Latest Retail industry News

Wayfair pulls towel depicting deity after Hindus object

Aug. 14, 2020 12:57 PM EDT

BOSTON (AP) — Online home goods retailer Wayfair has pulled a beach towel depicting the Hindu deity Lord Ganesha, according to a Hindu organization that raised objections. Rajan Zed, president of Universal Society of Hinduism, said in a statement Thursday that the Boston-based company had apologized and...

FILE - In this July 21, 2020 file photo, people walk by the New York Stock Exchange.  Stocks are drifting in early Friday, Aug. 14, trading on Wall Street after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. (AP Photo/Mark Lennihan, File)

Stocks drift on Wall Street following latest run at record

Aug. 14, 2020 12:42 PM EDT

NEW YORK (AP) — Wall Street is drifting on Friday after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. The S&P 500 was virtually unchanged in afternoon trading after earlier flipping between small gains and losses. The market is taking...

FILE - In this June 25, 2020 file photo, a price sign is displayed at a retail store as a store employee wears a mask while working in Niles, Ill.   Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close. Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection Program, which ends Friday, Aug. 7,  after giving out 5.1 million loans worth $523 billion.  (AP Photo/Nam Y. Huh, File)

US retail sales rise for 3rd month but slowdown expected

Aug. 14, 2020 12:20 PM EDT

WASHINGTON (AP) — Americans increased their spending at retail stores and restaurants in July for a third straight month, but some evidence suggests that sales are weakening with the expiration of government rescue aid that had previously put more money in people's pockets. Friday's report from the...

A broken cash register sits on the counter of African Food & Liquor in Chicago, Thursday, Aug. 13, 2020. The West Side convenience store was ransacked Monday just hours after Chicago Mayor Lori Lightfoot warned vandals that the city will hold them accountable for ransacking downtown retailers earlier that day. It was the second time since May that the neighborhood store was vandalized. (AP Photo/Teresa Crawford)

Chicago convenience store ransacked twice since May

Aug. 14, 2020 9:06 AM EDT

Security cameras captured the pillaging of a West Side Chicago convenience store hours after Mayor Lori Lightfoot warned vandals that the city would hold them accountable for ransacking downtown retailers. Walid Mouhammad, owner of African Food & Liquor, watched surveillance video helplessly from home on...

People wearing face masks to protect against the coronavirus walk through a shopping mall in Beijing, Friday, Aug. 14, 2020. China's factory output rose just under 5% last month from a year earlier while retail sales fell slightly, suggesting the country's recovery from the coronavirus pandemic remains muted. (AP Photo/Mark Schiefelbein)

China factory output flat, retail sales slip in July

Aug. 14, 2020 2:10 AM EDT

BEIJING (AP) — China's factory output rose just under 5% last month from a year earlier while retail sales fell slightly, suggesting the country's recovery from the coronavirus pandemic remains muted. The data reported on Friday show that despite a rebound in Chinese exports, domestic demand in the...

FILE -In this June 16, 2020 file photo, a sign for a Wall Street building is shown in New York.  Stocks are opening mostly lower on Wall Street Thursday, Aug. 13, a day after the S&P 500 closed just below its pre-pandemic record high. (AP Photo/Mark Lennihan, File)

Asian shares mixed on weak China data, worries over pandemic

Aug. 14, 2020 12:13 AM EDT

TOKYO (AP) — Asian shares were mixed on Friday as investors studied fresh data out of China showing that its recovery remains subdued. Shares rose in Japan and Australia, but fell in Hong Kong, South Korea and Shanghai. China said Friday that its factory output rose 4.8% from a year earlier in July, on a...

Florida's new jobless claims drop the most of any state

Aug. 13, 2020 3:25 PM EDT

FORT LAUDERDALE, Fla. (AP) — Florida's death toll from the coronavirus topped 9,000 Thursday, while its pandemic-buffeted economy led the nation in a drop in the number of new jobless claims. The jobless claims are still historically high, as the state seeks to claw back economic activity still stunted by...

REI to sell new headquarters, shift work to other sites

Aug. 12, 2020 6:13 PM EDT

SEATTLE (AP) — Outdoor retailer REI said it is walking away from its nearly completed corporate campus in suburban Seattle and will shift headquarters operations to sites across the Seattle area as the coronavirus pandemic affects how it does business. The Kent, Washington-based company said it is in talks...

This Wednesday, Aug. 12, 2020 photo shows Stein Mart in St. Petersburg, Fla.  National discount department store chain Stein Mart is filing for bankruptcy and will close most, if not all, of its stores. The 112-year-old Florida-based company said in a news release that it filed for Chapter 11 protection on Wednesday.  (AP Photo/Tamara Lush)

Stein Mart files for bankruptcy; to close nearly 300 stores

Aug. 12, 2020 6:03 PM EDT

ST. PETERSBURG, Fla. (AP) — National discount department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business, and announced that it will close most, if not all, of its 280 stores. “The combined effects of a challenging retail environment coupled with the impact of...

FILE - Pedestrians wearing protective masks walk past a Brooks Brothers location in a July 8, 2020 file photo, in New York. Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. It will continue running at least 125 Brooks Brothers retail locations as part of the deal. The 200-year-old New York-based clothier filed for Chapter 11 bankruptcy in July.  (AP Photo/Frank Franklin II, File)

Simon, Authentic Brands buying Brooks Brothers for $325M

Aug. 12, 2020 12:55 PM EDT

Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. The venture, called Sparc Group LLC, initially offered $305 million for the clothing company last month. It will continue running at least 125 Brooks...