Tag: struggling

Amazon’s foray into luxe fashion will hit struggling department stores

Amazon announces the launch of Luxury Stores.

Source: Amazon

Amazon’s foray into luxury fashion is the latest blow this year to U.S. department stores, which have been hit especially hard by the coronavirus pandemic

The e-commerce company announced Tuesday the launch of a section on its mobile app called Luxury Stores, kicking off with items from designer Oscar de la Renta’s pre-fall and fall-winter 2020 collections. It said additional luxe fashion brands will be added to the app in the coming weeks. 

Only Amazon Prime members will initially be able to shop this section by invitation, according to Amazon.

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Malls Are Struggling Now, But There’s Hope For A Retail Renaissance Post-COVID

News on the mall front is going from bad to worse. Coresight Research is out with a projection that 25%, or 300, of the nation’s nearly 1,200 malls will close by 2025. But Coresight CEO Deborah Weinswig warned the number could go as high as 50% “if we can’t stop the bleeding,” she said to USA Today.

With virtually all of the nation’s malls closed from mid-March through May/June, mall-based retailers classified as non-essential have taken a huge hit. Retail Metrics reports

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Intu Properties deals fresh blow to struggling UK economy

Tens of thousands of jobs have already gone in energy, banking, aviation and aerospace and now many more are at risk after Intu (INTU), one of the United Kingdom’s largest shopping mall owners, said Friday that it is entering administration. The company has debts of £4.5 billion ($5.6 billion) and was unable to agree repayment holidays with its creditors. Its shares, which have been on a downward trajectory for several years, plunged 54% on Friday before they were suspended.

Intu owns 17 UK shopping centers and two in Spain, accommodating 800 brands and 400 million shopper visits … Read More