Weekly Retail Report
All in all it's a sluggish week in retail. Until next week...keep shopping.0
Apparently the Savannah College of Art and Design now doles out “Lifetime Achievement Awards”…because Andre Leon Talley said so. The North Carolina Central alumni apparently hearts SCAD even though he claimed to stow away to RISD on his weekends away from Brown during his Master’s Degree. So basically, we can’t see the connection, but – drum roll please – SCAD’s Lifetime Achievement Award appropriately went to Diane Von Furstenberg, proving yet again that not all Republicans are fashion-challenged.
Also down south, Saks Fifth Avenue is closing it’s Charleston store. Joining Saks were Wal Mart, TJX and Abercrombie & Fitch in the red. All in all, retail stocks were down 1.4% yesterday despite Gap’s big debut in Italia. H&M same stores sales were down 6% in Q and However, K Swiss, Movado, Perry Ellis, Quicksilver, Maidenform finished in the black. In department store news, Penney’s saw gains and Macy’s outlined a store revamp.
Estee Lauder is going to buy Smashbox cosmetics and Coach and Target reached a settlement agreement on their pending lawsuit. The trade regulations are at a standstill and all in all, it’s a sluggish week in retail news. Until next week, keep shopping.
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