Saks to close Portland mall stores, will consider closing others
New York City Saks said Tuesday that it plans to shutter one department store and one men’s store at a Portland, Ore., mall.
The Saks Fifth Avenue stores at the Pioneer Place Mall are closing because they are not as productive as other locations, according to Saks chairman and CEO Steve Sadove.
The main store is set to close on April 25, while the men’s store is expected to close by July 31.
Sadove also told investors Tuesday that it will consider closing other stores that aren’t productive and have leases expiring. He said the company expects to close “a few stores” this year and to focus on improving sales productivity at existing stores.
“I doubt you’re going to see a lot of new stores opening on the full-line side,” said Sadove. “It’s going to be making the current stores more productive.”
He said the stores that would be closed would be those that have a lease expiring and which are losing money.
Sadove also said the company plans to spend about $55 million on capital expenditures this year, down from $59 million last year and peak spending of between $125 million and $150 million a year several years ago.
Target selects DemandTec for assortment optimization
SAN MATEO, Calif. Target has selected DemandTec’s nextGEN Assortment Optimization software service to further tailor and localize its assortments, DemandTec reported.
The Assortment Optimization software enables retailers to optimize assortments across multiple categories, taking into account shopper insights and preferences.
“Like pricing in recent years, assortment planning has permanently changed. Rank reports and basic analytics simply don’t provide major retailers with the right insights they need to optimize and localize assortments for different store clusters, store layouts, and customer segments,” said Dan Fishback, president and CEO of DemandTec. “Target selecting DemandTec’s Assortment Optimization is a testament to this change and we are honored to further expand our strategic relationship with such an innovative industry leader.”
Capturing the Twi-hards
Target is looking to take a bite out of the “Twilight” competition, by offering its selection of exclusive merchandise and promoting all things “New Moon” on its Web site.
The retailer, like Walmart, is offering its own “exclusive” DVD version of The Twilight Saga: New Moon along with clothing, toys and other items related to the popular film.
Target stopped at going the length Walmart has to garner Twilight fans. Walmart is featuring limited-time “Twilight Saga Shops” in its stores that, in addition to including the DVD and themed merchandise, showcases food and other items to complete a movie viewing experience.