NYC planning to remove homeless encampments from streets
Read full article: NYC planning to remove homeless encampments from streetsNew York City officials are planning to remove makeshift shelters set up by homeless people on city streets, mirroring similar efforts in other liberal metropolises that had previously tolerated the encampments.
Black Friday shopping picks up after slow start at St. Johns Town Center
Read full article: Black Friday shopping picks up after slow start at St. Johns Town CenterJACKSONVILLE, Fla. – Black Friday is easily the biggest shopping day of the year, but you might not have guessed that if you woke up early to take advantage of so-called door-buster deals at the St. Johns Town Center. The outdoor shopping mall on Jacksonville’s Southside typically is the busiest destination for shoppers, no matter what time of year. On Black Friday alone, the industry trade group anticipated 114.6 million people would be shopping nationwide. For people who can’t resist heading to the store, there’s an amenity at the Town Center you might not know about. “You can just call the shuttle and they’ll come pick you up, or hail them like a cab,” said Ashlee Schneider, marketing and business development director for St. Johns Town Center parent company Simon Property group.
Gap is in trouble; spinning off Old Navy up in the air
Read full article: Gap is in trouble; spinning off Old Navy up in the airPerhaps more troubling, Gap said that sales at Old Navy stores open at least a year slipped 4% during its most recent quarter compared with the same period a year earlier. For investors, the lack of a clear succession plan atop Gap and weakness at Old Navy are signs of trouble. "Weaker results at the [Old Navy] business reduce the upside potential to the value of a standalone entity," Dana Telsey, analyst at Telsey Advisory Group, said in a note to clients Friday. Old Navy, born in 1994, has been the top prize in Gap's often inconsistent brand portfolio. Old Navy reached $1 billion in annual sales in its first four years by hawking trendy, low-priced clothes.
Madewell, J Crew's denim brand, files for IPO
Read full article: Madewell, J Crew's denim brand, files for IPOSpencer Platt/Getty Images(CNN) - Madewell, J Crew's fast-growing denim brand, plans to split from its struggling parent company and hit the public market. While J Crew is known for selling preppy clothes at high prices, Madewell launched in 2006 as a boutique denim jeans' brand with tops and jackets that shoppers wear with jeans. As of August, Madewell company operated 132 small US stores, primarily in upscale shopping malls and on city street corners. A successful Madewell IPO could help J Crew pay down a "meaningful portion" of its debt. Libby Wadle, a veteran J Crew executive who has been involved closely with Madewell, will continue as the brand's chief executive.
Old Navy plans to open 800 new stores
Read full article: Old Navy plans to open 800 new storesJustin Sullivan/Getty Images(CNN) - Old Navy outlined plans Thursday to open 800 new stores, its first major announcement since the Gap, its parent company, announced it would spin off the lower-priced brand. Old Navy had 1,140 stores at the end of its fiscal year in February. Old Navy expects to open up around 75 stores a year, focusing away from struggling malls. The Gap said in February that it plans to spin off Old Navy into a public company in 2020. Old Navy will open stores at a moment when most of the industry is doing the opposite.