In 2022, retail sales were hammered by persistent high inflation and weak consumer demand—and 2023 isn’t much better. Economists from S&P Global Market anticipate only 0.5 percent sales growth, but that equals a 0.1 percent decline when accounting for inflation. Some retailers feel the pinch more than others and have begun closing stores. Even worse,…
Global Retailers Seek New Ways to Lure in Shoppers as Spending Slows
April 25, 2023
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Business & MarketsCompanieseconomic policieseconomyglobalinflationInternationalMarketsretailersspendingWorld
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BARCELONA—Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as a months-long post-pandemic splurge by Americans starts to…
Major Retailer to Invest $2.2 Billion in US, Add Over 2,000 Jobs
IKEA announced on Thursday that it will invest more than $2.2 billion in the U.S. market over the next three years to further expand its omnichannel fulfillment network. In a statement, Ingka Group, which owns most IKEA stores, said it plans to bring eight new big stores and add nine “plan and order points”—smaller stores…
19 State Attorneys General Warn Grocers, Big-Box Retailers Against Mailing Abortion Pills
February 28, 2023
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The attorneys general of 19 different states have sent a letter to Costco and Kroger warning the retail brands against sending abortion pills through the mail. Last month, the U.S. Food and Drug Administration (FDA) announced updated rules that allow stores with pharmacies, such as Costco and Kroger, to dispense the abortion drug mifepristone through…
Spending: Don’t Rush to Buy a Sales Item
By Sandra Block From Kiplinger’s Personal Finance When is a sale not a sale? Most of the time, according to Consumers’ Checkbook, a nonprofit consumer organization. After tracking prices at 25 major retailers over 33 weeks, Consumers’ Checkbook concluded that the same “sale price” was offered more than half the time. Worse, some retailers’ sale…
Wayfair to Cut More Than 1,700 Jobs as Part of Cost-Saving Plan
Wayfair Inc., a Boston-based e-commerce company that sells furniture internationally, announced on Friday that as part of a cost-saving plan it will cut 1,750 jobs, representing 10 percent of its entire global workforce. In a statement on Jan. 20, the furniture retailer said the layoffs will include approximately 1,200 employees on the corporate team, which the…
The Biggest US Retail Bankruptcies in 5 Years
The biggest bankruptcies over the past 5 years are listed below by assets and liabilities at the time of their filings: Ascena Retail Group Assets: $13.69 billion Liabilities: $12.52 billion Stores: More than 2,800 The owner of Ann Taylor, Lane Bryant, and Loft filed for Chapter 11 bankruptcy protection in July 2020, then sold off…
European Retailers Downbeat Despite Black Friday Boost
BERLIN/AMSTERDAM/MILAN—Europeans snapped up smartphones, Christmas decorations, sweaters, and jewelry during a surge in shopping over the Black Friday weekend, though prospects for the festive season remained gloomy, retailers said. A survey of 400 businesses by Germany’s HDE retailers’ association showed just over half of merchants said they were still dissatisfied with sales last week, versus…
The Growing Threat of Organized Retail Crime
September 16, 2022
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Business & MarketsCompaniesCrime and IncidentseconomyJudiciaryNational Securityorganized retail crimeretailersrobberySocial IssuesUSUS FeaturesUS News
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The massive wave of retail thefts in the United States over the past two years have become a major challenge for both the retail industry and law enforcement. Weakened law enforcement policies and lesser penalties for these criminal bandit gangs have hit a critical juncture, as crime in the United States has hit proportions not…
US Retailers Slash Clothing Prices as Shoppers Cut Purchases
August 26, 2022
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NEW YORK—Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks. Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8 percent from a year earlier to $3.86 billion. Earlier this month,…
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