January 16, 2014 |
It's not looking pretty for J.C. Penney. The Plano, Texas, company said this week that it plans to close 33 under-performing stores around the country by early May and shave 2,000 jobs off its books. Chief Executive Myron Ullman called the move - designed to save the company $65 million a year - a key step in J.C. Penney's "progress toward long-term profitable growth. " Several analysts, however, say it's a sign that the retailer's turnaround may be more like a turndown. "J.C.
January 15, 2014 |
The National Labor Relations Board, an independent federal agency tasked with policing bad behavior by employers, is targeting Wal-Mart Stores Inc. over the retail behemoth's alleged crackdown on its protesting workers. The NLRB filed a formal complaint Wednesday against the Bentonville, Ark. chain, alleging that the company violated the rights of more than 60 employees rallying over workplace conditions in 14 states - including California. Some experts said the NLRB may be trying to establish itself as a force to be feared, and not just in the unionized workplaces that have traditionally been its stomping grounds.
January 10, 2014 |
A sprawling parking lot across the street from Staples Center in downtown Los Angeles has been sold to local investors who plan to build a large-scale residential and retail complex - perhaps including a hotel. It was the second sale of a parking lot in the area around Staples and the L.A. Live entertainment complex in recent weeks as real estate development in the neighborhood south of downtown's financial district picks up speed. The latest sale was a 2.7-acre parcel at 12th and Figueroa streets that has city approval for construction of apartment or condominium towers above stores and restaurants, real estate broker Adam Tischer of Colliers International said.
January 10, 2014 |
The data breach at Target Corp. is dramatically larger than first estimated, affecting as many as 110 million consumers and deepening a public relations nightmare for the beleaguered retailer. The Minneapolis company said Friday that the personal information of as many as 70 million people - including names, addresses, emails and phone numbers - was stolen during the year-end holiday shopping season. That is in addition to the 40 million customers that Target originally said were hit by the cyberattack.
January 8, 2014 |
Santa slacked off during the holidays, delivering a solidly so-so season for retailers. Shoppers were less impressed and more careful during the season compared with the previous one, doing their research before picking through shelves of uninspiring and often deeply discounted merchandise, according to a flurry of data, estimates and analyst notes released this week. Consumers spent $265.9 billion at stores during November and December, causing sales to rise 2.7% from a year earlier, according to initial results from data firm ShopperTrak.
January 3, 2014 |
Baby, it's cold outside, especially if you're stuck in the mounds of snow currently blanketing much of the East Coast. But while airlines are canceling flights and schools are rescheduling classes, retailers are treating the storm as another opportunity to rake in sales. Some Girls Boutique in Troy, N.Y., is using social media Friday to advertise its “Snow Bunny Sale,” with 30% off all winter accessories. The New York City brand A Tale of Two Biddies is offering 20% on everything in its online store, including caps and T-shirts, using the code SNOW.
January 2, 2014 |
A $140-million apartment and retail complex in Hollywood will get a shot of glamour from Los Angeles nightclub impresario Sam Nazarian. Nazarian, who also operates a string of trendy hotels and restaurants known for their playful, over-the-top decor, hopes to make the Camden seem like a cross between a resort and an upscale apartment community. Residents will share stylishly crafted common areas in the building and have special VIP access to other Nazarian-operated properties, such as the Colony nightclub and Katsuya restaurant.
January 1, 2014 |
DENVER - At 7:59 a.m. on Wednesday, a harried Jay Griffin shouted to the crowd pressed against the roped-off lines leading to his storefront counter: "One minute until we make history!" Sixty seconds later, he and a handful of other pot shop retailers opened a new and closely watched chapter in the national debate over legalizing marijuana as Colorado became the first state in the country where small amounts of recreational pot can be legally sold in specialty stores. Steve "Heyduke" Judish, a 58-year-old retired federal worker from Denver who prefers weed to booze, was the first customer of the day at Dank Colorado, a tiny shop tucked in a Denver industrial district.
December 27, 2013 |
BEIJING - Chinese property developer Oceanwide Real Estate Group said Friday that it would make its first foray into the U.S. It will spend up to $200 million to buy a sprawling parking lot in downtown Los Angeles across from Staples Center and the L.A. Live entertainment complex and develop a five-star hotel, apartments and retail space. The 4.6-acre site at the southeast corner of 11th and Figueroa streets has already been approved by the city for a high-end, mixed-use complex called Fig Central.
December 26, 2013 |
The crush of last-minute online shopping that stymied Christmas deliveries for thousands of people served as a harsh lesson to retailers and shippers: The ever-exploding number of Internet orders is making on-time distribution more difficult. Though cybershopping still is a small part of overall retail sales, companies eager to lure customers to the new frontier are adding to the pressure by touting same-day delivery options in many areas. But the difficulties that FedEx Corp.