FINANCE

Hastings Entertainment narrows loss in Q3

BY CSA STAFF

Amarillo, Texas — Multimedia entertainment retailer Hastings Entertainment reported Monday that it recorded a loss of $3.1 million for the quarter ended Oct. 31, compared with a loss of $3.4 million in the year-ago period.

Total revenues for the third quarter were flat at $112.3 million.

Total same-store revenues increased 1.3% for the quarter. Merchandise same-store revenues increased 1.2% for the quarter and rental same-store revenues increased 2.2% for the quarter.

Hastings Entertainment, which combines the sale of new and used books, videos, video games, CDs and electronics with the rental of videos and video games, currently operates 146 superstores, as well as a new concept store, Sun Adventure Sports, in Amarillo, Texas.

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OPERATIONS

Borders revamps website

BY CSA STAFF

Ann Arbor , Mich. — Borders announced an all new Borders.com featuring discounts on the 100,000 bestselling titles, multiple free shipping options, new product lines, strategic partnerships that complement the Borders brand and a more integrated social media experience.

To celebrate the new Borders.com, the company said it is offering free shipping on all orders placed on Borders.com, Nov. 15.

"Ensuring a world-class online shopping experience is at the core of Borders’ brand transformation strategy," said Mike Edwards, CEO of Borders. "We have to challenge ourselves to keep offering the best customer experience both in store, and on the web and these changes demonstrate once again that Borders can deliver on the best consumer experience."

Borders.com now features an enhanced customer review capability that is provided through a partnership with PowerReviews.

The company reported that it is leveraging its loyalty program database to invite customers to share product reviews with their friends and followers via Facebook, driving traffic to Borders.com. The company is also tapping its employee base of more than 19,000 associates to write staff reviews on Borders.com. Leveraging its cross-channel capabilities, Borders will feature select Borders.com reviews in Borders stores, giving in-store customers the benefit of being able to read reviews by other book lovers before they make a purchase.

Borders said it has made several changes specifically designed to improve the shopping experience. A partnership with ChoiceStream will enable relevant recommendations for new products, and Borders will provide new lists of staff picks and books and products currently in the news. The title detail page for each book lists all the formats in which that book is available, and some books feature a Google Books "preview" that allows them to virtually flip through a few chapters. Further, a partnership with Endeca will deliver the most targeted and relevant content to each customer, based on their actions, as they search and browse the online store.

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OPERATIONS

J.C. Penney to open 300 big and tall men’s shops in next five years

BY CSA STAFF

Plano, Texas — J.C. Penney said Monday it will open 300 big and tall men’s apparel shops during the next five years. The stores, which will average 6,000 sq. ft. each, will be branded as The Foundry Big & Tall Supply Co.

An e-commerce site for the new format will go live in April 2011, followed by the opening of 10 stores in May. The company hopes to have 150 stores operating by 2013.

“With big & tall customers making up over 50% of the male population and spending nearly $6 billion on apparel, footwear and accessories, we saw an opportunity to serve the fashionable and professional big & tall customer who is often frustrated by the lack of sizes and fits, availability of brands and the overall lack of customer service in their category,” said Myron Ullman, III, chairman and CEO, J.C. Penney. “Offering an upscale environment and extensive assortments of apparel, footwear and furnishings created with them in mind, The Foundry Big & Tall Supply Co. is positioned to address all of the needs of the big & tall customer — one of the largest and fastest growing segments in the market place today.”

The new format will feature an urban, industrial design, in a hip, yet unpretentious environment, J.C. Penney said, that features concrete and wood flooring, brick walls, steel and wood fixtures and modern lighting, along with a lounge area.

The retailer named Steve Lossing, a retail executive with over 20 years of menswear experience, including eight years with J.C. Penney, as president of the segment.

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D.Parker says:
May-03-2013 12:14 pm

That was an interesting post
That was an interesting post to read about J.C. Penney and his plans to set up almost 300 men’s shops in next five years. I have been a follower of your posts and it is definitely a refreshing idea. Awaiting more interesting posts from you in the future.agelessmalevitality.com

D.Parker says:
May-03-2013 12:14 pm

That was an interesting post to read about J.C. Penney and his plans to set up almost 300 men’s shops in next five years. I have been a follower of your posts and it is definitely a refreshing idea. Awaiting more interesting posts from you in the future.agelessmalevitality.com

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