Saks Q2 loss narrows, closing two additional stores
New York City Saks said Tuesday that it narrowed its loss for the quarter ended July 31 to $32.2 million, compared with a loss of $54.5 million a year earlier.
Revenue rose 5% to $593.1 million, beating analysts’ expectations of revenue of $585.2 million.
The department store retailer cited fading promotions for the narrowed loss, as it was able to sell more products at full-price.
Saks also announced Tuesday that it plans to close its Saks Fifth Avenue store in Plano, Texas, next week and one in Mission Viejo, Calif., in October.
Polo Ralph Lauren to sponsor interactive clinic with Venus Williams
NEW YORK Polo Ralph Lauren announced that it is presenting the Legends Clinic with Venus Williams as part of its sponsorship of the U.S. Open.
On Aug. 26, in partnership with Mercedes-Benz, Polo Ralph Lauren will offer an interactive tennis clinic with Williams on Randall’s Island in New York. Williams will answer questions, demonstrate technique and offer hints and tips on how to improve your game during this live one-hour interactive clinic, the company reported. The clinic will reach a global audience as it will be streamed live online exclusively at RalphLauren.com and accessible on mobile devices at m.ralphlauren.com/USOpen.
“It is truly exciting to partner with Polo Ralph Lauren in this unique endeavor and to bring my professional expertise and personal experiences to tennis fans around the world,” said Williams.
Best Buy launches mobile rewards app
MINNEAPOLIS Best Buy has announced it plans to bring a location-based retail experiment, using the “shopkick” mobile application rewards system, to 257 U.S. stores by Oct. 1.
Beginning Aug. 17, shoppers can download the free shopkick application to their smart phone. Customers who have the app open when they enter a participating Best Buy store with shopkick signal technology installed will receive instant rewards, or “kickbucks,” that can be redeemed in the store or converted into Best Buy certificates through a user’s shopkick account.
Additionally, Best Buy said it has integrated shopkick directly into its point of sale system to streamline the redemption of special in-store offers and/or added bonuses for scanning barcodes of specific products, all of which will be sent to the user’s phone. Customers may walk up to the cashier, provide the mobile phone number connected to their shopkick account, and any applicable personalized discounts immediately appear on their receipt.
“We think consumers have more opportunities than ever to bridge their digital and physical shopping experiences, particularly through smart phones and mobile technology,” said Matthew Smith, VP marketing services, Best Buy. “We intend to explore ways we can use the power of location-based technology to personalize a Best Buy shopping experience, from check-in to check-out, with rewards and offers delivered right on a customer’s smart phone.”