores ModCloth Sale
According to Modcloth Chief Executive Silvia Mazzucchelli, the Walmart-owned company is 'in the process of exploring potential opportunities' in response to interest from buyers.
Boohoo Seals Deal for Karen Millen and Coast Brands
The online fast-fashion group, which owns PrettyLittleThing and Nasty Gal, bought the online business and all associated intellectual property rights of the two brands after they went into administration.
Barneys Files for Bankruptcy As Rents Rise and Visitors Fall
The Chapter 11 filing allows Barneys to stay open while it works out a plan to turn around the business and pay its debts.
Victoria's Secret 'Angels' Mastermind, Ed Razek, Has Resigned
The executive's work at the company has been under intense scrutiny for the past year.
Hudson's Bay Panel Comments on Bid
Activist shareholder Jonathan Litt had lambasted the bid as "woefully inadequate" then, saying the company was worth double what the group was offering.
THE NEWS IN BRIEF
Joe Corré’s Light House Club Launches Pop-Up Spaces for Emerging Designers
Independent creatives can apply to utilise pop-up spaces at Light House to sell merchandise and meet with clientele.
Shein Outsells British Rival Asos as UK Revenue Hits $3.41 Billion
The ultra-fast fashion company said sales had been bolstered by marketing partnerships with music festivals, a pop-up shop on London’s Oxford Street and local Christmas gift events.
Gap to Use Athleta Leader’s Exit to Rebuild Slumping Brand
The departure of Athleta’s CEO for Lululemon is a chance to ‘reimagine the brand’s path forward,’ Gap Inc. CEO Richard Dickson wrote in an internal memo viewed by Bloomberg.
Harvey Nichols’ Birmingham Store Will Close in January
The department store’s Leeds and Bristol outlets will be converted to the Flannels brand in a shake-up under Mike Ashley’s Frasers Group, which purchased the chain when it was put into administration in mid-August.
Lululemon Hires Athleta Head in Management Shakeup
Maggie Gauger is joining Lululemon as chief product officer as new CEO Heidi O’Neill looks to revive sales.
Levi’s Growth Slows After Marketing Misstep
The company lost out in its third quarter because of a decision to market baggy jeans over low rise, but still raised its sales outlook for the year.
Fast Retailing Annual Profit Jumps 32%, Beats Expectations
The Uniqlo owner hit a new record annual profit for the fifth year in a row, boosted by strong results in all regions.