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...While New York’s commercial real estate sector has experienced a turbulent few years as it struggles to recover from the impact of the pandemic, and a retail reckoning has forced historic department stores...
...US department stores offer all kinds of perks to get customers to sign up for their branded credit cards at the register....
...For example, the deals around KaDeWe property have resulted in high rents being charged to the now separate retail arm of the business. This is not a failure of the department store model....
...British retail sales unexpectedly stagnated in March as a contraction in food and department store purchases offset growth at clothing stores and petrol stations....
...sam.jones@ft.com Letter in response to this column:Blame real estate owners for the woes of department stores / From Christopher Knee, Honorary Adviser, International Association of Department Stores, Paris...
...If retail is being replaced by an experience economy, hollowed-out department stores are perfectly placed to do what they always have done: peddle dreams to the urban masses....
...Wholesale energy and food prices soared last summer following Russia’s full-scale invasion of Ukraine in 2022....
...Von Preen said that as many department stores as well as independent sports retailers had closed in recent years there was now “a vacuum” in physical store sports retailing....
...BJ’s Wholesale Club, the operator of membership warehouse clubs, was up 7 per cent....
...British retail sales unexpectedly stagnated in March as a contraction in food and online sales offset growth in clothing stores and petrol stations....
...Germany’s most famous department store, KaDeWe, has filed for insolvency....
...The union was also concerned about potential “knock-on effects” for workers in traditional stores....
...By reducing its exposure to bricks and mortar stores, the business will focus on the brand’s products, online sales channels and wholesale strategies, it added....
...At John Lewis he will work with Peter Ruis, a well-respected retail executive who recently returned to the group to revamp its department stores....
...Pay talks between business executives and labour union leaders are under way for the new fiscal year, suggesting further rises could follow in the coming months. This problem is only going get worse....
...“We can carve the old department stores up into a much more effective and productive space.”...
...With wholesale, the brand doesn’t get presented the way that we want it to. And the margins are not as good.”...
...Supermarket chain Waitrose helped drive the improvement as it lifted prices, offsetting a weaker performance from department store John Lewis....
...“Retailers are eternally dissatisfied people,” said Peter Ruis, the well-respected retail executive who recently returned to the John Lewis team to help revamp its department stores, this week....
...In recent years, Oxford Street has suffered a rapid deterioration from the jewel in the crown of UK retail to empty buildings and a boom in souvenir and candy stores....
...Union Unite accused Tesco on Wednesday of “raking in mountains of cash” amid the cost of living squeeze....
...Meanwhile, the storied US department store operator — whose name was once synonymous with retail magic — continues to lose relevance among shoppers....
...Kroger and Albertsons argue the deal is necessary for them to compete against retail giants such as Walmart and Amazon, and even dollar stores in the grocery space....
...reach collective bargaining agreements for represented stores and employees....
...The agency further argues that there is a specific labour market for handbag store workers that will soften....
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