Tweeter Has New Brand Strategy, New Concept
Canton, Mass., Tweeter Home Entertainment Group is embarking on a new era. The specialty retailer says it will consolidate its five different concepts into one national brand and will unveil a new retail format.
Over the past eight years, Tweeter has increased from a 12-store chain based in New England to a 175-store company with locations in 21 states. Most of that growth came through acquisitions. Some of the acquired chains have adopted the Tweeter name, but others have opted to keep their original monikers, such as Florida-based Sound Advice, Atlanta-based HiFi Buys, Dallas-based Hillcrest High Fidelity and Phoenix-based Showcase Home Entertainment. Over the next 18 months, Tweeter says it will consolidate these brands to its banner.
In addition, Tweeter will unveil a new retail format in Las Vegas in early January. The new prototype was designed through both Tweeter’s marketing department and Cincinnati-based FRCH Design Worldwide. The store will feature entertainment systems specially designed and configured for experiencing sports, movies and music. In addition, the new store will feature special areas for mobile multimedia and portable products, as well as two rooms for home theater and audio demonstrations.
May, Abercrombie Post 3Q Results
New Albany, Ohio, Abercrombie & Fitch Co. posted net income of $40.1 million in the third quarter, down from $50.5 million in the year-ago period. The decline came despite a 17% increase in sales to $520.7 million and same-store sales growth of 1%.
In other financial news, The May Department Stores Co. recorded net earnings of $8 million in the third quarter, down from $47 million last year. Although the retailer’s net sales were 17% higher at $3.48 billion, the merchant’s same-store sales fell 3.4%.
Ahold Plans Move to Amsterdam
Zaandam, The Netherlands, Royal Ahold will move its headquarters from Zaandam to Amsterdam, probably in the fourth quarter of 2005, the grocery giant says. The company says the move is part of an overall repositioning of Ahold’s group support office.