In advance of the holiday season, the National Retail Federation (NRF) reported retailers will hire between 500,000 and 665,000 seasonal workers in November and December. At least some of retail’s 8.5 percent to 10.5 percent projected growth for holiday sales is contingent on retailers having enough employees to ring up the sales, stock the shelves […]
Archive | 2021
After Breaking $1 Billion in Sales Third Quarter, RH’s Gary Friedman Says ‘You Ain’t Seen Nothing Yet’
RH, the company formerly known as Restoration Hardware, just announced revenues across its “ecosystem of products, places, services and spaces” rose 19% in third quarter 2021, exceeding $1 billion in sales.That brings year-to-date revenues to $2.86 billion, just ahead of $2.85 billion generated in all of 2020. This was accomplished despite the year’s supply-chain challenges, […]
Neiman Marcus’ Transformation Continues, But One Tradition Carries On: Its Christmas Book
Since joining Neiman Marcus Group as chief executive officer in 2018, Geoffroy van Raemdonck has been spearheading a transformation plan for the company that includes luxury legacy retailers Neiman Marcus and Bergdorf Goodman.Unable to realize his vision weighted down by nearly $6 billion in debt, Neiman Marcus filed for bankruptcy in May 2020, not long […]
Shoppers Didn’t Live Up to Expectations over Thanksgiving Weekend
Over the five-day Thanksgiving weekend including Cyber Monday, consumers didn’t turn out as expected or spend as much. If this weekend – the traditional kickoff for the holiday shopping splurge – is the measure, then it was a dud. The number of shoppers in-store and online dropped by some 5.2% from 2019 pre-pandemic high, down […]
Amazon’s Hold on Millennials Is Steadfast, But Competitors Can Break Its Clutches
Since its inception, Jeff Bezos has been playing the long game at Amazon. He put everyone on notice in his first shareholder letter in 1997: “We believe that a fundamental measure of our success will be shareholder value we create over the long term. We choose to prioritize growth.” Profits took a back seat to […]