FINANCE

Report: Weekly Year-Over-Year Sales Rise 3.0%

BY CSA STAFF

Chicago ShopperTrak RCT Corp.’s National Retail Sales Estimate reported that year-over-year retail sales for the week ending Aug. 16 increased a steady 3.0%, while week-over-week sales rose 4.6% compared to the previous week ending Aug. 9.

Back-to-school sales and promotions drove consumer spending last week as week-over-week retail sales posted the largest increase yet this month while yearly sales performance also remained positive—continuing a streak of year-over-year increases since the first week in April.  

While procrastinating back-to-school shoppers will continue to drive spending, ShopperTrak expects retail performance to gradually return to more seasonal levels following Labor Day weekend.

“Retailers experienced the anticipated back-to-school spending rush last week which was a welcome sight as consumers again proved willing to spend despite various economic pressures during this critical period,” said Bill Martin, co-founder of ShopperTrak. “If yearly patterns hold true, we should see some continued positive retail spending through the Labor Day holiday, then sales will most likely return to slower levels prior to spiking again for Halloween.”

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Linens ‘N Things earns vendor support

BY CSA STAFF

CLIFTON, N.J. Linens ‘N Things announced that it has obtained the support of many key vendors for its Trade Vendor Payment Program, approved by the United States Bankruptcy Court for the District of Delaware last month.

Springs Global US, the Yankee Candle Company, Croscill Home Fashions, and M. Block & Sons, four major suppliers of merchandise to the company, have now agreed to participate in the Trade Credit Program, which provides letters of credit of up to $100 million. The company has agreed to limit participation in the Vendor Program to $100 million. To date, over 40 vendors have signed up for the Vendor Program.

We are very appreciative of the widespread support shown by our vendors as we progress with our restructuring and head into the busy fall shopping season, said Michael Gries, chief restructuring officer and interim ceo. The Trade Vendor Payment Program is critical to maintaining positive relationships with the trade community, as we provide our customers with the wide assortment and depth of quality merchandise they expect from Linens ‘N Things. 

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Jones promotes Friedman to ceo, company-owned footwear and apparel

BY CSA STAFF

NEW YORK Jones Apparel Group announced that Jay Friedman has been promoted to ceo of company-owned retail footwear and apparel. Friedman, who previously served as president of company-owned retail footwear and apparel, will continue to report to Andrew Cohen, ceo of footwear, accessories and retail.

Cohen said, “Under Jay’s leadership, the team has implemented a number of initiatives to improve the performance of the retail chain, including enhancing merchandise assortments throughout our stores and remodeling and refreshing our store environments to enhance the consumer’s overall shopping experience. I congratulate him on this well-deserved promotion.”

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