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department stores

This tag is associated with 16 posts

21 Dec 2019 (AFR) – Retail: Black shadow over Christmas shopping

(21 December 2019, AFR, p37, Sue Mitchell and Lucas Baird) ‘Retailers are cutting shifts for Christmas casuals, culling staff and bringing forward Boxing Day discounts in further signs that retail spending has fallen short of expectations after bumper Black Friday sales in November. Department stores and specialty retailers have reduced hours for casual staff and … Continue reading

24 Aug 2019 (AFR) – Department stores: Luxury brands transform David Jones flagship

(24 August 2019, AFR, p2, Sue Mitchell, Senior Reporter) ‘Department stores are not going the way of the dinosaur any time soon, judging by the support from designer brands for David Jones’ $400 million refurbishment of its flagship Elizabeth Street store in Sydney.’ Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

3 Aug 2019 (AFR) – Department stores no longer a ‘destination’

(3 August 2019, AFR, p6, Simon Evans and Tim Boyd) ‘David Jones and Myer need to move faster in closing and shrinking their stores as spending rapidly shifted online, warned experts who said the appeal of being a ”destination” faded years ago. The malaise in department stores was reinforced on Friday when Australian Bureau of … Continue reading

27 Dec 2018 (TheAge) – ‘Big ships to turn around’: Department stores face new year slump

(27 December 2018, The Age, p1, by Eryk Bagshaw) ‘Department stores are set to be hammered by one of their worst holiday shopping periods since the global financial crisis, with a survey commissioned by its own retailers association predicting a measly 0.4 per cent growth rate over the crucial post-Christmas sales. The paltry figure is … Continue reading

12 Oct 2018 (AFR) – US retail giant Sears prepares to file for bankruptcy as shoppers go online

(12 October 2018, AFR, p14, by Jessica DiNapoli and Mike Spector) ‘New York | Sears Holdings is preparing to file for Chapter 11 bankruptcy protection in the coming days following years of declining sales, sources said, casting doubt over the survival of what was once the world’s largest retailer. The bankruptcy filing would end a … Continue reading

27 Apr 2018 (TheAge,SMH) – Myer and DJs falling sales hit retail landlords

(27 April 2018, The Age, Business, p25, by Carolyn Cummins) ‘Department stores are weighing on the results of shopping centre landlords, with sales contributions in the red for the three months ending March 31. Sluggish consumer sentiment, ongoing complaints of bad in-store service and a demise in the concept of a ”one-stop-shop” are putting the … Continue reading

23 Feb 2018 (TheAge) – DJs admits to ‘own goals’ as profit slashed by third

[COMMENT: Might this also have something to do with the general economy and the retail environment?] (23 February 2018, The Age, Business, p22, Patrick Hatch) ‘Department store David Jones’ profit has fallen by a third after being hit by the same sluggish trading conditions as arch rival Myer, blaming consumers who are suffering from low … Continue reading

12 Dec 2017 (AFR) – Department stores set for decade-long tumble: Morningstar

(12 December 2017, AFR, p17, by Luke Misthos) ‘The number of bricks-and-mortar department stores will shrink by 26 per cent over the next 10 years, Morningstar predicts, singling out Wesfarmers’ Kmart as the best prepared for the decade ahead. Bricks-and-mortar sales will decrease by 2 per cent a year over the next decade, resulting in … Continue reading

13 May 2017 (AFR) – Macy’s falls most since 2008 as contagion spreads across US retail

(13 May 2017, AFR, p19, by Lindsey Rupp) ‘As Americans abandon department stores, sales at Macy’s Inc and Kohl’s Corp are falling even faster than Wall Street expected. Disappointing results from the two chains sent a broader swath of stocks tumbling in the US this week, with investors growing more pessimistic on the beleaguered industry.’ Read more … Continue reading

9 May 2017 (AFR) – Myer share, profit forecasts cut as Amazon, TJ Maxx loom

(9 May 2017, AFR, p11, by Sue Mitchell) ‘Solomon Lew’s Premier Investments is $13 million underwater on its 11 per cent stake in Myer after the shares in the department store chain slumped amid concerns about the entry of Amazon and weak consumer spending. Fund managers blamed a 9.5 per cent fall in Myer’s share price to a … Continue reading

17 Feb 2017 (AFR) – Discounting, private labels crimp David Jones’ profit growth

(17 February 2017, AFR, p1, by Sue Mitchell) ‘South African retailer Woolworths Holdings has blamed aggressive discounting and a private label “stuff up” for modest earnings growth at upmarket retailer David Jones. David Jones’ earnings rose just 1.9 per cent to $106 million in the first half of 2017, reflecting tough trading in the department … Continue reading

17 Sept 2016 (AFR) – Why big retailers are running away from ‘zombie’ stores

(17 September 2016, AFR, p18, by Simon Evans) ‘Big established retailers are in fear of “zombie” stores. They are still there but feel dead because the space is simply too big and built for an era before the internet up-ended retailing. Stock levels are lower because fewer customers are coming in and those that do are frustrated by … Continue reading

2 Oct 2014 (TheAge, SMH) – Retail stuck in doldrums as job worries hit – Poor retail sales hit department stores

(2 Oct 2014, The Age, BusinessDay, p21, Gareth Hutchens and Mark Mulligan) ‘Falling real wages, rising unemployment, and fears about their job prospects are keeping Australians away from major department stores. After retail spending grew by a paltry 0.1 per cent in August – the worst result in months – the dollar has plunged to … Continue reading

26 April 2013 (AFR) – Clothing stores face winter of discontent

(26 April 2013, AFR, p15, Sue Mitchell) ‘Retailers are praying for a cold snap to clear autumn and winter apparel and avoid a blowout in inventories after above-average temperatures across most of Australia in the past few months.’ ‘Analysts say unless temperatures drop in the next few weeks, clothing retailers and department stores will be … Continue reading

15 March 2013 (The Age) – Myer half-year result reflects growing optimism

(15 March 2013, The Age, BusinessDay, p27, Eli Greenblat) ‘A rising tide of consumer confidence, swelled by strong jobs growth and low interest rates, looks to be dragging the retail sector out of its malaise as Myer posted a better than expected half-year profit. Myer chief executive Bernie Brookes said the retail environment, although fragile, … Continue reading

4 Sept 2012 (The Age) – Retail back in its former rut

(4 Sept 2012, The Age, BusinessDay, p1, Peter Martin) ‘RETAILERS hoping consumers would return to the shops after big government handouts have had their hopes dashed.’ ‘The $2.85 billion in early carbon tax compensation and schoolchildren bonus payments boosted retail spending by 0.6 and 1.2 per cent in May and June, but when the sugar … Continue reading