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As Saks teeters, department stores bet on shopping experiences

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As Saks teeters, department stores bet on shopping experiences


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Reuters

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January 8, 2026

From Paris to New York, department stores are sharpening their focus on curated shopping experiences- ice-skating shows, wine tasting, and architectural tours- to try to win back shoppers.

Shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City, U.S., January 6, 2026 – REUTERS/Angelina Katsanis

The push has gained urgency as Saks Global’s mounting troubles highlight the sector’s struggle to stay relevant amid competition from luxury brands’ own boutiques and fast-growing e-commerce platforms. Analysts say the trend is more than cosmetic. It reflects a structural shift in a sector under pressure from changing consumer habits and declining foot traffic.

“In today’s market conditions, selling luxury goods requires an outstanding experience, which works best in outstanding venues,” said Benjamin Sebban, head of retail investment at Knight Frank in Paris. 

Qatar-owned Printemps‘ new Manhattan store features paper replicas of ⁠French landmarks- a reminder of its Parisian heritage- and hosts exclusive launches and wine tasting.

“This is more than a place to shop- it’s a space to live, linger, and immerse yourself in a new kind of luxury lifestyle,” Printemps America CEO Thierry ⁠Prevost told Reuters, highlighting the store’s fine dining restaurant, champagne bar and talks with designers.

In Paris, Galeries Lafayette spent more than 100 million euros ($117 million) restoring its stained-glass cupola, crediting the revamp with lifting visits above pre-pandemic levels. The push aligns with research from consultancy Bain that found experiential sectors like hospitality and fine dining drove luxury market growth between 2023 and 2025.

Success isn’t guaranteed, however. LVMH poured around ‍750 million euros ‌into refurbishing the art nouveau building of its La Samaritaine department store facing Paris’ Rue de Rivoli. But the store still struggled after its ⁠2021 reopening in comparison with LVMH’s Le Bon Marche Paris ‌store, and the pair were combined in a restructuring last year.

Analysts say department stores are betting that curated events and architectural upgrades ‌can revive their relevance amid tougher trading.

Saks Global, whose bonds are publicly traded, reported a 13% year-on-year drop in second-quarter revenue to $1.6 billion in October and an adjusted core loss of $77 million. CEO Marc Metrick stepped down after the company missed a bond payment, triggering reports it was preparing for bankruptcy.

While analysts cite inventory missteps and acquisition-related debt as key factors, they say Saks’ plight reflects a deeper structural squeeze: department stores ‍are losing ground to mass-market chains offering value and luxury brands’ own boutiques promising exclusivity. “What you’re seeing with Saks is a symptom of a much larger problem,” said UBS analyst Jay Sole.

Bernstein analysts say US department stores should move toward concession-heavy models- providing multi-brand sales staff while letting brands manage ‌operations and inventory. Milan’s Galleria Vittorio Emanuele II ⁠offers ​a template: the city leases prime store spaces through a bidding process, and says values have quadrupled in a ⁠decade.

“Multi-brand retailers need to ​reinvent themselves and go back to their scouting and discovery mission,” said Bernstein analyst Luca Solca.

Some stores are experimenting with partnerships. In November, Parisian retailer BHV hosted the first physical outlet for Chinese budget brand Shein, although the move drew criticism from some competitors and consumers.

“The right answer would be for department stores ​to build out their own online offering, with their own identity,” Knight Frank’s Sebban said.

Global department store sales are projected to have declined by 4% to 6% in 2025 and to show little recovery through 2030, Bain forecast in November, ⁠lagging growth estimates for the luxury sector overall. US retailer Macy’s warned in December of ⁠weaker-than-expected holiday-quarter profits due to cutbacks in discretionary spending. London’s Harrods in October reported a 17% decline in underlying operating profit for 2024.

By contrast, e-commerce players are thriving. MyTheresa, owned by LuxExperience, more than doubled quarterly core earnings in November, offering similar products to Saks but with perks like free shipping for orders over $400.

© Thomson Reuters 2026 All rights reserved.



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UAE-Jordan Railway Company formed to build freight railway

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UAE-Jordan Railway Company formed to build freight railway



The United Arab Emirates and Jordan have recently reached an agreement to develop a railway network in Jordan and establish the UAE-Jordan Railway Company.

The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.

The United Aran Emirates and Jordan recently an agreement to develop a railway network in Jordan and establish the UAE-Jordan Railway Company.
The agreement covers the construction and operation of a 360-kilometre railway linking the main mining areas of Al-Shidiya and Ghor Al-Safi to the Port of Aqaba.
The project aims at transporting 16 million tonnes of phosphate and potash annually.

