Retailers, consumers and prices
Check Out J.C. Penney’s new store in Manhattan.
On July 31, J.C. Penney will open its first Manhattan store in the midtown area, promising to deliver trendy yet affordable items for New York’s notoriously savvy shoppers.
Penney is taking direct aim at rival Macy’s, whose flagship Herald Square store is a block away.
In fact, the department store chain, which signed the lease for the space in December 2007 just as the U.S. slipped into recession, hopes the store will give its sales a much-needed boost and help it snag some of the city’s higher-income shoppers, just when they may need it most.
“I think they will be glad to save some money too, don’t you, especially if they are bankers?” Penney District Manager Pete Sadler said during a walk-through of the store ahead of its opening later this month.
Sales are down, profits are off, but that didn’t stop discount retailer Target from throwing a big bash in Manhattan on Friday night to celebrate the launch of its latest designer collaboration – McQ by Alexander McQueen.
Timed to coordinate with Fashion Week and draw fashionistas in town for the shows, the bash took place in a huge downtown warehouse.
Wal-Mart is joining the Manhattan pop-up brigade.
Starting this week in New York City, the retailer will put up a temporary store in Times Square and have a truck roving around the city to celebrate the launch of AC/DC’s new album.
The rock band has chosen to exclusively sell its latest album, Black Ice, through the discount retailer in the United States, and Wal-Mart will also exclusively sell the AC/DC Live: Rock Band Track Pack video game.
This week, AC/DC fans — and curious onlookers — can visit the Black Ice truck to listen to the AC/DC album in advance of its release on Oct 20.
On Saturday night, at the Times Square MTV store, Wal-Mart and MTV will unveil the “AC/DC Rock Band store” and sell the first copies of the new album.
Wal-Mart joins a long list of retailers who have stormed the Big Apple, setting up pop-up stores on an island where they have no permanent location.
Last month, Target set up temporary “bodegas” in Manhattan to show off its line of designer merchandise.
Upscale department store Nordstrom continues to have trouble finding a suitable site to open its first Manhattan venue.
Seattle-based Nordstrom said Thursday it wants to expand into one of the world’s most lucrative markets. But the high price of island real estate and lack of appropriate venues has hampered efforts, Nordstrom’s Chief Financial Officer Michael Koppel told analysts at the Goldman Sachs conference.
California, Florida and Texas — the states with the biggest populations and the most Starbucks outlets — are losing the most stores as the coffee chain slashes more than 600 stores in a bid to boost slumping U.S. results.
While big states are losing the most, few markets — even Starbucks’ hometown of Seattle — are immune.