Amazon Takes On Malls With Virtual "Luxury Stores" 2020/09/16 17:30:00 Zero Hedge
Amazon Takes On Malls With Virtual "Luxury Stores" Tyler Durden Wed, 09/16/2020 - 13:30 During the early days of the coronavirus outbreak, department stores tumbled into bankruptcy - like dominoes. After Fitch downgraded 9 retailers in one day , including Macy's, Nordstrom and JC Penney , department stores filed for bankruptcy protection, or scrambled to secure birdge financing, delaying the inevitable liquidation reckoning. The collapse hammered CMBX 6, what we've termed the "Big Short 2.0" trade, reversing the fortunes of Carl Icahn and other traders who saw the melting ice cubes as department store anchor tenants abandoned American malls ( though Icahn's call that 2020 would be "'08 all over again" for stocks didn't exactly pan out ). Neiman Marcus - aka "Needless Markups" - and Lord & Taylor have filed for bankruptcy, with the later - the oldest department store in the US - in the process of liquidation. Now, Amazon has just handed investors betting against both American malls and the department stores that were once reliable drivers of foot traffic a huge favor: the company on Tuesday unveiled a new virtual "luxury brand-focused" store along with a new brand partnership with fashion house Oscar de la Renta.
Macy's: An Update After A Disastrous Half Year (NYSE:M) 2020/09/13 13:14:58 Seeking Alpha
Macy's has seen two tough quarters as a result of Covid-19 after a few challenging years. Second-quarter results show real sequential improvements, with further improvements seen in the second half of the year.
Casper's CEO outlines the company's new route to profitability, as the original mattress disruptor makes wholesale deals with retailers like Macy's and Sam's Club 2020/09/10 17:51:01 Business Insider
Summary List Placement Casper, the original mattress industry disruptor, looks a lot more like a traditional mattress brand lately. After the bed-in-a-box company's underwhelming IPO in February, it set out on a slow, conservative path towards profitability. A major part of that plan has involved a much more traditional retail approach, one that the direct-to-consumer brand initially sought to disrupt: selling Casper products at other retailers' stores. In August, Casper inked deals to sell its products at Walmart, Sam's Club, and Ashley Furniture stores, on top of deals the company already had with Target, Costco, and other big box retailers. On Tuesday, Casper announced that its products would also be available starting this month at Macy's. The department store is a surprising retail partner for Casper, as it has struggled in recent years well before the pandemic, and has endured mass corporate layoffs and 125 store closures this year. Still, Casper CEO Philip Krim believes expanding the company's retail presence is the best way forward for the company. "Having multiple touchpoints for consumers, so they can shop and learn and consume our product however they would like — offline, online, or a combination of both — is important," said Philip Krim, the CEO and co-founder of Casper, in an interview with Business Insider.
US economic reopening reaches halfway point on improved retail and hotel spending, Goldman Sachs says 2020/09/09 19:41:37 Business Insider
Summary List Placement The US economic recovery reached its halfway point after 19 weeks of steep recession and steady improvement, Goldman Sachs economists said Wednesday. The bank's reopening scale jumped to five after the Labor Day weekend showed encouraging trends across the retail, movie theater, and hotel industries. The theater debut of Christopher Nolan's "Tenet" marked a turnaround moment for the entertainment industry, and the holiday weekend accelerated a rebound in travel activity, according to the bank. Though state and city reopenings continue at varied paces, "more red is slipping into the 'Stay at Home' heatmap as 'Back to Normal' gains ground," the team led by Heath Terry wrote in a note to clients. Read more: Bernstein breaks down why value investing is not dead — and shares its 3-part strategy for buying cheap stocks before they break out higher Goldman's gauge tracks a composite of "stay-at-home" and "back-to-normal" metrics, ranging from app downloads and spending data to TSA checkpoint counts and OpenTable readings.
Macy's settles lawsuit over NYC criminal background checks of minority applicants 2020/09/04 18:20:15 Reuters
Macy's Inc agreed to pay $1.8 million and change its screening policies to settle a lawsuit claiming it illegally required New York City job applicants to undergo criminal background checks, disproportionately affecting Black and Hispanic people.