FINANCE

Christopher & Banks profit, sales drop in Q1

BY Katherine Boccaccio

Minneapolis — Christopher & Banks Corp. reported Thursday that net income for the quarter ended May 28 was $1.9 million, compared with $6.3 million in the year-ago period.

Sales dropped to $123.8 million, from $126.2 million a year earlier. Same-store sales dipped 2%.

The retailer said it plans to open 31 new stores and close 35 existing stores in fiscal 2012.

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OPERATIONS

Report: Deal-seeking here to day

BY Marianne Wilson

Lewisville, Texas — Consumer deal-seeking is here to stay, according to a new report by Parago. The study, Shopper Trend Report: Values, Deals & How Far They’re Willing To Go To Get Them, provides a comprehensive look at the entire deal landscape, from traditional clipped coupons to mobile applications. It finds that deal-finding has evolved from a necessity for cash-strapped consumers to an attractive, trendy activity that all shoppers now pursue. It also examines how these trends will likely continue to affect shopper behavior.

“This report reflects the dramatic change in shopper behavior in the last three years, due to a confluence of technology, the economy and social norms, which has dramatically altered the shopper landscape,” stated Juli Spottiswood, president & CEO of Parago, a leading provider of consumer incentives. “Insights into shoppers and their motivations are paramount to driving our clients’ success.”

The report includes broad research on consumer shopping behavior and statistics surrounding all manners of deal finding, including couponing, deal-of-the-day websites, rebates and social media deal finding.

Some key highlights include:

  • Consumers now constantly demand value regardless of income or need.
  • A majority of consumers feel slighted and/or annoyed when they have to pay full price for an item.
  • Online searches for “printable coupons” jumped by 67% in 2010.
  • Consumer spending on deal-of-the-day offers will most likely grow to $3.9 billion in 2015.
  • The average household that takes advantage of rebates saves almost $150 per year and the rebate industry saved U.S. consumers approximately $8 billion in 2010.
  • Sixty percent of consumers follow at least one brand via a social network such as Facebook or Twitter, and 40% report doing so in order to get a coupon or promotion.

    Click here to download the whitepaper.

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News

Duane Reade wins IBM Retail User Group’s Retail Innovation Award

BY Staff Writer

Strongsville, Ohio — The IBM Retail User Group announced Thursday that drugstore retailer Duane Reade is the winner of its 2011 Retail Innovation Award.

The award, which was accepted by Richard Gilbert, director of store systems for Duane Reade, was presented at the User Group’s 34th annual conference in Orlando, Fla., in May.

The innovative solution provider Retail Tech jointly with RTC Group and Agilysys were also honored with the 2011 Retail Solution Innovation Award.

The award was based on Duane Reade’s replacement of hardware and software to comply with the parent company directive to interface to a common pharmacy solution, in a limited span of time, with a limited budget.

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