Latest news with #SaksFifthAvenue
Miami Herald
29-05-2025
- Business
- Miami Herald
Costco adds famous name brands (and those brands aren't happy)
Going to Costco is never the same experience twice. Of course, you'll always find the same staples like detergent and dog food, eggs and meat, but I've yet to walk out of a Costco without at least one item that wasn't on my list. I have never set out with a plan to buy sheets, towels, or a Vitamix at Costco, yet somehow all of these items have found their way into my cart. The treasure hunt element of a Costco visit is one of the things that makes it so much fun. I know I'm not alone in feeling that way. Don't miss the move: Subscribe to TheStreet's free daily newsletter So you've been warned: if the price is right, that patio pergola you didn't know you needed just might find its way into the back of your SUV. While Costco always has most of the groceries and household goods shoppers expect, the company also strives to keep things interesting with seasonal products like that pergola or camping essentials. Costco doesn't just throw caution to the wind when it adds special products, however. The company's stated priority makes it clear: "Our mission and our business is to continually provide members with quality goods and services at the lowest possible price," said Costco CEO Ron Vachris at a talk he gave at Seattle University in March. Costco's return policy is legendary, so you can bet the company isn't going to gamble by selling garbage that customers end up returning for refunds. Image source: Shutterstock Cost is key, but quality comes in a close second at Costco, even in the clothing department. In every Costco, there is a huge section of clothing that sometimes includes legacy brand names like Frye or Levi's. And there is also always plenty of Kirkland-branded clothing. But sometimes Costco management decides it's better to let the brands speak for themselves. That's the case with the new Saks Fifth Avenue collaboration. Related: Costco puts famous New York City brand on shelves Costco will soon carry a line of men's apparel made by Centric Brands in collaboration with Saks Fifth Avenue; a women's line is also expected, according to a report in WWD, Centric Brands has a deep roster of well-known upscale brands, including Joe's Jeans, Buffalo, and Izod. Last year Saks formed a joint venture with Authentic Brands Group, which licenses dozens of well-known brands, ranging from Barneys New York, Judith Leiber Couture, Hervé Léger, and Vince. The Saks/Costco collab is thought to be part of this new venture. Related: Costco vs. Sam's Club: Memberships & product prices compared The presence of the Saks Fifth Avenue name at Costco is causing concern among some of Saks' current vendors. Several brands that sell through Saks say the partnership could damage the upscale image the department store has long cultivated. "You can't take a prestigious name like Saks and put it into Costco," said one vendor who regularly does business with Saks, according to the WWD report. He believes this move could further erode the retailer's high-end reputation. "They're trying to monetize the trademark," he added, expressing frustration that the Saks brand might lose its exclusive appeal. The vendor also questioned whether shoppers would still associate Saks with luxury if they begin seeing its name on display at a value-focused warehouse club. Related: Costco members need to know these shopping secrets "Where is luxury going?" he asked, highlighting the growing tension between prestige branding and mass-market exposure. Meanwhile, Saks has been expanding its e-commerce footprint through a new partnership with Amazon. Earlier this year, it launched Saks on Amazon, a dedicated storefront on Amazon's Luxury Stores platform. More retail: Aldi releases viral Trader Joe's item that is always out of stock Home Depot, Lowe's rivals strategic growth planTrader Joe's making huge mistake not copying Walmart, Target The online boutique debuted with a curated selection of designer labels, including Dolce & Gabbana, Balmain, Etro, Stella McCartney, Giambattista Valli, Erdem, Fear of God, Jason Wu Collection, Rosetta Getty, and Johanna Ortiz. High-end beauty brands such as Chantecaille and La Prairie also joined the online boutique. Saks is likely just looking for a way to survive. Like every other retailer on the planet, Saks has been closing stores, and earlier this year Saks Global shut down a fulfillment center in Tennessee resulting in 450 people losing their jobs. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
29-05-2025
- Business
- Miami Herald
Bankrupt retail chain closing down all stores, laying off 1000s
There are probably a few stores you can think of that shattered your perception of the retail space when they shut down. Maybe it was your favorite local mom and pop shop downtown, which catered to locals for years. Related: Famous retail chain closing more stores amidst chaotic new change Perhaps your favorite sporting goods store closed down. Or it could've been the local hardware store. Maybe it was even a popular restaurant. If you're like most people, though, the closure of a smaller store doesn't always seem like a surprise. Even if the closure is devastating to the local community and the hardworking folks who run it, smaller businesses close all the time. In fact, it's estimated that about 50% of restaurants and small businesses fail within five years of opening. Those aren't great odds, and in this new retail landscape, it can seem like