A US survey has found that teenagers with an average age of 16 are trading shopping malls for laptops and tablets when it comes to shopping. A survey conducted by investment vehicle Piper Jaffray Cos. found that 25 per cent of girls and 37 per cent of boys prefer shopping online over shopping in stores.
Lifestyle fashion brand Abercrombie & Fitch reported a seventh straight quarterly sales decline on Thursday. Net sales fell 12 per cent to USD 1.03 billion – or GBP 619 million – while total comparable sales, including online sales, took a 14 per cent hit. Sluggish sales has meant that A&F missed its fiscal 2013 full-year profits target set by Wall Street.
Sluggish sales are set to blight Abercrombie & Fitch’s full-year profits as the retailer warns that it may miss Wall Street’s expectations. Third quarter revenue dipped 12 per cent to USD 1.03 billion, shy of the USD 1.07 billion predicted. As a result, A&F’s share price also took a beating – down 6 per cent to USD 35.90.
Image credit: Land Securities
Set to be something of a retailing marathon, Land Securities has announced it will open a total of 2km of stores within 24 hours next March. As the largest commercial property company in the UK, Land Securities will open its Buchanan Street development in Glasgow on 22 March, just 24 hours after the launch of Trinity Leeds.
High street stalwarts Next, Marks & Spencer and Debenhams may have to face off serious competition from US apparel retailers looking to the UK to reel in extra profits, according to the Guardian.
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