Including Macy’s to close around 100 stores and Savethehighstreet.org launches.
The Source rounds up some of the key retail stories of the week.
US department store chain Macy’s is to close around 100 stores, following a drop in second quarter sales. The retailer will now look to drive investment in its online business.
A new organisation has launched in a bid to breathe life back into UK high streets. Savethehighstreet.org was unveiled earlier this week, and wants to sign up 125,000 businesses during the next year. Its aim is to empower local shopkeepers with technology tools and skills that could help boost their sales. Primarily aimed at smaller retailers, it will look to help them improve online sales and offer educational seminars, said Retail Week.
Poundland has agreed to a higher takeover offer from the South African group Steinhoff, which values the business at £610.4 million compared with the £597 million previously tabled.
John Lewis saw its sales grow 7.3% to £73.66 million for the week to August 6. Electricals and home technology sales were up 11.2%, home sales were up 5.4% and fashion sales rose 5.4%.
Meanwhile, Waitrose saw sales of garden toys increase 86% and book sales leap 37% for the week to August 6. The upswing in book sales can mostly be attributed to the arrival of Harry Potter and the Cursed Child, which is the first play script ever sold by Waitrose.
Marie Claire magazine has opened a new beauty shop in London’s Tottenham Court Road. Called Fabled, the store stocks brands including Estée Lauder, Bobbi Brown, Urban Decay, Clinique and Nars among others.
It was a tough first quarter for New Look, with the fashion retailer reporting a drop in like for like sales of 6.6% for the 13 weeks to June 25. Meanwhile, like for likes in the UK feel by 7%.
Card Factory has seen its total first half sales rise 4.8% year on year, although like for like growth slowed to 0.2%. Chief executive Karen Hubbard said that the retail environment in the first half has been “challenging” and footfall patterns have generally been soft.