It’s a mixed bag this week – overall, retailers are falling farther and farther from grace (even online sales are dropping), but some are getting creative at getting consumers back. Here’s a round up of what’s been going on in the industry this week.
TBF February 27, 2009 Retail Closing Report
Sears Canada has cut 300 jobs (good news is that’s not even 1% of its workforce); this is coupled with its “budget relief price drop” campaign, aimed at budget-conscious Canadians.
Meanwhile, JC Penney and Macy’s continue to struggle, implying that more stores could be closing. Macy’s has decided to look to 2010 for relief, positioning itself in niche markets via its new “My Macy’s” program, all the while distancing itself from not-so-frugal fads and designer labels. Smart thinking.
As predicted, S&K Menswear is officially closing 30 stores, and that’s just the start of it (it’s gone bankrupt).
Wal-Mart, on the other hand, is doing awesome (relatively) and is even opening up more stores in Mexico.