Retail Crime Is Cutting Into Profits
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Retailers are seeing a hit to profits from surging retail crime and Belk expands its off price arm. Plus, we discuss what to expect at the Dallas Apparel & Accessories Market.
Here's what you need to know.
Retail shrink is taking a bite out of company profits this quarter.
In their most recent earnings calls, CEOs from Target, Walmart and TJX Companies discussed how retail theft has hit their businesses in the last quarter and how the industry needs to come together to combat the growing problem.
“It’s an urgent issue, not just for Target, but across the entire retail industry,” said Target CEO Brian Cornell in a call with investors on Wednesday. “What I’m most concerned with is it puts our team and our guests in harm’s way.”
Zoom out: The National Retail Federation’s 2022 National Retail Security Survey found that?retail shrink,?when taken as a percentage of total sales in 2021, accounted for $94.5 billion in losses in 2021.
The Dallas Market Center is gearing up for the latest edition of its Apparel & Accessories Market next month.
According to show organizers, footwear is “enjoying tremendous growth” in Dallas, and its location on the 10th floor allows for a greater number of brands.
This season’s footwear offering will be split between permanent showrooms and temporary booths. Shoe brands that have permanent showrooms at the market center include?Steve Madden, Donald Pliner,?Hey Dude, Chinese Laundry, Volatile and Wolverine.
Temporary booths include Consolidated Shoe Company,?Dolce Vita, Pali Sandals, Shu Shop and many others, according to the center. New and noteworthy shoe brands for June include Bullboxer, Legend Footwear and Zee Alexis.
Belk?is investing more heavily into its outlet arm.
The retailer this month will expand its off-price arm to include an additional 10 locations, bringing the total number of Belk Outlet stores to 16. Like other outlet chains attached to department stores, Belk Outlet stores offer a variety of merchandise from Belk stores at discounted prices.
Zoom out: As consumers continue to feel the sting of inflation, department store retailers have recently seen success with off price arms. Nordstrom announced last month that it would open 9 more Rack off-price stores across the country just weeks after revealing?20 new Nordstrom Rack?locations.
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Owner of retail, big and tall store at Mikes big and tall stores inc
1 年At every exit, entrance,receiving door, post and place two guards at every. Point of entry, this is a deterrent start, and scanners as well,
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for the updates on, The FN Daily.