June retail jobs decline by 22,000
After a surprisingly high increase of 28,000 jobs added in May retail, most of it was given back in June with a decline of 22,000. The overall economic report was far more positive with 213,000 jobs added in June and unemployment ticking up to 4.0% with more people entering the labor market.
Retail real estate vacancies at highest point since 2012
In addition to the jobs report above, brick and mortar retail is up to 8.6% vacancy in U.S. malls. Strip Malls and neighborhood/community shopping centers were the driving force in this growth of vacancies. The sudden liquidation bankruptcy of Private Equity backed Toys R Us is said to have pushed these June figures to such lows.
Tennis legend Roger Federer leaves Nike for Uniqlo
Worth $300 million over the next 10 years, Uniqlo has nabbed the greatest active tennis player. Two things to note about the deal were Uniqlo’s allowance for Roger to have additional sponsors on the sleeves of the jersey. The other being that Roger will collect the $300 million no matter how far into the 10 year deal he retires.
Disposable Income on the rise
The U.S. Bureau of Economic Analysis’ May report showed an uptick by .4% in disposable personal income. Clothing and footwear increased 0.8%, the main driver though was recreational items and vehicles. Personal income was also up 0.4%.
Rockport picked up private equity Charlesbank
While Charlesbank was named the stalking horse bidder on May 14th, no other competing bids were filed by June 29th. The take over has to be complete by July 31st. In addition to getting Rockport they also pick up Aravon and Dunham in the purchase.
The Walking Company leaves bankruptcy with $10m
With enhanced financing by Wells Fargo and $10 million+ of private equity injection, The Walking Company has emerged from the bankruptcy protection it entered in March. The Walking Company has 185 stores and the assets from the 2016 FootSmart purchase which is a direct to consumer business with an online and mail order catalog.
Nike launches kids driven “Future Series”
Unveiling it’s first two models the Future Flight and Future Runner on July 1st, Nike is beginning to rethink kids’ athletic footwear. The Nike Sport Research Lab worked with children to find points of differentiation in their needs and tendencies versus adults. This resulted in a wider foot form at the toe, less glue and soft cushioning. Nike has tipped their hand that more styles are to come.