a wonder that Main Street businesses remain functional at all. Image source: Bloomberg/Getty Images Given these odds, it's not always a huge shock when a small, niche business shuts down. But it certainly does seem surprising when a huge stalwart sputters to a halt and closes down operations. Take Forever 21, for instance. More closings: Popular Mexican chain closing all restaurants, no bankruptcyIconic mall chain shuttering more stores foreverMajor gym closing multiple locations after franchisee bankruptcyAfter Chapter 11 bankruptcy, beloved retailer closes all stores The discount fast fashion retailer was a staple in nearly every mall in the U.S. It had a massive, multilevel store in Times Square in Manhattan and was renowned as the place to go for everything from cheap formalwear to bathing suits. It filed for Chapter 11 bankruptcy in March 2025 and shuttered hundreds of stores around the U.S., coming to a complete and rapid end. The same is the case with Joann Fabrics, which is now bankrupt and closing down all stores. These retailers were iconic locales with hundreds of locations across the U.S. So their closures will be felt by many shoppers who once relied on them for products. The same has been the case with Hudson's Bay, the Canadian department store. Hudson's Bay is North America's oldest retail chain, but its history hasn't protected it from issues. Hudson's Bay -- which also operates several Saks Fifth Avenue and Saks OFF 5th Canada locations -- had been planning to shutter stores after it was revealed that the company was struggling financially and filed for a Canadian version of bankruptcy in March 2025. Related: Forget Rite Aid, another struggling drugstore closing down stores But it received a lifeline in mid-May, when Canadian Tire Corporation agreed to buy it for $30 million CAD. The lifeline, however, is hardly a bid to keep stores open. Now, Hudson's Bay has announced it will shutter all 96 locations, which include: 80 Hudson's Bay stores13 Saks OFF 5TH outletsThree Saks Fifth Avenue stores All 96 stores will close forever by June 1, 2025. About 8,000 employees will also be terminated. This represents nearly 90% of the total Hudson's Bay workforce. Liquidation sales are also currently being held; they will last until June 15 and all sales are final. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Insider
26-05-2025
- Business
- Business Insider
Take a look at United's huge Polaris Studio suites with 27-inch screens coming to its Boeing Dreamliners
United Airlines unveiled new cabins for future Boeing 787 Dreamliner jets. Polaris Studio suites will feature 27-inch screens, and have caviar and Champagne on the menu. Business class will now have sliding privacy doors, and economy has the largest screens of its class. United Airlines last week unveiled its plans for an all-new cabin, with some huge business-class suites. The top premium cabin will include two rows of Polaris Studio suites, which have 27-inch 4K screens. Passengers will be able to dine on caviar and sip on Laurent-Perrier Champagne. Its standard Polaris suites will also be upgraded with the addition of a sliding privacy door and larger 19-inch screens. Premium-economy seats will feature wireless charging and a built-in reading light for the first time. Even coach is getting an upgrade, with what United says is the largest screens of any economy cabin. Every cabin will also have access to Bluetooth connectivity to use their own headphones with the in-flight entertainment. The new suites and upgraded interiors will be available on United's new Boeing 787 Dreamliners, with the first expected to be delivered by the end of the year. Their first international flights are planned in 2026, from San Francisco to Singapore and London. United's new Boeing 787s will feature an upgraded Polaris business class. The first rows of each business-class section will be dedicated to Polaris Studio suites. They come with more space and more amenities and are closer to a traditional first-class suite. It includes access to the tarmac-transfer program — a chauffeur ride that's ideal for making a connecting flight. These are 25% larger than the standard Polaris offering. Six of these eight suites also come with an extra ottoman seat so you can hang out with a travel companion. United says they're also set to have the largest screens of any 787 in the US. Bedding will be provided by Saks Fifth Avenue. The suites also have wireless charging, and power and USB-C sockets. These elite Studio suites also have the service to match. Passengers will be offered Laurent-Perrier Rosé Champagne and an amuse-bouche of Ossetra caviar. There are upgraded amenities, including United-branded playing cards. Skincare products are provided by Perricone MD, and there are noise-cancelling headphones, pajamas, and slippers. The business-class cabin includes a grab-and-go snack station. The regular Polaris suites will now feature sliding privacy doors. The central divider can also be lowered to bed height, which could be ideal for friends or couples flying together. At 19 inches, its 4K OLED touchscreen is smaller than the Studio suites. Seat choice can also play a role in adding more privacy. United is also upgrading its premium economy offering called Premium Plus. Wireless charging and a reading light in the privacy divider are new additions for United's Premium Plus. The 4K screen measures 16 inches, while there will also be holders for water bottles and headphones. United says its screens will be the largest in any Economy class.
