U.S. discount retailer Loehmann’s is filing for bankruptcy after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.
Inside these posts: Retailers
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Online retail sales jump 9 percent in third quarter
Online retail sales rose a solid 9 percent in the third quarter, a healthy sign for Web merchants as they enter the holiday season.
Online retail spending rose 9 percent to $32.1 billion for the three months ended in September, compared to the same period a year ago, according to a comScore Inc. report released Monday. It is the fourth consecutive quarter of positive year-over-year growth, after a year of flat or declining sales, said the Chicago-based digital research firm. Get the full story »
Mead Johnson’s 3Q profit climbs 9%
Infant formula maker Mead Johnson Nutrition Co. said Thursday its third-quarter net income climbed 9 percent compared with the same quarter last year, when retailer inventory reductions dampened its sales.
The Glenview, Ill., company earned $106.1 million, or 52 cents per share, in the three months that ended Sept. 30, up from $97.6 million, or 48 cents per share, in the same quarter last year. Adjusted earnings were 57 cents per share.
After Chicago win, Wal-Mart could look to NYC
Wal-Mart Stores Inc. won the right to open two more stores in Chicago this year, but does that mean the world’s largest retailer can eventually take Manhattan?
In remarks at the start of a two-day analyst meeting, Leslie Dach, Wal-Mart’s executive vice president for government affairs and corporate relations, said the retailer’s reputation has shown improvement with both consumers and elected officials. Get the full story »
With Target built, officials laud Wilson Yard project
Mayor Richard Daley speaks during the grand opening of the Wilson Yard Target on Tuesday, July 20, 2010. (William DeShazer/Chicago Tribune)
By Becky Schlikerman | Mayor Richard Daley and other supporters of a beleaguered Uptown development marked a major milestone today by celebrating the completion of a Target store that anchors the Wilson Yard project.
The new store finalizes a decade-long battle to redevelop the site of a burned-down CTA bus barn. The store will open on Sunday.
“This has been a very long time coming,” Ald. Helen Shiller (46th) said. “There were times it seemed this wasn’t going to happen.” Get the full story »
U.S. wholesale inventories rise, sales fall in May
U.S. wholesales sales fell unexpectedly for the first time in more than a year, lifting inventories to their highest level in 11 months, a government report showed on Friday.
Total wholesale inventories rose 0.5 percent to $398.81 billion, the Commerce Department said, following a revised 0.2 percent gain in April. Get the full story »
Cosi says key revenue figure rose in June
Sandwich chain Cosi Inc. said Thursday that revenue at established stores rose 5.5 percent in June as expanded marketing efforts boosted customer traffic. This figure is considered a key indicator of a retailer’s health as it measures performance at stores open at least a year, stripping away the impact of new or closed sites. Cosi measures performance at locations open more than 15 months.
Amazon purchases deal-a-day Web site Woot
Amazon.com has purchased deal-a-day website Woot.com. Woot says on its company blog that it agreed to be acquired by the online retailer. Woot started out in 2004 as a site that sold one heavily discounted item every day — usually consumer electronics.
Retail sales rise, but aren’t at pre-recession levels
Retail sales in the Chicago area inched up slightly in the first quarter, marking the first year-over-year improvement since 2007, but also signaling that the region has a long way to go to recover from the economic downturn.
According to a report to be released today, the six-county metropolitan Chicago area generated $21.29 billion in sales for the first three months of 2010, up $43.5 million, or 0.20 percent, from the same period a year ago, according to the report from Melaniphy & Associates Inc. The city of Chicago had $4.76 billion in sales, an increase of $12.4 million, or 0.26 percent.
The report concludes that while consumers are loosening their grips on their wallets, retail sales fell so dramatically during the recession that the region has yet to make up the lost ground. Get the full story »
J.C. Penney stepping up e-tailing push
J.C. Penney Co. (JCP) plans to grow its online sales by at least $1 billion in the next few years as the retailer restructures itself into a digital marketplace.
While the company isn’t giving up its roots as an operator of brick-and-mortar stores, J.C. Penney’s undertaking involves traditional online efforts, tie-ins with mobile devices, social-networking websites and structuring the more traditional stores as virtual shops. Get the full story »
