IKEA has opened a small-format urban store in London dubbed the Planning Studio that will focus on bedroom storage and kitchens. The new concept store will offer shoppers advice from staffers on home project planning.
Luxury group LVMH Moet Hennessy Louis Vuitton has appointed Sophie Brocart to lead a revival of the Jean Patou fashion label, along with creative director Guillaume Henry. Brocart has served as the head of LVMH's Nicholas Kirkwood footwear brand since 2015.
Fashion retailer Kering and department store Galeries Lafayette, both based in Paris, are part of accelerator programs designed to nurture innovative startups. "Innovation is truly central for us -- in terms of sustainable development -- it's at the center of our strategy," said Marie-Claire Daveu, Kering's chief sustainability officer.
British retailer Boux Avenue has hired former Marks & Spencer executive Michael Kerr as the company's first CEO. Boux Avenue, which has grown to 30 locations in the UK, has acquired a distribution centre and warehouse in preparation for continued growth in stores and online, Boux owner Theo Paphitis said.
Brands already know change is coming. Now they have to know how to imagine it -- and that's where the challenge lies, according to radical Ventures CEO Pascal Finette, a globally renowned futurist who spoke at NRF's Shop.org conference in Las Vegas last month. "You don't have to be a futurist. All you need to know is how to read the signals," Finette told the crowd. Read more.
PayPal customers will be able to make deposits and withdrawals from their online accounts at Walmart stores by early November. The service, which is the first of its kind for PayPal in brick-and-mortar locations, will carry a $3 fee and will also be available to PayPal Cash Mastercard holders.
Lenders for Sears offered to provide emergency financing if the retailer files for bankruptcy protection, but only on the condition that Sears liquidates and closes its remaining stores, sources said. The retailer and the banks are in ongoing talks, with CEO Edward Lampert backing a restructuring plan that would close hundreds of stores but keep the retailer intact.
Macy's will open from 5 p.m. to 2 a.m. on Thanksgiving Day, marking the sixth consecutive year the department store has opened its doors on the holiday. The retailer determined via survey which employees want to work on the holiday, and those who do will earn overtime pay, the retailer said.
Sales growth in Asia and the US boosted Uniqlo's profits to a new record and led the retailer to raise its earnings outlook for the year, Japan-based parent Fast Retailing reported. Sales are growing in China and Southeast Asia, and a move to close underperforming US stores has trimmed the retailer's operating costs.
Record stores in the Atlanta area are doing well thanks to a renewed interest in vinyl, and there are least 18 independent outlets in the region. Andy Folio, owner of Fantasyland Records, says millennial customers supply the lion's share of his store's income.
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