By Phil Wahba on Fortune
Lundgren says he will only cut so much.
Macy’s (M 1.89%) has hit its roughest patch since the Great Depression, prompting the retailer to add to its program of store closings as sales continue to fall.
While the department store chain, which on Wednesday reported its third straight quarter of declining comparable sales, plans to streamline its fleet and weed out dozens of poor locations, there is a limit to how much the retailer will ultimately cut, its CEO Terry Lundgren says.
Even in the age of e-commerce, indeed because of how customers are shopping in the digital sales era, he argues, stores are as valuable as ever.
By Amy Thomson & Matthew Campbell from Bloomberg Businessweek.
The luxury clothing aggregator has hungry investors to please.
José Neves’s online retail company, Farfetch, connects tiny, ultrahigh-end clothing boutiques in 30 countries to shoppers around the world. Farfetch is the site to visit if you simply must have that $13,140 rainbow-patterned, sleeveless llama fur coat by Marni delivered posthaste to your yacht in Capri.
As with any popular clothier, Neves’s challenge is to widen his business without losing the patina of relative exclusivity. (His site’s slogan is “Unfollow.”) In March, Farfetch announced $86 million in funding from the likes of Condé Nast and DST Global at a valuation of $1 billion. It’s spent the rest of 2015 pouring that money into expansion, adding 250 workers to its existing 750 to scout boutiques and business lines. Neves says his company will sell more than $500 million worth of clothes and accessories this year, up from $300 million in 2014.
by Staff Ecommerce News
Europe is a continent with many differences. Not just in terms of politics, culture and language, but also with regards to ecommerce. While the online retail industry in the UK has matured, it’s still upcoming in countries in the Eastern part of the continent. Also, in terms of online spending there are many differences. A new infographic shows which country’s consumers spend most online on average.
The infographic was made by Expert Market, using data from Statistisa’s Digital Market Outlook. The British company ranked the countries that spend the most money online per average customer. To make it easier for comparison they put all the amounts in US dollars.