Retail CEO says the wave of stores closings 'may even accelerate'

[RandomGuy]

Saw this bubble coming a few years ago. Retail has overbuilt by quite a bit. Time for a regression to the mean.


Urban Outfitters (URBN) CEO Richard Hayne does not have comforting words for the retail industry.

“Our industry, not unlike the housing industry, saw too much square footage capacity added in the 1990s and early 2000s,” Hayne said on the company’s earnings conference call on Tuesday.

“Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst. We are seeing the results, doors shuttering and rents retreating. This trend will continue for the foreseeable future, and may even accelerate.” (Emphasis added.)

Last week, we wrote that this year would be a “tipping point” for the retail industry as analysts at S&P said bankruptcies seem likely to increase among apparel retailers in 2017.

In its fiscal fourth quarter, Urban Outfitters reported earnings per share of $0.55 on revenue of $1.03 billion. Comparable sales for its overall retail segment — including Urban Outfitters, Free People, Anthropologie, and online sales — were flat.

Following these results, shares of the company were down about 3% on Wednesday.

http://finance.yahoo.com/news/retail-ceo-says-the-wave-of-stores-closings-may-even-accelerate-190239085.html

[DarrinS]

The only thing I don't buy online is groceries.

[Blake]

The only thing I don't buy online is groceries.

Seriously?

[SnakeBoy]

It's pretty rare for me to buy anything other than groceries from a brick and mortar

[AaronY]

I browse things in store like a TV or exercise equipment then buy them online usually. All stores are good for usually

[Xevious]

I still buy shit in person usually after price matching online. But retail has definitely overbuilt. How many strip centers and shopping complexes with the same damn stores are needed in a 10 mile radius?

[Blake]

San Antonio stores are fine. I go to LaCantera give or take once a month and there's always Mexican nationals there on family outings.

[DarrinS]

Seriously?

Sometimes stuff at home depot or academy that I need in a hurry.

[Blake]

I usually only buy electronic crap or maybe some tools online. I do buy Starbucks k cups bulk online.

Food and clothing tho in person

[ElNono]

Amazon Prime FTW, tbh... two days shipping, largely free, hassle free returns...

[DarrinS]

Amazon Prime FTW, tbh... two days shipping, largely free, hassle free returns...

Yep

[Blake]

Amazon Prime FTW, tbh... two days shipping, largely free, hassle free returns...

Man in the High Castle. .

[rmt]

Amazon Prime FTW, tbh... two days shipping, largely free, hassle free returns...

Yep - even clothes and shoes - order, kids try and send back if don't fit/like. Remember too that you can share the Amazon Prime with someone else. My brother and I share. Then dd and even her room mates have me order stuff for them in TX. And even groceries, there's that Instacart at HEB. Dd and room mates don't have a car so I've suggested it to them - they have to wait for friends to make a supermarket run. Iirc, it's $49 membership and free for groceries over $35.

[Th'Pusher]

Yep - even clothes and shoes - order, kids try and send back if don't fit/like. Remember too that you can share the Amazon Prime with someone else. My brother and I share. Then dd and even her room mates have me order stuff for them in TX. And even groceries, there's that Instacart at HEB. Dd and room mates don't have a car so I've suggested it to them - they have to wait for friends to make a supermarket run. Iirc, it's $49 membership and free for groceries over $35.

I see you use this all the time and have never bothered to ask. To whom are you referring when you say dd? I assume daughter?

[rmt]

I see you use this all the time and have never bothered to ask. To whom are you referring when you say dd? I assume daughter?

dd = dear daughter
dh = dear husband

Sorry, it's a well used term by (online) mothers.

[DarrinS]

I rarely use Amazon Prime Video, tho. Netflix has better selection and interface, imho.

[Th'Pusher]

dd = dear daughter
dh = dear husband

Sorry, it's a well used term by (online) mothers.

I've never seen that. Thanks.

[CosmicCowboy]

I ordered a box of band aids on prime last week. Amazon rocks. I use the shit out if it with my business. Between a cash back visa and free shipping I make thousands a year ordering online.

[rmt]

I saw same day shipping on Amazon - anyone try it? didn't check because I'm happy with Prime and don't want to pay more.

[Blake]

I rarely use Amazon Prime Video, tho. Netflix has better selection and interface, imho.

I concur. But Man in High Castle is a great show

[DarrinS]

I concur. But Man in High Castle is a great show

I wondered what you meant by that earlier. I'll have to check it out.

[ElNono]

never checked any of Amazon's video offerings, tbh

[TDMVPDPOY]

ur consumer choice is very limited if all the shops belong to the same company inside the complex....

[baseline bum]

Amazon has such shitty prices for computer hardware. They used to be competitive with newegg but now they're always 15-20% more expensive across the board.

[CosmicCowboy]

Amazon has such shitty prices for computer hardware. They used to be competitive with newegg but now they're always 15-20% more expensive across the board.

I have an app on my work computer that when I find something on amazon it checks a bunch of other sites to compare prices. Amazon definitely isn't always the cheapest.