Anthroplogie & Co., Westport, Connecticut
Anthropologie has brought its large format retail concept, Anthropologie & Co., to the new Bedford Square development in downtown Westport, Connecticut.
The 35,000-sq.-ft. store boasts dedicated spaces for clothing, footwear, furniture, jewelry, home decor, and more — accented with one-of-a-kind decor from the retailer’s talented visual team. It also features a beauty boutique and wedding gown department.
Architects preserved the Tudor-style facade of the building in which the store is located, also exposed much of the original brick on the interior. And conveniently located next door is a new outpost of Amis Trattoria, part of a restaurant group that Anthropologie parent company Urban Outfitters acquired in 2015.
Gap exiting land down under
Gap's local franchisee in Australia is ending its four-year relationship with the specialty retailer.
The financially struggling OrotonGroup is expected to close its six Gap stores by the end of January as it looks to focus on its core Oroton handbag business and limit related future losses. In June, Oroton, which operates 70 stores and is best known for its luxury handbags, announced it was exploring options, which could include a sale of its business.
"The Board and I thank the entire Gap Australia and Gap Inc team for their dedication and substantial efforts to develop the Gap business in Australia over recent years," said Oroton chief executive Ross Lane said. "Oroton Group also acknowledges the support and co-operation that it has received from Gap Inc in amending existing arrangements."
Oroton has experienced an 11% decrease in sales in the nine months to the end of April, compared to the same period a year ago.
Unsettled retail environment taking toll on senior executives pay
Volatility in the retail industry is now hitting senior retail executives in the pocketbook.
Seventy-three percent of retail companies paid little to no bonuses to senior executives in 2017 for 2016 performance, with 35% paying no bonus and 38% paying only small bonuses to their executives, according to new research by Korn Ferry. The company conducted an analysis of 40 North American retailers with annual sales between $1 billion and $50 billion
The study found that the percentage of retailers paying no bonuses to executives has steadily increased during the past five years. Only 15% of the retail companies paid senior executives their target or above bonus amount in 2017.
“Bonuses are typically tied to the performance of the retailer, and historically about 50% of retailers achieve their business plan for profits and pay executives their normal bonuses,” said Craig Rowley, a Korn Ferry senior partner specializing in the retail industry. “The fact that this year only 15% of companies met or beat their expected profit plan and paid full bonuses to executives exemplifies the challenges facing the industry.”
Korn Ferry provided a five-year look at the percentage of retail senior executives who received no bonus: