BusinessWeek published a robust special report last week entited How We Buy. It's full of insight into the modern shopping mechanism and how our attitudes, and options, are changing with the times.
Among the articles are pieces covering both how consumers' mindsets have changed and retailers' efforts to adjust to the "new normal." Brand-centric articles focus on companies from Gucci to Facebook.
The whole report is a great read for people working or interested in the retail arena.
They're old news in the business community, but the widespread growth of pop-up stores is becoming an important consumer trend this fall. The Los Angeles Times gave them a closer look this weekend, noting how the stores are "filling in the gaps at recession-battered shopping centers" and giving both shoppers and retailers intriguing retail options.
The concept of pop-up stores is not new. The New York Times reported on pop-ups in Europe five years ago this week, and stores with Christmas or Halloween themes thrive on such setups annually. But the concept has gone mass this year, and watching the stores' impact on shopping styles in 2010 will be interesting.
The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects numerous local stores with particularly long histories:
After years of multi-retailer availability, fashion brand Liz Claiborne is changing its distribution strategy and positioning its namesake merchandise for sale exclusively at JC Penney. The decision affects hundreds of retail outlets nationwide, including Macy's and Dillard's.
Claiborne's shift is a direct result of the recession's impact on consumer shopping. Retailers, seeking reasons for shoppers to choose their stores, are asking brands for greater product exclusivity. To secure the Liz Claiborne deal JC Penney has agreed to give the brand a percentage of sales and a share of profits, unlike the typical relationship, where sellers buy merchandise from vendors for sell-through.
"The last year has proven that many axioms and proverbs written 20 years ago have been shattered," said Bill McComb, CEO of Liz Claiborne.
General Motors is selling its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery. Tengzhong plans to invest heavily to create a manufacturing center for Hummer in China, and has extensive plans that may include more entry-level models. GM will contribute to management and manufacturing during a transitional period.
The Hummer deal comes just days after GM's sale of Saturn collapsed, forcing GM to announce the brand's closing. Hummer's sale, while not highly priced, allows the marque to continue operations.
Fashion designer Yohji Yamamoto filed for bankruptcy protection today. The company, which designs the Y3 line for Adidas, is expected to continue its relationship and production. Details of the filing are not yet available.
Fashion brand Ellen Tracy was forced into bankruptcy today in reaction to investors looking to liquidate it. The company has been ordered to submit asset lists to a judge later this month. Ellen Tracy has been in business since 1949.
The bankruptcy comes just a day after Ellen Tracy announced a deal with Macy's to produce a new sportswear line.
All 152 locations of InkStop closed Thursday night without notice. The closings are being called "temporary" and information about a restructuring is pending.
An internal memo from the board of directors reads, in part, "The company has elected to temporarily close all stores at the close of business today October 1, to focus on a restructuring plan in an effort to improve the overall operations of the organization. All employees are laid off until further notice."
Employees, who have gone without benefits for the past few weeks, were not informed in advance.
