Weekly Retail Report
Even with Friday's stock losses, roaring retail closed the week in black.0
European and Asian retail markets closed last week in the scary red, but not here in the good ‘ol U.S. of A. Even with Friday’s losses more than 1%, retail closed the week in the black. Maybe in part thanks to Talbots newer, younger campaign, for the formerly granny brand was amongst the retail winners last week. New York & Co., Chico’s, Coldwater Creek, Pacific Sunwear and Wet Seal lead the week while Hot Top, Quicksilver and Under Armor led the losers in the red. And in the last of losses, luxe retailer Saks announced plans to close a little less than 20 stores over time.
On a more upbeat note, Armani opened the largest home store in the world – a flagship unveiled during last week’s design show in Milan. Even though Casa’s 2009 profits were economy damped, 2010 is already up 12%. With the opening of the first Casa-furnished Armani hotel in Dubai at the end of April, it might turn into a great year to be Georgio. Also in Europa, Printemps chic and ambitious accessories line to rival Harrods and Bergdorf. Wow-wie. Brands like Prada and Chanel are on board, and since people aren’t poor anymore, they anticipate the exclusive accessories will boost sales 25%.
And in everything Wintour, Fashion Night Out created an exclusive brand to generate some FNO buzz and are offering it to retailers in the U.S. and Canada. One winter Olympics and somehow Canada is on board? I mean, it is a global initiative. Fashion Night Out is scheduled for September 10.
Until next week…in shopping.
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