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Choosy apparel9/6/2023 ![]() They’re always buzzing around and you can never hit them. (Reporting by Katherine Masters in New York, Siddharth Cavale in Bentonville, Arkansas, and James Davey in London.Gnats are probably one of the most annoying insects. URBN said the macroeconomic environment was having a greater impact on its younger consumers. Those included Abercrombie’s Hollister brand and Urban Outfitters, whose parent company, URBN, reported strong first-quarter growth at its Anthropologie and Free People brands. Hedging its bets, American Eagle, which traditionally caters to teens, launched a new line of premium denim, including $128 jeans, that would also "entertain an older customer," Executive Creative Director Jennifer Foyle said during an earnings call in May.Įven chains that grew overall sales reported recent losses among brands catering to teens. Young shoppers often have less disposable income. ![]() The mall retailer is in the process of adding similar styles in teen-focused Hollister stores, where sales fell 7% in the first quarter that ended April 29, ahead of the back-to-school shopping season. Victoria's Secret and department store chain Macy's - which is also planning promotions to liquidate unsold inventory - pointed to pressure on consumers making between $100,000 and $150,000 a year and below.Įxecutives at Abercrombie & Fitch, American Eagle, Urban Outfitters and Kohl’s all said in earnings calls they were focusing on new styles - especially in activewear, dresses and non-denim bottoms - as a way to get parents to open their wallets.Ībercrombie & Fitch CEO Fran Horowitz said cargo pants, dressed-up denim that can be worn to the office and tailored trousers had all performed well for the millennial-focused Abercrombie brand. Victoria’s Secret's CEO Martin Waters said it plans a "complete overhaul" of its struggling PINK clothing brand, phasing out logo-emblazoned hoodies, tee-shirts and bottoms. Maxx are also likely to benefit from the sharp increase in consumers looking for savings, while dollar stores will be hurt by a shortage of disposable income among their core low-income customer base, according to Moody's REUTERS/Jim Vondruskaīig-box retailers including Walmart and Target are poised to benefit from falling production costs thanks to their ability to renegotiate costs with suppliers, Moody's said in a report. People shop at a Target store during Black Friday sales in Chicago, Illinois, U.S., November 25, 2022. Purchases of discretionary goods such as clothing and shoes have fallen since January, according to U.S. The challenge for retailers is predicting whether parents will buy less clothing and sneakers when the cost of necessities - such as pencils, notebooks and laptops - strains many households. M&S is also offering an additional 20% off school uniforms for early shoppers. Prices start at 7 pounds ($8.69) for a multipack of three cotton unisex polo shirts. ![]() In Britain, where consumers are facing the biggest two-year squeeze in living standards since comparable records started in the 1950s, Marks & Spencer is holding the prices on its school uniform range for a third straight year. The chain is stocking Adidas' Samba and Gazelle sneakers ahead of the new school year, it said. Walmart CFO John David Rainey told investors last week that the retailer, while not immune to "economic whims," is better positioned than others thanks to its reputation for low prices.Ĭlothing and sneakers previously made up the biggest chunk of back-to-school-related expenses for many families, and Foot Locker said on May 19 that it would rely on promotional discounts to drive demand for sneakers. ![]() On Friday, Doug McMillon, CEO of Walmart, the world's biggest retailer by sales, said at its annual meeting that it would roll out more back-to-school merchandise - notebooks, pencils, pens - at "opening price points" this year. Although shoppers have been spending on essentials this year, they’re much choosier on where to splurge as inflation remains stubbornly high, executives from Ulta, Macy's, Ralph Lauren and Nordstrom said during earnings results over the last two weeks. ![]()
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