No, I'm not talking about (from what I hear) the lack of dating options for the single ladies here in NYC, sillies. I'm talking about how men are getting back out there and shopping! According to an October survey conducted by BIGresearch, men plan to spend about 3 percent more than they did in 2009; women plan to spend about 1 percent less. On Black Friday of 2010, men spent on average $100 more than women- about $417 during the weekend (source: NRF). Why the surge in spend? Well, men are overall more optimistic about the economy. They feel overall that their finances will improve, while women are a bit more pessimistic. Two years ago (right when the recession began) both men and women were equally pessimistic. What's exciting is seeing retailers respond to the surge in male shoppers. $JCP and $SKS reorganized their menswear sections trying to appeal to the male 25-45 demographic. $SKS generates 14% of its sales from the mens department and $COH is also getting on the band wagon-- they opened two stand alone mens stores stocked with $198 messenger bags and $798 jackets. And PS, those items are pretty much sold out. Above is my segment on CNBC's "Power Lunch" talking about the return of the male...
The Style File Daily Cheat Sheet
Lady Gaga's Interest in Millinery, JCP's Future Looking Strong, Wal-Mart and A&F Better Than Expected, Coach and Target Settle Lawsuit, Vena Cava's Garage Sale
(Vogue)Lady Gaga and Milliner Philip Treacy
"Lady Gaga is set to take her relationship with fashion to the next level, by learning to create her own unique headwear under milliner Philip Treacy. The singer has applied for an internship with Treacy after the two worked together on several headpieces to accompany her extravagant stage outfits." read more
(WWD)Penny Reports Strong Performance
(style.com)Vena Cava Cleans Out It's Closets
Vena Cava is having a virtual garage sale which runs June 1 through June 30 (or until it’s sold out). In true garage sale fashion, there will be items for sale that range from paperbacks, decorations, clothes from the designer's personal collection and some archived Vena Cava pieces. But we are really curious as to who will purchase Mayock’s birth certificate and Social Security Card!? To buy go to www.venacavanyc.com. read more
(Bloomberg)Settled: Coach vs. Target on Handbag Infringement
"Coach filed the suit last October to impel Target to stop selling the bags. It sought an undetermined amount in damages, injunctive relief and attorney fees in its complaint filed in U.S. District Court in Manhattan. "We respect the integrity of all brands, including Coach, and are pleased that this matter has been resolved in a manner beneficial to all parties involved," said Rick Darling, LF USA president." read more
Quarterly earnings were reported today and all four retail firms surpassed analysts’ expectations for the just-concluded quarter, but their outlooks for the second quarter and beyond fell short of Wall Street’s projections. "While retailers reporting results today — including Wal-Mart Stores Inc., Saks Inc., The TJX Cos. Inc. and Abercrombie & Fitch Co. — generally registered improved first-quarter results, all expressed some degree of caution about the strength of the economic recovery." read more
(WWD)Gucci America President Vitale to Exit
"Gucci America Inc.'s president Daniella Vitale is leaving the company effective May 26. Vitale joined the company in 1999 as vice president of wholesale, and was promoted to president in 2006. In that time, she has been credited with growing Gucci's retail business in North and South America, as well as Gucci's philanthropic programs, including partnerships with UNICEF, Tribeca Film Institute, The Film Foundation and Dia Art Foundation."
Post holiday shopping: the best and worst return policies
I find it strange how 99% of retailers are scrambling to get the consumer to start spending and build customer loyalty through rewards programs, etc., (Eye on you Amazon (AMZN), Target (TGT) and Best Buy (BBY)) meanwhile they have some of the worst return policies on the planet! This morning I discussed the best and worst return policies on NPR's "The Takeaway." Really JCrew (JCG)? Are you REALLY not going to let me return a sale item for a full refund? Ugh. Here are my notes from the interview:
What do you think is the ideal/fair return policy? I think a full refund (which very few stores rarely do) is fair, OR return/exchange a gift without a reciept which is what H&M is doing. Target (TGT) is also sort of doing that just as long as the price of gift does not exceed $70 in one year.
What do you think is an unfair policy?
Definitely "final sale" at J Crew (JCG) on sale items. What is that all about? Also,
Amazon (AMZN) has 29 different product-specific return policies in addition to it's regular one for example: -most unopened items can be returned within 30 days -items they do not accept back: Hazardous materials, Kindles (after 30 days), downloadable software products, gourmet baskets, health and beauty products, some jewelry AND If the value is $75 must have a tracking method, items at $500 must be insured. If you are missing orgininal documentation, there will be a 15% re-stocking fee. Annoying!
JC Penny (JCP) requires special occasion dresses to be returned with the "return tag" still in place which prevents people from wardrobing i.e., buying wearing once, and then returning it.
Overstock.com has a 60% restocking fee for some open used or late items.
Office Max will not accept returns of opened cameras and software unless it is defective.
I don't think a lot of people are fully aware of these return policies at these stores.
What kind of the hardest items to return? Undergarments, swimsuits, software, electronics (due to restocking fees, shorter time to return the item and sometimes stores won't take them back at all).
If I have to retun a gift for a store online do you have suggestions on how to make this return as EASY as possible? Do your research- most stores do not post their return policies for example, Best Buy lengthened its holiday return period for most items by one to three weeks (until Jan. 31st) but computers still have their 14 day return policy so computer bought on Black Friday can not be returned.
Ask about re-stocking fees: If an item is open add the fee, 30% from Overstock.com, Macys, 15%
Be aware of the tier method (what Amazon and Best Buy (BBY) are doing) : apparel that might have a different date you can return at vs. different than electronics
Buy things on your credit card in case you lose your reciepts: I tend to have about 1,000 slips of paper in my wallet/handbag and the most important reciepts get lost in the tsunami of paper. If you put purchases on your credit card the retailer can pull it up your purchase more quickly.