Sony to open dedicated in-store shops in 350 Best Buy stores
San Diego — Best Buy is updating its home theater departments with in-store Sony shops. Beginning in May, Sony Electronics will start opening “Sony Experience at Best Buy” shops at approximately 350 Best Buy locations nationwide.
"The Sony Experience will give consumers a shopping experience unlike anything before," said Mike Mohan, Best Buy’s chief merchandising officer. "Our newly transformed home theater areas will, for the first time, allow customers to test, try and experience how all of the Sony products work together."
The dedicated shops will showcase a comprehensive selection of Sony’s TV line-up, from entry level HDTVs to premium 4K Ultra HD TVs. The retail space will highlight a full 4K Ultra HD solution for consumers, including Sony’s 4K Ultra HD TVs, 4K Ultra HD Media Players (FMP-X1 and FMP-X10) and 4K HandyCam camcorder (FDR-AX100), home theater sound solutions including sound bars, gaming solutions showcasing PlayStation 4 and more.
The shops will offer consumers demonstration capabilities and an immersive shopping experience designed to increase confidence in purchasing new technologies. Using touch-screens, visitors can control and engage with various content demonstrations on the TV wall.
Lumber Liquidators profit falls amid costs; to open 35-40 stores
Toano, Va. – Net income at Lumber Liquidators decreased 13.2% to $13.7 million during the first quarter of fiscal 2014, compared to $15.8 million in the same period the prior year. During fiscal 2014, the retailer intends to open 35 to 40 new store locations in the expanded showroom format and remodel 25 to 30 existing stores in the expanded showroom format.
During the quarter, net sales increased 6.9% to $246.3 million, from $230.4 million. Same-store sales dropped 0.6%. Selling, general and administrative expenses increased, negatively impacting net income, and Lumber Liquidators estimated unusually severe winter weather adversely impacted net sales in as many as 135 of its 331 store locations in operation during the quarter.
Looking ahead, Lumber Liquidators forecasts net sales of $1.15 billion-$1.2 billion and same-stores growth in the mid-to-high single digits for fiscal 2014.
“Like so many, our team was frustrated by the severity, scale and duration of the harsh winter and the adverse impact it had on our net sales,” said Robert M. Lynch, president and CEO. “Our customers generally follow a long purchase cycle, which we believe was either interrupted or completely suspended due to the unusually severe winter weather. However, as conditions generally became more seasonal in mid-March, customer demand increased. The key strategic initiatives we have implemented over the last two years have strengthened our operations, and we believe we are more capable than ever of serving customers who postponed their flooring purchase in the first quarter."
Forever 21 to open new value-fashion retail concept
New York — Forever 21 will debut a new retail concept on May 3, at Azalea Shopping Center in South Gate, California. Called F21 Red, the format will offer fast-fashion and low prices.
The new concept will offer a larger selection of starting price points, including $1.80 camisoles and $7.80 denim for women and girls, according to a report by California Apparel News. The men’s selection will include T-shirts and tank tops for $3.80.
“We are very pleased to unveil the first F21 Red store in the Azalea Shopping Center,” said Don Chang, the retailer’s founder and CEO, in a statement. “With F21, we are able to deliver greater quantities of the styles our customers seek while maintaining the value with entry-level category price points Forever 21 is known for offering.”