Online retailer Gypsy05 to open stores
Los Angeles — Another online retailer is taking the brick-and-mortar plunge. California lifestyle brand Gypsy05 announced it will open its first two retail locations at the end of this month. After nearly 10 years of business, the brand has decided to open branded Gypsy05 retail stores, in Beverly Hills, and in the Malibu Country Mart in Malibu, California. The brand is set to open a third location, in Orange County, California, later this year, but real estate negotiations have not been completed.
Both locations will offer a range of boho-chic Gypsy05 apparel for men and women along with the swim line, Gypsy05 Sand. The stores will also carry an assortment of furniture and accessories, including colorful chairs, blankets, poufs, handbags and scarves in classic Gypsy05 prints and dyes.
In addition, the stores will feature unique found goods, handmade jewelry, candles, and books from around the world. The boutiques, around 800 sq. ft. each, are designed to look like the quintessential California beach getaway. The exteriors are covered in reclaimed wood while the walls will be coated with a ground limestone plaster.
"We want you to feel like you entered a place that you came across while exploring on your summer holiday. You will find things that are unique even for LA. You will want to stop in to find the perfect dress to attend a beach wedding or a special gift for your best friend but then stay for a moment to relax in our lounge area. It’s the full experience and it is going to be stunning,” said co-owner, creative director and designer Osi Shoham.
FTC clears way for merger between Men’s Wearhouse and Jos. A. Bank
New York — The Federal Trade Commission on Friday determined that the merger between Men’s Wearhouse and Jos. A. Bank does not violate antitrust laws. The commission had been conducting a detailed review of the proposed $1.8 billion deal.
The Men’s Wearhouse expects to close on its acquisition for Jos. A. Bank in the next 30 days after Men’s Wearhouse agreed to pay $65 a share for Jos. A. Bank earlier this year in a deal valued at $1.8 billion that will create a company with more than 1,700 stores and pro forma annual sales of $3.5 billion.
"Together, Men’s Wearhouse and Jos. A. Bank will have increased scale and breadth, and Jos. A. Bank’s strong brand and complementary business model will broaden our customer reach,” said Men’s Wearhouse president and CEO Doug Ewert. “Men’s Wearhouse shareholders will benefit from approximately $100 to $150 million of run-rate annual synergies realized over three years, through improving purchasing efficiencies, optimizing customer service and marketing practices, and streamlining duplicative corporate functions.”
Plans also call for Men’s Wearhouse to leverage its vertical direct sourcing model to improve combined merchandising and sourcing across the combined company and rationalize inventory over time.
Dollar General CEO: Keeping it simple is key to success
Goodlettsville, Tenn. — Keep it simple — that’s secret to Dollar General’s success Rick Dreiling, chairman and CEO of the 75-year-old company said at its shareholders annual meeting.
"Simple neighborhood stores, simple, frequently-needed items and everyday low prices," he said. "For 75 years, [Dollar General has focused] on helping low- and middle-income families save money and save time by offering quality, basic merchandise at affordable prices in convenient, small-box neighborhood stores."
Dollar General is the largest discounter with more than 11,000 locations across 40 states, Dreiling said, and the company will add some 700 new stores in 2014.
"We still have room to grow," Dreiling said. "We will continue to relocate, remodel and refresh our stores to build our brand and enhance our customer shopping experience."
In 2013, Dollar General’s net sales increased by 9.2% to $17.5 billion, Dreiling said. That represents $220 per square foot. Same-store sales grew 3.3%, marking the company’s 24th consecutive year of same-store sales growth.