New York—Spring is just around the corner—we hope. And not just because we’re all tired piling on layers each day and suffering from “hat hair” from having to wear heavy knit caps all the time.
Like most economists and retailers agree, spring is likely to see a growth spurt in sales—as long as consumers see plenty of newness to entice them.
While the U.S. Department of Commerce’s monthly sales report released this week shows some promise, many retailers, including those who released their earnings report this week, are being cautious, forecasting earnings and sales lower than even many on Wall Street expected.
Next Generation of Designers
Although the teen and Millennials market has been particularly tough, Michael Weiss, chairman/ceo at Express Inc., summed up the mood among a breadth of retailers: “The start of 2014 has nevertheless been extremely difficult, with traffic down significantly, negative comparable sales and the promotional environment remaining intense,” he said. “Our first-quarter guidance reflects year-to-date traffic and comparable sales as well as our belief that a material uptick in traffic is not necessarily imminent.”
The persistent problem with lower traffic has become the bane of retailers these days.
There was some hope for the future shown this week, nonetheless. The first ICE Crystal Jewelry Awards competition is under way at FIT where eager up-and-coming designers are hoping for a big break. In Paris, the same thing is going on at LVMH, which is deep into its competition this spring to uncover the next big young design talent.
For these and other crucial topics from this week, take a look at our top 10 articles from this week: