Alibaba’s Beijing Clicks to Bricks Mall Rolls Out
At nearly 14,000 square foot in Beijing, Alibaba’s first physical mall is being called “the first new retail megastore”. They say their concept has an infrastructure that addresses customer insights, supply chain management, retail tech, smart logistics and electronic payment. For example they have a smart shoe mirror that sees what the customer is trying on and offers information about them.
Jobs Report With Good Retail News
Adding nearly 30,000 jobs in May, retail, a bit overdue for a good month in jobs, posted one. The overall U.S. economy’s unemployment rate dropped to 3.8%, the lowest rate since 2000. Wage growth was at 2.7% growth year over year.
Dick’s Posts Great Q1 Results
Dick’s Sporting Goods with projections at $1.88 billion for the quarter outperformed by $30 million to land at $1.91 billion. Profits were up 3.3% year over year to hit $60.1 million. The one bit of bad news was negative comps of -2.5% against a projection of -1.4%. E-commerce was up 24% for the quarter.
Caleres’ Q1 Mixed
With profits up 7.5% overall (slightly below projected profits) but Q1 Famous Footwear same store sales down 0.8% it was a table of ups and downs. The brand portion of Caleres’ revenues was up 1.4% at $268.7 million. As a company overall, revenues barely nudged up to $632.1 million, a 0.9% gain on LY. Caleres did not adjust their full year guidance either way.