Sep
 12
 2017



Christopher

Hello,

Here's your Tuesday edition of The Spin. Today you'll learn why the new Nordstrom stores won't be needing any stock boys and how animal-shaped pool rafts really helped Primark this summer. And you also may be shocked to discover exactly how much Americans buy on credit... Enjoy the read! Best, Christopher



retail

New Nordstrom concept. North American department store Nordstrom announced yesterday that it is opening the first location of its new inventory-free store concept in Los Angeles next month. Called Nordstrom Local, these significantly smaller shops – 3,000 sq. feet instead of 140,000 – will have merchandise to try on but all items will have to be purchased online. The stores will also feature a team of personal stylists, an onsite cocktail bar and manicure and tailoring services.


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Primark performs well. Strong sales at fast fashion chain Primark over the summer caused parent company AB Foods to raise its full-year guidance yesterday. The company believes Primark's annual sales will be up (paywall) by 13 percent over last year at constant currency or 20 percent at actual exchange rates. While Primark is primarily known for its clothing, the store's trendy inflatable pool toys were its summer '17 bestsellers.



China's made-over mall. Hong Kong real estate development company Hang Lung Properties Ltd unveiled its newly renovated Plaza 66 mall in Shanghai at an onsite VIP-packed party (paywall) on Friday that featured a performance by Alicia Keys. Boasting a new motto, "home to luxury," the 16-year-old complex began the renovation a year and a half ago and is now home to the shops of 100 luxury labels including Louis Vuitton, Dior and the first Chinese stores of blogger/designer Chiara Ferragni and Italian leather brand Valextra.





markets

Green paper. The National Chamber of Italian Fashion aka Camera Nazionale della Moda Italiana introduced (paywall) a new document yesterday that outlines how Italian retail can be made more sustainable. Due to be available for viewing on the group's website today, the six-chapter, 302-page report was compiled with the help of a Sustainability Work Group that included big names such as Fendi, Giorgio Armani and Tod's.



Climbing credit in the USA. According to government data and a newly released study by WalletHub.com, a personal finance website, American consumers are again amassing serious credit card debt and charged $33 billion in the second quarter of 2017, reversing a pay down of debt the quarter before. It is estimated that U.S. consumers will end 2017 with more than $60 billion in new debt, thereby surpassing $1 trillion in total. The average American household owes $16,425 in credit card debt, a rise of 10 percent since 2013.



Fashion and feminism. So many fashion designers, including Brett Heyman who creates the accessories line Edie Parker, are such supporters of feminism that it almost seems like an industry trend today. However some participants in New York Fashion Week such as Prabal Gurung who had Gloria Steinem at his show are opting for very traditionally feminine looks versus in-your-face political statements this season. These seem to say that women can be both pretty and powerful.





tech

Alipay arrives in Northern Europe. Alipay, a highly popular mobile and online payment service in China that's owned by the Alibaba Group, continues to gain a foothold in Europe where it was first launched last year. It launched operations in Norway earlier this month and will soon be accepted by Finnish department-store chain Stockmann. The retailer hopes the service will help it attract more Chinese tourists.







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