Best Buy raised its fourth-quarter same-store sales growth forecast to between 1% and 3%, which is still lower than the 5.4% and 4.5% reported in the second and third quarters, respectively. Competition for electronics sales ramps up during the holiday season, and Best Buy's sales growth typically slows as rivals including Walmart, Target and Amazon roll out deals.
Activist investor Sandell Asset Management has proposed a debt-backed plan that would take Barnes & Noble private and value the retailer at around $650 million, sources said. The retailer said the offer isn't "bona fide" as it lacks the participation of chairman and founder Leonard Riggio, who owns an 18% stake in the company.
Low prices and off-price strategies paid off for Gap and Ross Stores, both of which reported third-quarter same-store sales growth that beat analysts' estimates. The results reflect consumers' willingness to spend on fashion at brick-and-mortar stores if the price is right.
Sweden-based IKEA opened its largest Southeast Asia store in Malaysia this week, a 502,815-square-foot space boasting 54 showrooms. The retailer assembled a selection of furniture tailored to local tastes after making visits to area homes, said Annie Chandler, store manager.
Walmart has worked to incorporate sustainability as a "shared value" within the business rather than something separate, says CEO Doug McMillon. In addition to the long-term economic benefits of sustainability, he said, Walmart understands that customers want to feel positive about the products they buy.
This year's holiday windows at Bergdorf Goodman's New York City flagship pay homage to seven of the city's cultural institutions, including the American Museum of Natural History, the New York Philharmonic and the Brooklyn Academy of Music. "Our institutional partners provided an array of subject matter to inspire us, so we crafted a completely different type of window for each organization," said David Hoey, the retailer's senior director of visual presentation.
Apparel resale site ThredUp sees a spike in never-worn garments during the holiday season as consumers opt for the convenience of resale over the hassle of returns. About 200,000 of the 2 million items ThredUp received during the holiday season last year came with the tags still on, and the company expects a bigger surge this year after adding ThredUp Luxe for luxury pieces.
Canadian department store operator Holt Renfrew has revised plans for a $79 million expansion of its Ogilvy flagship in Montreal. The store, which will be renamed Holt Renfrew Ogilvy, will be completed in 2020, and its 250,000-square-foot space will include a new beauty hall and shops for several designer brands including Dior and Prada.
UK retail sales rose 0.1% in October from the previous month and fell 0.3% from the same month last year, marking the first year-over-year decline since 2013, according to the Office for National Statistics. Consumers pulled back on spending amid rising inflation and mild weather.
E-commerce retailers in the UK are opening brick-and-mortar showrooms and stores to keep sales and brand awareness high as the e-commerce growth rate moderates. The rate of online retail sales growth is on track to slow to 7% by 2021, down from the current rate of about 11%, according to Colliers.
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