article thumbnail

Myer’s sales decline despite higher online sales

Inside Retail

The department store chain booked sales of $1.59 per cent, impacted by the temporary closure of the Werribee store from February 14 to November 29. Its online store sales rose 2.8 per cent and accounted for 22 per cent of the group’s sales. billion, down 0.8

article thumbnail

Myer’s net profit tumbles as labour, marketing costs increase

Inside Retail

The department store chain noted incurring higher employee costs, higher support office costs related to a new marketing agency and a separate investment in transformation capabilities. billion, attributed to mixed trading conditions, store closures, and Myer Exclusive Brands stock trapped at its national distribution centre.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Selfridges property value plunges by over £600m as loans loom

Retail Gazette

The value of Selfridges’ property portfolio was cut by over half a billion pounds last year, according to accounts from the luxury retailer’s property holding company. The accounts show valuers have cut the valuation of its £3.1bn property assets – which include its Oxford Street flagship in London – by £638.6m, a 20.6%

article thumbnail

In Bangkok, malls are delivering culture to a mass audience

Inside Retail

Department stores are trying too A different take on the propagation of culture can be seen in department stores, which in places like Japan, Singapore and Bangkok have seen themselves, at least secondarily, as torchbearers of national heritage.

article thumbnail

Smart store infrastructure is powering the future of retail experience

Retail Dive

The accounting practice, embraced by department stores in the 1920s, is outdated, skews key metrics and fosters bad decisions, analysts say. The accounting practice, embraced by department stores in the 1920s, is outdated, skews key metrics and fosters bad decisions, analysts say. By Daphne Howland • Feb.

article thumbnail

Vera Bradley’s CEO, CFO Exit

VMS

Overall, the enterprise has 1200 stores in the U.S., and its wares are also available at select department stores, national accounts, third party e-commerce sites and third-party inventory liquidators.

article thumbnail

Represent Opens First UK Store in Manchester Amidst Rapid Growth

365 Retail

The brand has also built a strong retail presence in leading department stores, including Selfridges, Harrods, and END. The opening of the Manchester store marks a significant expansion of the brand’s physical retail footprint.