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Saks Fifth Avenue has a long history of struggling wtih making their online business work. Additional capital always helps the cause but the headline was interesting. Many e-commerce retailers are pumping up their model as the solution whereas Saks notes the “challenging macro economic conditions”. Time will tell but as I often say, the department stores are struggling as they try to find the best “next path”. Retail isn’t for the weary but opportunities abound for those that excute well. #retail #retailnews #retailtrends #ecommerce #omnichannel #departmentstore #cre https://lnkd.in/g7t3xnu5

Why Is Macy's Closing 66 Stores This Quarter Across the US? #MacyCloses #RetailTrends #StoreClosures #Macy'sJourney Hey everyone! ?? Did you hear that Macy's is closing 66 stores across the US this quarter? That's quite a significant move! Here are my thoughts on this development: Retail Environment: The retail landscape is changing rapidly, and even big names like Macy's are feeling the impact. ?? E-commerce Growth: More folks are shopping online these days, and physical stores are struggling to keep up. ???? Community Impact: Store closures can affect local jobs and the shopping experience in various communities. ?? But let's talk about it! What do you think about the news of Macy's closing 66 stores? Have you ever shopped at a Macy’s that’s closing? If so, what was your experience like? ??? Do you have any tips on how to make the most out of shopping at Macy's or any other department store during this transition? Feel free to share your thoughts in the comments! Let’s dive into this topic together. ?? RetailChanges #Macy'sFuture #Community... Answers:? https://lnkd.in/gF-NxKeq Let's Connect!

Macy’s Accelerates Store Closures: 65 Locations Shutting Down! | What’s Next for the Retail Giant?" ? https://lnkd.in/g2B66EWX ? #Macys #StoreClosures #RetailNews #Macys2024 #RetailStrategy #MacysFuture #MacysBoldNewChapter #StoreClosures2024 #Bloomingdales #Bluemercury #RetailChanges #MacysUpdates #ShoppingNews #RetailGiant #MacysRevamp #MacysExpansion #MacysEarnings ?

Is the Department Store becoming antiquated? ?? There are signs this is the case, but time will tell... ? *** The department store sector, once a retail giant, continues to face significant challenges amid rising competition from discount retailers, e-commerce, and shifting consumer preferences. Macy's recent struggles exemplify the industry's current state, with a 3.8% decline in net sales for Q2 2024 and planned closures of at least 150 stores by 2026. Despite some positive metrics, like improved gross margins, Macy's outlook remains cautious as it adjusts its revenue expectations downward. Meanwhile, the luxury segment is also under pressure. Saks Fifth Avenue, despite its acquisition of Neiman Marcus Group, is reportedly behind on vendor payments. Nordstrom has decided to go private, further signaling the shifting strategies among department store leaders as they adapt to a changing market. Conversely, Von Maur, though relatively unknown to many consumers, has been named "America’s Best Department Store" for the third year in a row, highlighting how smaller, service-oriented retailers can still thrive. The landscape is not entirely bleak for department stores. While traditional models struggle, international stores like Selfridges, Galeries Lafayette, and WOW Concept are adopting experiential retail to remain competitive, focusing on immersive in-store experiences and sustainability. These changes are helping them stand out in an increasingly digital world. In contrast to the department stores' struggles, off-price retailers like Burlington Stores, Inc., Ross Stores, Inc., and The TJX Companies, Inc. are thriving. Burlington reported a 13% increase in sales for Q2 2024, while Ross and TJX also posted strong financial performances, benefitting from inflation-weary consumers seeking discounts. Ultimately, while the department store model continues to face pressure, its extinction may not be imminent. Retailers that evolve and innovate, whether through improved customer service, adapting store formats, or leveraging digital tools, may still find a place in the market. However, for many, the clock is ticking as they try to navigate the balance between tradition and transformation. ?? *** #Retail #Store #Chain #Department #Outlook #Business #Future

