Friday, August 23, 2013
Industry News: Accelerating
Cabela’s Inc. will open four new stores in 2014, two in Georgia and one each in Montana and Ontario, Canada. Cabela’s currently operates 45 stores across North America with plans to open an additional 19 over the next two years...Luxury retailer Saks is being purchased by Hudson's Bay Co., parent of Lord & Taylor, for approximately $2.4 billion. Saks will continue to run as a separate company under Hudson's Bay and will have its own merchandising, marketing and store operations employees. Key management personnel are expected to remain with the company. Saks had 42 Saks Fifth Avenue stores and 66 Saks Fifth Avenue Off 5th stores at the first quarter's end. Hudson's Bay was founded in 1670 as a trading firm for furs and other goods. It is considered the oldest company in operation in North America...Whole Foods Market has signed 50 new leases over the last 12 months, according to its CEO. The company sees potential for 1,000 US stores. It currently operates 355 US locations...Candy emporium Sweet! Hollywood opened its flagship location in Hollywood, CA, featuring more than 300 types of chocolate bars, more than 200 types of gummy candies, 140 flavors of chewing gum, and 250 types of lollipops. Guests can create custom candy bars and sample exotic sweets from across the globe. Sweet! Hollywood plans to expand internationally...rue21, inc. opened their first rueGuy stores in New York, Texas, and Ohio. The approximately 6,000 s/f stores are the first of seven slated to open across the US in August. The Company is on target to open about 20 rueGuy stores by the end of the year. rue21 currently operates 959 stores in 47 states...AT&T unveiled its newest store design in LaGrange, Ill. The store is built around the customer experience, with a goal of providing a glimpse of what the future of retail will look like. The new design will be rolled out at new and redesigned store locations across the country, and continuing into 2014...Fashion/accessory retailer Rabeanco opened its first US storefront, in Arcadia, CA, the first of three US locations the company plans to open in 2013...American Apparel has acquired New York City based independent fashion boutique Oak. Oak will operate as a separate division under the guidance of its founders and current top executives. The news was a surprise to many as American Apparel has been facing serious financial struggles, weighted by a significant debt, which has put it in the red since 2009. Terms of the deal were not disclosed...Macy’s has reached an agreement with Lids Sports Group to offer licensed departments called Locker Room by Lids to sell Lids merchandise both in Macy’s stores and on the retailer’s website. Lids Sports Group will operate the departments, which will be the exclusive source of Macy’s in-store team sportswear. Plans call for the departments to be piloted in approximately 25 Macy’s stores and on macys.com in fall 2013, and an additional 175 in-store departments out in spring 2014 as part of the initial phase. Macy’s will be the exclusive US department store with Locker Room by Lids locations...Smashburger has added five new franchise partners, totaling a combined commitment for 19 new US franchise units. This brings Smashburger’s total active franchise pipeline to approximately 300 locations, which are expected to open over the next several years...Fashion retailer Marc Jacobs will open his first store dedicated to cosmetics and beauty items, a 500 s/f store in Manhattan...Lowe’s Inc. is the sole bidder for Orchard Supply Hardware, and will acquire 72 of the bankrupt retailer’s stores for $205 million. The move will boost Lowe’s store count in California, where the home improvement retailer currently operates 110 stores. Orchard Supply will operate as a separate division of Lowe’s, retaining the company’s current management. Lowe’s will present the acquisition plan to a bankruptcy court judge on Aug. 20 for approval and hopes to complete the acquisition by the end of the month. Orchard Supply operates smaller stores than Lowe’s. Its stores average 36,000 s/f, compared with Lowe’s at 110,000 s/f. Orchard Supply’s stores are clustered around California’s big cities, including Los Angeles, San Francisco and San Jose. Orchard Supply operates 91 stores. Lowe’s will acquire the 72 that best fit its strategy, and plans to open more Orchard Supply stores in the future...Field & Stream, the newest specialty retail prototype from Dick's Sporting Goods will be open this month in southwestern Pennsylvania, in a 50,000 s/f converted Dick's store...Toys "R" Us Inc. will open more than 100 stores globally this year. The openings include new locations, relocation and conversion of 14 stores to the Side-by-Side format, and 22 new licensed stores. The new stores are located throughout 21 of the 36 countries in which Toys "R" Us currently has a presence. In the US Toys "R" Us will open 19 new, converted or relocated stores, including nine new outlet stores bringing the total number of U.S. outlet locations to 25. The retailer operates more than 870 Toys "R" Us and Babies "R" Us locations in the US and Puerto Rico as well as hundreds of stores abroad.