Target reported a strong fourth quarter for ecommerce with digital sales up 31%, hitting $5 billion for the year, a five-fold increase since 2012. Overall comp sales were up 5.3% in Q4 on traffic growth of 4.5%, but revenue was flat at $23 billion.
Mall-based women’s apparel retailer Charlotte Russe has been added to the ongoing list of troubled companies in the sector, announcing its plans to liquidate and close all of its stores within the next two months. In February, it announced it would file for Chapter 11 bankruptcy protection and close approximately 94 stores.
The Gymboree Group Inc. is selling its brand to its rival The Children’s Place and its Janie and Jack clothing line to Gap Inc. Here are the details of both the transactions and what it will mean for the companies involved.
Late to the ecommerce game, Marshalls is launching an online store later this year, its parent company, TJX Companies Inc. announced during its fourth quarter earnings call.
Gap Inc. announced it will split off the more successful Old Navy as a new publicly traded entity which will be financially independent of the other brands in the stable not doing as well: Gap, Athleta, Banana Republic, Intermix and Hill City.
JCPenney plans to close 18 full-line stores in the second quarter, including three locations previously announced in January, executives told analysts on an earnings call, recording an estimated pre-tax charge of about $15 million in the process.
Ecommerce home furnishings giant Wayfair increased its fourth quarter sales 40.6% to $1.99 billion, but saw its Q4 net loss balloon to $143.8 million, nearly doubling the $72.8 million loss from the same period in 2017. The company accentuated the positive, emphasizing its holiday season and flash sale performance to analysts.
In retail today, technology is playing a vital role to offer the best experience for customers. It has enabled retailers to personalize the relationship between the customer and the retailer. In our latest MCM CommerceChat podcast, Logan Crane, Vice President of Operations for Boll & Branch talks about how the brand has used technology to get a more centric view of the customer journey.
Going the way of main rivals Walmart and Amazon, Target is launching its own third-party ecommerce marketplace, Target+, including a curated list of products from merchants that complement its own offerings in categories like home, toys, electronics and sporting goods.
Gen Z and young millennials aged 18-29 have a much greater price sensitivity and lower brand loyalty than previous generations, presenting a challenge for brands aiming to sync with this demographic. Here is a look at how the group of young adults learns about brands and what it means for retailers.