The project aims at transporting 16 million tonnes of phosphate and potash annually, with a total investment value of $2.3 billion. Both phosphate and potash are chemicals used in the textile industry.

The agreement was signed by UAE Minister of Energy and Infrastructure Suhail bin Mohamed Al Mazrouei and Jordan’s Minister of Transport Nidal Al-Qatamin.

The UAE-Jordan Railway Company was formally established as a joint venture between Abu Dhabi’s L’IMAD Holding Company (L’IMAD) and several Jordanian stakeholders, according to an official release in the UAE.

The joint venture will be responsible for the implementation, operation and maintenance of Jordan’s railway network through its executing arm, Etihad Rail, the developer and operator of the UAE’s national railway network.

The project will enhance Jordan’s export capabilities and logistics efficiency by directly linking phosphate and potash production sites to the Port of Aqaba, significantly reducing transport time and costs.

It will also support comprehensive economic development and open wide prospects for job creation across multiple sectors, leveraging the extensive expertise of Etihad Rail.

Fibre2Fashion News Desk (DS)



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Germany’s Puma appoints James Carnes to new creative leadership role

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Germany’s Puma appoints James Carnes to new creative leadership role



Sports company PUMA has appointed James Carnes, an experienced design, brand, and strategy leader, as its new Senior Vice President Creative Direction with immediate effect. In this newly created role, James will directly oversee creative direction, innovation, and product excellence and report directly to Chief Brand Officer (CBO) Maria Valdes.

With more than two decades of experience in the sports industry, James brings a unique combination of skills, which will help PUMA use creative direction as an important strategic lever to establish itself as a top-3 global sports brand.

Puma has appointed James Carnes as senior vice president creative direction.
Reporting to Maria Valdes, he will oversee creative direction, innovation, and product excellence.
With over two decades of experience, including leadership roles at Adidas, he will align design strategy with business goals to strengthen Puma’s global brand appeal and market position.

“James is a very highly regarded leader in our industry and he has been instrumental in shaping some of the most influential performance and lifestyle products, labels, and platforms,“ said Maria Valdes. “With a strong background in industrial design and a deep understanding of both athletes and consumers, he will play an important role in getting our customers and consumers excited about PUMA once again.”

Until 2021, James held several leadership positions in design, creative direction and strategy at adidas, both in Herzogenaurach and Portland, Oregon. Most recently he worked as an independent consultant and investor in the wider industry.

At PUMA, James will align creative direction with the company’s overall strategic ambitions, set the seasonal direction for the Business Units and create a long-term look and feel for the brand across consumer touch points.

“Creative Direction is about more than seasonal trends and colours. It is about defining how PUMA holistically presents itself in the market, harnessing the company’s portfolio of world class innovation, and deeply connecting with consumers,” said James Carnes. “We have the amazing opportunity to modernize the image and style of one of the most iconic sports brands in the world and I look forward to leading our teams and collaborating with my colleagues to make this happen.”

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

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Top Vietnamese, Chinese leaders hold talks on advancing cooperation

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Top Vietnamese, Chinese leaders hold talks on advancing cooperation



China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.

China will step up building a higher-level China-Vietnam community with a shared future that carries strategic significance, Chinese President Xi Jinping said while holding talks with visiting Vietnamese President To Lam.

China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.
President Xi Jinping recently held talks with visiting Vietnamese President To Lam.
During the visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.

Xi said both countries should work together in their modernisation drive, accelerate the alignment of development strategies and prioritise infrastructure connectivity.

While meeting Chinese Minister of Commerce Wang Wentao during the state visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.

Wang said both sides should focus on implementing the high-level common perceptions, including raising bilateral trade turnover to $500 billion in future.

Hung urged China to expand imports of Vietnamese goods, broaden the list of products eligible for tariff preferences and further open its market. He also called for the mutual recognition of quarantine results for agro-forestry-fishery products, facilitation of Vietnamese exports via cross-border e-commerce, and expansion of Vietnam’s trade promotion offices across Chinese localities, according to a Vietnamese news agency.

China will continue to support Vietnam in setting up additional trade promotion offices, following those already established in Chongqing, Hangzhou and Haikou, Wang responded.

China also expressed readiness to support Vietnam’s stronger exports through cross-border e-commerce, encouraging greater visibility of the Vietnam National Pavilion on Chinese e-commerce platforms beyond JD.com to better promote Vietnamese products to Chinese consumers.

China has consistently been Vietnam’s largest trading partner and second-largest export market, while Vietnam continues to be China’s biggest trading partner in the Association of Southeast Asian Nations (ASEAN).

Fibre2Fashion News Desk (DS)



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