Gatewood Retail News
SOURCE: CNBC By: Lauren Thomas KEY POINTS KKR and other major lenders to Belk are in talks with the department store chain to keep it out of bankruptcy, according to a Wall Street Journal report. The company, its lenders and the private equity firm Sycamore Partners are inching closer toward reaching an out-of-court deal, the report said, citing people familiar with the discussions. A deal is not guaranteed at this point, the Journal report cautioned, but it said Belk’s lenders have noted how the Chapter 11 bankruptcy process has proved difficult for a number of other retail chains during the Covid pandemic. Belk department store John Greim | LightRocket | Getty Images KKR, Blackstone and other major lenders to Belk are in…Read More >>
SOURCE: ChainStore Age By: Marianne Wilson Merchandise returns totaled approximately 10.6% of total U.S. retail sales last year. That’s according to a report released by the National Retail Federation and Appriss Retail, which found that consumers returned an estimated $428 billion in merchandise to retailers in 2020. Roughly 5.9% of the returns were fraudulent, equating to $25.3 billion. The survey found that for every $1 billion in sales, the average retailer incurs $106 million in merchandise returns. Additionally, for every $100 in returned merchandise accepted, retailers lose $5.90 to return fraud. The top categories of merchandise returned include auto parts (19.4%), apparel (12.2%), home improvement (11.5%) and housewares (11.5%). More than one-fifth of returns were completed through credit cards, followed…Read More >>
SOURCE: Retail Dive Ben Unglesbee The pandemic, and recovery from it, will likely define the year as consumers look to refresh their wardrobes and retailers hold on to new practices that worked, analysts say. Artificial Photography for Unsplash AUTHOR Ben Unglesbee@Ben_Unglesbee PUBLISHED Jan. 20, 2021 SHARE IT POST SHARE TWEET After a year that unfolded unlike anybody’s predictions, the retail industry and its analysts are trying to game out what 2021 could look like as COVID-19 continues to surge, vaccines against the disease roll out and anxious consumers pine for life after lockdown. Vaccines that inoculate against the coronavirus could shift many of the trends that 2020 brought, while some changes are likely to remain in place and accelerate as…Read More >>
Source: Forbes / Jason Goldberg Sixty-six million years ago, a massive asteroid or comet, dubbed the Chicxulub impactor, struck the earth, causing world-wide climate disruption that resulted in the mass extinction of the majority of plant and animal species on Earth. Covid-19 had a similar impact on retail in 2020. Just as the Chicxulub impactor created an opportunity for new life, including humans, to emerge and thrive on Earth, Covid-19 has created opportunities for new shopping behaviors to emerge and become dominant—most notably digital commerce. Retail saw its largest decline and fastest recovery in 2020. Yet the shape of the retail industry has fundamentally changed, with a huge shift to digital spending and dramatically less spending on apparel. The Retail…Read More >>
ASKING FOR PROOF OF A COVID VACCINATION DOESN’T COUNT AS A DISABILITY-RELATED QUESTION. DECEMBER 2020 BEN COLEY Employers are allowed to require COVID vaccinations and ban employees from the workplace if they choose to opt out, according to guidance from the U.S. Equal Employment Opportunity Commission (EEOC). The American Disabilities Act (ADA) limits an employer’s ability to require medical examinations, but the EEOC said the vaccine isn’t a medical examination because it doesn’t seek information about an individual’s impairments or current health status. Under a vaccine requirement, employers must show that an unvaccinated worker would “pose a direct threat due to a significant risk of substantial harm to the health or safety of the individual or others that cannot be eliminated…Read More >>
Source: Retail Dive: Daphne Howland Dive Brief: In yet another trend accelerated by the pandemic, BOPIS services have surged, with 40% of retailers now offering the service, compared to just a quarter last year, according to an emailed report from omnichannel platform NewStore. More than half (55%) offer in-store returns of online purchases, the firm found. In part thanks to the expansion of Google My Business, smaller retailers are increasingly offering such services, with about 40% of online purchases picked up at local stores, according to omnichannel firm Uberall. Growth in such services has spiked 75% year over year, with BOPIS growth at Walmart and Target outpacing their robust online sales growth, according to 1010data. The trend is fueled in part…Read More >>
ICONIC MENSWEAR RETAIL ENTERPRISE BEGINS ITS 57TH YEAR Alex Gatewood opened the Locker Room in Tuscaloosa October 28, 1964 Tuscaloosa, AL The Locker Room, a traditional menswear retail enterprise that coined the term ‘Elephantwear’ and made Gameday wear a national fashion trend, celebrates its 57th year in business on October 28th. The 7000 SF store located at 2104 University Boulevard in Tuscaloosa, is owned, and operated by Alex Gatewood who at 79, continues to set the pace for his “less seasoned” employees. October 28, 1964 was a day…Read More >>
If the restaurant is facing double-digit reductions in revenue, a decrease in staffing, and no immediate path to recovery, then the operator needs to contact a professional, Webb says. Source: NRN BEN COLEY October 2020 With colder months ahead and a second wave of COVID-19 predicted by some public health officials, the path forward for restaurants doesn’t become any easier. Edward Webb, an advisory partner at accounting and consulting firm BPM, LLP has a number of clients in the industry who are determining the best exit strategy, which could be selling the business, winding down and closing permanently, or bankruptcy. Backed by 30 years of experience in consulting and financial management, the accountant says restaurants are “absolutely seeing a sea change.”…Read More >>
Source: Inc. | Jason Aten, Tech Columnist The retail giant announced its Deal Days for October 13 and 14–the same two days as Amazon’s Prime Day sale. Amazon just announced that Prime Day will finally happen October 13 and 14. The site-wide sale usually takes place in July but was delayed this year due to the coronavirus pandemic. That’s a pretty big deal considering that last year, Prime Day accounted for more of the company’s sales than Black Friday and Cyber Monday combined. Both customers and third-party sellers have been waiting for Amazon to give some indication when the two-day shopping event might finally arrive. If you happen to be one of the 150 million Prime members, paying $119 a year, this is…Read More >>
Source: Lisa Jennings for NRN A group of veteran restaurant operators and investors on Friday filed for an initial public offering with the goal of raising $200 million with a new blank-check company that will likely target the restaurant industry, according to filings with the Securities and Exchange Commission. Tastemaker Acquisition Corp. is the latest special purpose acquisition company, or SPAC, to launch with the plan of scooping up opportunities in the restaurant sector as the industry struggles to recover from the coronavirus pandemic. In August, &Pizza co-founder Doug Jacob and Ruby Tuesday founder Sandy Beall launched FAST Acquisition Corp., with sights set on the quick-service sector. Like FAST, the new Tastemaker SPAC has a deep bench of industry executives…Read More >>
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