Weekly Retail Report
Retail stocks calm down, Armani takes the runway and Nordstrom dissects Manhattan real estate.0
Retail stocks started the week riding high amidst the trillion dollar European bailout rally – all good signs that retail’s place in the recession recovery sits high. Then yesterday stocks returned to calm. Amongst the retail winners in yesterday’s stock recap were French Connection, Dillard’s, Bluefly, Guess, Brown Shoe, Fossil, Perry Ellis and Urban Outfitters. In the red were American super savers Wal-Mart and Costco as well as K-Swiss, Cabela’s, Cache, Delia’s and Phoenix Footwear.
Qatar Holdings expanded their empire by acquiring British landmark department store, Harrods. Qatar became the fifth owner of Harrods since it’s creation in 1840. Also in London, BCBG opened a 3,200 square foot flagship store on Kings Road nothing that “BCBG has a lot to say in the UK.” Worldwide, Emporio Armani set plans to unveil stores in airports everywhere…Sydney, Shanghai, Milan, Miami, Nice, and Prague to name a few. The Italian stallion also aims to expand Armani jeans to seven new retail outlets.
And in New York City news, Nordstrom continue their quest for a city home. While the Nordstrom Rack opened yesterday in downtown’s bustling Union Square, the department store still seeks space for their full line. Fifth Avenue is packed with Nordstrom’s competitors (Lord & Taylor, Saks) and downtown is still too post-9-11 desolate. High construction, operating and real estate costs are making it appear nearly impossible that the full-line will be able to quickly turn a profit.
Oh Nordstrom! Are you sure you are Manhattan material? We’ll see next week… in shopping.
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