In case you missed Sunday's Highlights by Miss Tweed SAKS BUYS NEIMAN MARCUS GROUP IN $2.65 BLN DEAL Together we are stronger. That’s what department store chains Saks Fifth Avenue and Neiman Marcus have been thinking for more than a decade and this week finally agreed to tie the knot. The owners of Saks have agreed to acquire Neiman Marcus Group for $2.65 billion in a deal that should help America’s two biggest department store groups better survive the current downturn by sharing costs, customers and stock. It's a deal that also gives Amazon a long looked for entrance into luxury. Online giants Amazon and Salesforce are taking a minority stake in the newly combined entity called Saks Global. The size of their investment was not revealed. The plan is to use Amazon and Salesforce’s technology to improve the retailers’ websites and make it easier for consumer to search for products. Read more: https://lnkd.in/ekwgcz5C Marc Metrick Nicole J. Schoenberg Geoffroy van Raemdonck #retail #departmentstores #fashion #luxury

Shopping centers across the country are fighting for survival and look to transformation to avoid extinction. It’s clear that consumers still enjoy shopping in person after the Covid pandemic, but the traditional anchor department store has been in decline since 2001 and is no longer the draw it once was. As companies like Macy’s, JCPenney and Sears shrink or cease to exist altogether, real estate developers have been forced to get creative to repurpose those spaces, which typically take up at least half of a mall’s footprint. Read more: cnb.cx/3D2MeZE

Saks Fifth Avenue in San Francisco will now require all shoppers make an appointment. The move is essentially about Saks trying to make the San Francisco store work better. A store that operates by appointment only can get away with far fewer staff, and it can manage staffing levels and inventory depending on demand. It also a way of preventing theft and retail crime, which has been a particular problem in the city. Of course, this only works because Saks has customers that spend very high amounts in a single transaction. It's a low volume, high order value business model. Still, it will be interesting to see how the economics of the store shift as it adapts. I spoke with Business Insider about the move. The article is linked in the comments. #retail #retailnews #stores #luxury #appointment #personalshopping

I too have mixed feelings about this merger. I am particularly concerned about the complexity of managing multiple high-end brands under one umbrella. Maintaining distinct identities for Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5th could be challenging, although differentiation is key. The new entity may also struggle to compete with global luxury conglomerates like LVMH and Kering, which could limit its growth potential. Overall, while the merger brings opportunities for operational efficiencies and market leverage, it also poses significant challenges in brand management and market positioning. Let’s hope this does not end up like the YOOX - Net A Porter merger. #luxury #departmentstores #neimanmarcus #saks #misstwid

As more retail giants like Walmart and Target transform their stores into micro-fulfillment centers, the race to meet consumer demands faster is on. This shift not only revolutionizes how we think about retail space but also underscores the importance of innovative logistical strategies. At CRE|TAG, we're ahead of this curve, offering specialized real estate services that align with the latest trends, ensuring our clients' properties are not just spaces, but strategic assets. From due diligence to optimizing for the next-day delivery trend, our expertise turns challenges into opportunities, making every square foot count. Ready to redefine your retail strategy? Let's talk. #Retail #MicroFulfillment #RealEstateTrends #ExpertInsights #RealEstate #Excellence #OwnersMindset #DueDiligenceDoneRight #CRE #CommercialRealEstate #CRETAG #DueDiligence

“You're free to make your own choices, but you're not free from the consequences of that choice.” Operating the e-commerce business from the Stores business was supposed to be a value unlock that made the Saks.com business more valuable than the Stores. In such an interconnected shopping world separating the Reach of the "Clicks"/E-com business from the Touch of the "Bricks"/Physical Stores had the potential for some consequences - some of which are being seen now. Many pure-play E-commerce brands have experienced profitability challenges associated with such a business model and building a path to profitability. For them, Customer Acquisition Costs, building Customer Lifetime Value, and being able to address returns (especially in a sized business where customers continue to 'bracket' their purchases, buying multiple sizes, trying on at home and returning, possibly more than they keep). Your thoughts? Excerpts: Dive Insight: The separation of Saks Fifth Avenue’s online and offline operations centered on the notion that the e-commerce business, thanks to its tech prowess and appeal to young shoppers, was more valuable than its legacy brick and mortar and needed to be unleashed. But signs have emerged that operating online can be a drag on profitability. A few luxury players in particular have faltered recently, with Farfetch facing downgrades before being acquired by e-commerce platform Coupang for $500 million. Last month luxury site Matches went bankrupt just months after it was acquired by Frasers Group for $66 million. In Q4, Saks.com’s gross merchandise value fell 8% year over year, an improvement from Q3’s 19% decline, according to the research from?BTIG’s Stichter. That performance points to a “challenged but stabilizing” performance in luxury overall, though online players could be vulnerable to competition, according to that report. #saks #Ecommerce