Luxury department store looking for a buyer
Neiman Marcus is searching for a buyer or investor, the New York Post reported.
Neiman Marcus CEO Katz recently visited China and while there met with potential buyers, including Anbang Insurance Group, which passed on an offer to buy the retailer, the report said.
Similar to other department store retailers, Neiman has struggled of late. Revenue felll 4.2% in its latest quarter, and same-store sales were down 5%.
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They are clearly the weakest of Department stores. With highest debt ratio...CEO Karen Katz couldn't peddle that company to anyone at present..
Five Below expands Texas footprint
Five Below is adding two more stores to its already considerable Texas portfolio.
The fast-growing extreme-value retailer will open two stores in the Rio Grande section of Texas, in the towns of Brownsville and Mission, on June 24, 2016, giving it a total of 53 locations in the state.
The Rio Grande area stores are two of approximately 85 new Five Below stores is opening in 2016, on top of 71 new stores it opened in 2015.
Catering to pre-teens and teens, Five Below carries an ever-evolving assortment of merchandise with all items just $5 and below.
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Walmart makes big move in China with stake in Internet giant
In a big step to grow its business in China, Walmart has entered into an agreement to acquire a 5% stake in JD.com, China’s second largest e-commerce company.
"A 5% stake in JD is a big financial play for Walmart,” said Keith Anderson, industry expert, Profitero, a provider of e-commerce insights and analytics. "JD is high-growth with potential for more long-term growth.”
The agreement includes JD.com taking ownership of Walmart’s Yihaodian online marketplace. The site is focused mostly on selling groceries to affluent women in Shanghai, Beijing and Guangzhou,Bloombergreported, while JD.com, has a broader, more national scale.
In addition, Walmart’s Sam’s Club also will open a store on JD.com. It will offer same- and next-day delivery through JD.com’s nationwide warehousing and delivery network, which covers a population of 600 million consumers.
Walmart’s China stores will be listed as a preferred retailer on JD.com’s O2O JV Dada, China’s largest crowd-sourced delivery platform. (The U.S. retailer will continue to operate its own stores in China.)