In today’s top retail news, Ralph Lauren plans to sell its Club Monaco brand to a private equity firm, while Dillard’s total retail sales soared in the first quarter from the prior year. Plus, total U.S. retail and food sales stalled in April.
Ralph Lauren plans to sell its Club Monaco brand to Regent, which is a private equity firm based out of California. The deal is expected to be wrapped up by the end of June at the latest. “Club Monaco is a beloved brand with a modern style, loyal customer base and long runway for growth,” Regent Chairman Michael Reinstein said in an announcement.
Dillard’s said that total retail sales surged by 73 percent in the first quarter from the prior year. The clothing and home furnishing retailer reported that it had net income of $158.2 million in contrast to a net loss of $162 million in the prior year. It operates 250 Dillard’s locations and 31 clearance centers covering 29 states and an online shopping store at Dillards.com.
Overall retail and food sales stalled in April amid rising prices and without the $1,400 stimulus checks that powered a large increase in March. Sales for April were unchanged from an upwardly revised 10.7 percent rise in March, according to the Commerce Department’s newest reading on the widest measure of the U.S. economy.
Neighborhood Goods is not just doubling the number of hard-to-find items that it carries but it has also just rolled out The Marketplace, a new in-store concept that selects and promotes a collection of consumer-packaged goods. “There’s a huge amount of stores and a huge amount of real estate for stores and then obviously a huge amount of malls and there’s going to be a bit of a correction,” Co-Founder and CEO Matt Alexander said in a recent PYMNTS chat. “I think physical retail, and that sort of social opportunity is massive.”
May 14, 2021 at 08:44PM