CTV News
26-05-2025
- Business
- CTV News
Hudson's Bay employees sparking interest from Holt Renfrew and other retailers
TORONTO — Big-name department and drug stores are circling the more than 9,300 Hudson's Bay and Saks Fifth Avenue Canada workers who will soon be out of a job. Luxury retailer Holt Renfrew told The Canadian Press it's added dozens of former Bay and Saks staff to its store teams, 'with more still to come.' 'While our turnover rate is amongst the lowest it's been, we've been committed to helping our HBC and Saks colleagues with any opportunities we can provide,' spokesperson Adam Grachnik said in an email. Meanwhile, talent acquisition staff at Shoppers Drug Mart and Rexall appear to be working social media channels, hoping to lure in Bay and Saks employees. Canada's oldest company filed for creditor protection in March, and the company has been winding down. Following months of liquidation sales, all 96 of the Bay and its sister Saks stores will shutter at the end of May. While some workers will presumably retire or abandon the retail world altogether, experts say others are likely to be scooped up by just about any retailer you can think of. 'Any of the great brands out there that are looking for good people are reaching out to them,' said Lanita Layton, a luxury and retail consultant who was once a vice-president at Holt Renfrew. She imagines Bay and Saks workers would be a great get for La Maison Simons, which is due to hire hundreds of staff members when it opens two Toronto department stores later this year, but also thinks they could slide right in at home goods shops like Crate and Barrel or Williams Sonoma. The workers are a fit for so many places because many have worked on commission, so they know how to sell, and they also have a deep knowledge of the Canadian marketplace and the products and customers that fill it. Some may even have a 'hidden gem' — contact info for regular shoppers they would have served at the Bay's upscale Room business or the designer Saks department. 'Every retailer is looking to maintain and grow their customer base, so if they've got somebody they could potentially hire that has that already, that is really, really important,' Layton said. Bringing experienced staff onto a new team is also a savings, said Lauren Burrows, a senior manager of retail strategy at Accenture, who imagines luxury businesses, small boutiques and grocers will vie for Bay workers. She estimates it costs on average between $3,000 to $4,000 to recruit, interview and hire an employee, train them and then cope with their initial, lower productivity while they adjust to the quirks and cadences of the job. Once they're in the job, retention becomes a key issue because retail roles are known for having higher than usual turnover, she said. But Layton points out many Bay employees spent decades at the department store and worked in difficult-to-fill roles like visual merchandisers — highlighting trends, customer demographics and brand partnerships at the store. Another treasure the Bay and Saks had were their beauty departments, which Holt Renfrew admitted it's already poached from. Layton figured Sephora would do the same because it's been expanding and it's easy to transition workers from one beauty brand to another. 'If they're makeup artists in one, they could be a makeup artist in another without blinking,' Layton said. 'If they're switching from a Tom Ford counter to Lancôme or vice versa, it's just learning the nature of that brand, but that doesn't take anybody long when they're professionals in that area already.' The leap may also be easy for some staff headed to Canadian Tire. The retailer is on track to purchase the Bay name, its stripes motif, its coat of arms and its brands for $30 million. While the company did not comment on whether it was seeking Bay hires, Layton figures they'd be logical additions because they know the intricacies of the intellectual property Canadian Tire wants to acquire. Bay staff would also be experts in product development, logistics, data analysis and inventory management, making them useful throughout the industry. Because the retail world can be so 'complex' and Bay employees have run a company even in the face of upheaval, Burrows said any business undergoing transformation would want them. 'Having folks who have been through that and can really start day one, hit the ground running and add value right away... is amazing,' she said. This report by The Canadian Press was first published May 26, 2025. Companies in this story: (TSX:CTC.A) Tara Deschamps, The Canadian Press
Yahoo
26-05-2025
