Weekly Shop Report
In our obessive search for a part bargain part banging Halloween costume, we nearly forgot about Wall Street.0
In our obsessive search for part bargain part banging Halloween costume, we nearly forgot about Wall Street. That was nice. And when we faded back to reality, we had news from Ecko, Rue La La and the Olsens this week…in shopping.
The S&P Retail index briefly topped 400 on Monday, closing at 396.4 while the Dow dwindled. Limited, Bon Ton and lululemon shares were up. Cache still can’t keep their head above water, probably because people are wearing last years dresses. Bulgari and Saks were in the bottom ten for retail. And on a final sad note, analysts say early 2010 will peak store closings. The square footage of retail stores closing is essentially like half of all Macy’s stores closing. That’s a lot, right? Yes, yes tis.
This is random, but the Tax Free World Association met in Cannes to discuss duty-free topics, and when we can again afford to travel abroad, we might care.
We do, however, seriously care that GSI Commerce announced yesterday their plan to purchase Retail Convergence, the parent company of our beloved Rue La La for a whopping $350 million. Guilt’s Alexis and Alexandra frantically ran the numbers, dollar signs shining brightly in their eyes. As an online retail sale precedent acquisition, we’ll follow any changes to Rue La La closely and report accordingly.
Iconix, the brand group enveloping Badgely Mischka, Rampage, Ed Hardy, Candies, Mossimo, Waverly, Rocawear and more, has been chatting with Marc Ecko about acquiring Marc Ecko Enterprises brands and trademarks. And the Olsen Twins are all growns up! They are launching a junior line at J.C. Penney this winter. If we can deal with Herald Square, we might actually buy something.
May Halloween boost retail.
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