"Monday morning Dollar General announced a bid to acquire competitor Family Dollar Stores for $9.7 billion, or $78.50 per share. The proposal includes a $2.26 per share premium over Family Dollar’s closing price on Friday. More significantly the offer is $4 higher per share than the $8.5 billion merger deal with Dollar Tree Family Dollar agreed to last month."
Congratulations, everybody: Black Friday retail sales topped a billion dollars, which means everybody is rich and happy again. Whether shopping from a laptop in bed with a variety of empty bottles and pie crumbs or "at the actual store" with your fellow shoppers in their sweatpants, you helped make America great again.
How much greater? How about 26% better than Black Friday 2011! That is just a phenomenal amount of spending, for a phenomenal amount of consumer goods, electronics, gifts, and whatever else people buy. Pretty much everything is a Black Friday sales item in 2012. Cars? Oh hell yeah, go buy a car on Black [...]
Guess what's currently wrapped in exciting packaging on the corner of 62nd and Madison? Yes, another Hermes store-across the street from the Hermes store!
I used to work at American Apparel, the one in Williamsburg. Internally, it’s called NY5. Every so often a mid-morning, brunch-faring couple would ask how business was going.
Business was bad. So bad that I’m almost wondering why American Apparel continues to exist. According to the Los Angeles Times, it’s lost nearly $270 million over the last four years; in the process, it’s accumulated more than $200 million in debt.
But I’d shrug, and mention one of our two-for-one sales. We always had two-for-one sales. Eventually they became three-for-two sales, but it’s less sing-songy; as you can imagine, it didn’t catch on.
When I started [...]
When I was younger, Long Island seemed oddly resistant to chain stores, or at least the standalone types that couldn't be contained by a shopping mall. It was a big deal when, during my high-school years, the Island got its first K-Mart. Wal Mart didn't arrive in the 516 until 1995. After that, a series of big-box complexes rushed in, as did new streets to lead people inside their hulking parking structures. (I still have to swallow hard before I can give people directions that incorporate "Corporate Drive.")
It might be this weird arrested development that makes me a bit romantic over the suburban chain store.
Oh, look, AN OUTLIER. Call Malcolm Gladwell or whoever wrote that book that is about outliers! Hermes revenue is up 12% overall in the second quarter of the year. Things were bananas in Asia, but even in the Americas? Sales were up 14%. We are thinking a lot of that up-tick is in the America called South-but still, the New York store is constantly swamped! Well, the real one. That Wall Street one is a little quiet and lonely.
If you are interested in real estate or fashion or entrepreneurship, this history of the Bal Harbour mall is pretty fascinating. The Shops at Bal Harbour, if you don't know, just north of Miami Beach, holds last year's record for retail dollars made per square foot in the U.S. It is full of trees and turtles and koi and ashtrays and crazy-rich people. And its original success is based on low base rents with a percentage of store revenue for the landlord—as well as a pretty crazy geographical noncompete, which has since been greatly eroded. The percentage rent thing is smart, when Bulgari and Graff and Van Cleef are [...]