- Business
- Yahoo
Hudson's Bay employees sparking interest from Holt Renfrew and other retailers
TORONTO — Big-name department and drug stores are circling the more than 9,300 Hudson's Bay and Saks Fifth Avenue Canada workers who will soon be out of a job. Luxury retailer Holt Renfrew told The Canadian Press it's added dozens of former Bay and Saks staff to its store teams, "with more still to come." "While our turnover rate is amongst the lowest it's been, we've been committed to helping our HBC and Saks colleagues with any opportunities we can provide," spokesperson Adam Grachnik said in an email. Meanwhile, talent acquisition staff at Shoppers Drug Mart and Rexall appear to be working social media channels, hoping to lure in Bay and Saks employees. Canada's oldest company filed for creditor protection in March, and the company has been winding down. Following months of liquidation sales, all 96 of the Bay and its sister Saks stores will shutter at the end of May. While some workers will presumably retire or abandon the retail world altogether, experts say others are likely to be scooped up by just about any retailer you can think of. "Any of the great brands out there that are looking for good people are reaching out to them," said Lanita Layton, a luxury and retail consultant who was once a vice-president at Holt Renfrew. She imagines Bay and Saks workers would be a great get for La Maison Simons, which is due to hire hundreds of staff members when it opens two Toronto department stores later this year, but also thinks they could slide right in at home goods shops like Crate and Barrel or Williams Sonoma. The workers are a fit for so many places because many have worked on commission, so they know how to sell, and they also have a deep knowledge of the Canadian marketplace and the products and customers that fill it. Some may even have a "hidden gem" — contact info for regular shoppers they would have served at the Bay's upscale Room business or the designer Saks department. "Every retailer is looking to maintain and grow their customer base, so if they've got somebody they could potentially hire that has that already, that is really, really important," Layton said. Bringing experienced staff onto a new team is also a savings, said Lauren Burrows, a senior manager of retail strategy at Accenture, who imagines luxury businesses, small boutiques and grocers will vie for Bay workers. She estimates it costs on average between $3,000 to $4,000 to recruit, interview and hire an employee, train them and then cope with their initial, lower productivity while they adjust to the quirks and cadences of the job. Once they're in the job, retention becomes a key issue because retail roles are known for having higher than usual turnover, she said. But Layton points out many Bay employees spent decades at the department store and worked in difficult-to-fill roles like visual merchandisers — highlighting trends, customer demographics and brand partnerships at the store. Another treasure the Bay and Saks had were their beauty departments, which Holt Renfrew admitted it's already poached from. Layton figured Sephora would do the same because it's been expanding and it's easy to transition workers from one beauty brand to another. "If they're makeup artists in one, they could be a makeup artist in another without blinking," Layton said. "If they're switching from a Tom Ford counter to Lancôme or vice versa, it's just learning the nature of that brand, but that doesn't take anybody long when they're professionals in that area already." The leap may also be easy for some staff headed to Canadian Tire. The retailer is on track to purchase the Bay name, its stripes motif, its coat of arms and its brands for $30 million. While the company did not comment on whether it was seeking Bay hires, Layton figures they'd be logical additions because they know the intricacies of the intellectual property Canadian Tire wants to acquire. Bay staff would also be experts in product development, logistics, data analysis and inventory management, making them useful throughout the industry. Because the retail world can be so "complex" and Bay employees have run a company even in the face of upheaval, Burrows said any business undergoing transformation would want them. "Having folks who have been through that and can really start day one, hit the ground running and add value right away... is amazing," she said. This report by The Canadian Press was first published May 26, 2025. Companies in this story: (TSX:CTC.A) Tara Deschamps, The Canadian Press Sign in to access your portfolio
