Retail News

Department store apocalypse is taking its toll on NYC

The shutdown is one of up to 10 Lord & Taylor closures of a total 50 stores planned by chain owner, Hudson’s Bay Company. It comes amidst a nationwide department store apocalypse. Hudson’s Bay, which owns 488 stores including Saks Fifth Avenue, is battling high debt, declining sales and falling stock prices.

First Insight Consumer Report Reveals Quality Trumps Price

Discounting is just not what it used to be. According to new consumer research from First Insight Inc., product quality is more important than price. The technology firm said the results show that price as an influence of discounts on purchase decision has declined.