TGI Fridays unveils redesign
Braintree, Mass. — TGI Fridays in Braintree, Mass., has reopened, revealing a new contemporary design being implemented at Fridays restaurants throughout the country.
The space has a fun, energetic vibe with a dramatically redesigned bar as its focal, complemented with an open kitchen.
The redesign is tailored to the Braintree community and location, and is part of a larger re-imaging campaign that Fridays will roll out over the next three years. Boston is among the first locations to undergo the process, along with Baltimore, Washington D.C. and Miami, with all locations expected to be redesigned by the end of 2015.
Dick’s Sporting Goods plans to add over 300 stores by 2018
Pittsburgh — Dick’s Sporting Goods on Wednesday detailed its long-term plan to deliver sales and operating profit growth and drive shareholder value over the next five years, with the company’s namesake stores, new Field & Stream retail format and omnichannel platform driving its growth.
Dick’s anticipates growing its store base to over 800 namesake stores by the end of fiscal 2017, an increase of approximately 300 stores from the 518 stores it operated at the end of fiscal 2012. The chain will continue to remodel its existing stores to keep them fresh, focusing on key initiatives such as vendor shops and shared service footwear decks.
In addition, Dick’s plans to grow its new Field & Stream outdoor specialty store concept to approximately 55 locations and $750 million in sales by the end of fiscal 2017.
On the omnichannel front, the company plans to grow e-commerce sales to approximately $1.1 billion by the end of fiscal 2017, from $292 million in fiscal 2012. Dick’s also revealed it is planning to internally control its e-commerce platform, beginning with Golf Galaxy and Field & Stream in 2014 and Dick’s Sporting Goods by the end of fiscal 2017.
"We are excited about the profitable long-term growth opportunities across our business in our Dick’s Sporting Goods stores, on-line and through our Field & Stream concept," stated Edward W. Stack, chairman and CEO.
During its Analyst Day meeting, Dick’s presented a sales target of $10 billion by the end of fiscal 2017, representing a 5-year compounded annual growth rate of approximately 11% from fiscal 2012 sales of $5.8 billion.
"To support our long-term goals, we intend to make meaningful investments in our business in the near-term,” Stack said. “We are timing these investments to stay ahead of our needs and to produce sustainable, long-term advantages. Even with approximately $1.8 billion of capital expenditures to support our $10 billion sales target, we expect to expand our operating margins."
Clicks to Bricks: Five Cool Concepts
In a role reversal of sorts, pure online retailers are venturing offline and into the world of brick-and-mortar retail. Here’s a look at five that are generating lots of buzz:
Online subscription fashion retailer JustFab’s first retail store, in Glendale Galleria, Glendale, Calif., was designed to mirror the brand’s online shopping experience. Customers shop curated product displays, with trend story videos and in-store “stylists” offering fashion advice. They can also register for exclusive VIP member pricing. Using the app’s floor activity toolsets, JustFab associates are able to check inventory instantly.
2. Proper Cloth
Custom-made shirts — and fine Scotches — are the bill of fare in online shirtmaker Proper Cloth’s first brick-and-mortar outing. The store is located in New York City’s Soho neighborhood, in a walk-up, residentially-styled loft space. (Appointments are encouraged, but walk-ins are ok.) Customers can peruse the fabrics, be measured or fine tune the fit of a Proper Cloth shirt already ordered. They can also get style or fit advice, and place online orders.
Online menswear retailer Bonobos has entered the physical arena with Bonobos Guide Shop, a handsome and comfortably-furnished showroom where customers can try on the brand’s shirts, pants and other products, get one-on-one expert fit advice and place an order (with delivery to their home). To date, the company has opened eight locations, from San Francisco to New York City.
4. Warby Parker
After opening small, try-on-only showrooms, the popular online eyeglass retailer, known for its affordable prices and cool retro frames, opened its first retail store in spring 2013, in New York City. It has since expanded to five additional locations, including Boston and Los Angeles. Glasses are on open display for try-on, and an in-house optometrist is on-hand for $50 eye exams. Non-prescription glasses are sold for take-away, and customers can choose to receive prescription products by mail or to pick them up at the store. There are also lots of non-optical shop extras, including a photo booth.
Launched in 2011 by Fossil founder Tom Kartsotis, this Detroit-based watchmaker also manufacturers bicycles and some paper products. After selling its products online, the company opened a flagship in Detroit this past summer, which was quickly followed by a location in Manhattan. (Shinola’s distribution will also include specialty fashion and jewelry retailers.). Along with Shinola-branded goods, the stores offer special collaborations and selected merchandise from like-minded (meaning a commitment to American-made goods) brands.