Goodman’s, other stores to leave Nora Plaza as Kite plans changes
The changes come after Indianapolis-based Kite acquired most of the 163,500-square-foot shopping center for $29 million in January.
Retailers
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Starbucks on Monument Circle to permanently close
The company said in a statement sent to IBJ that its first priority “is to make sure our partners are safe at work.”
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Bicycle Garage Indy to exit City Market complex for new location
One of three Bicycle Garage Indy locations is shifting to the Box Factory development near Massachusetts Avenue and the Monon Trail.
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Outdoor retailer Sierra planning to open first Indiana store in Carmel
The chain is owned by TJX Companies Inc. and has 66 stores in 25 states, including five in Illinois, five in Michigan, two in Ohio and one in Kentucky.
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New off-price fashion retailer Daily Thread to open Circle Centre store
Parent company NYC Alliance Group, which owns several clothing brands, began opening Daily Thread stores in the Midwest a year ago and has already grown the chain to more than 40 stores, including at least five in Indiana.
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Articles
Bed Bath & Beyond suppliers halt shipments despite new financing
Suppliers say they remain concerned about the retailer’s survival and have cut off or cut back on merchandise they ship to the company.
Retail sales flat in September as inflation takes bite
Evidence that the Fed’s fight to cool the economy might be taking hold can also be seen, particularly with big-ticket items. Sales at auto dealers fell 0.4% last month, and shoppers continued to pull back on appliances, electronics and furniture.
UPDATE: Kroger to acquire Albertsons in $24.6B deal
The combination of the nation’s No. 2 and No. 4 grocery chains is likely to face a lengthy antitrust review with an uncertain outcome.
Retailers’ stockpiles mean holiday discounts starting now
After struggling with product shortages for much of the pandemic, the country’s retailers are now facing an unprecedented glut of unsold merchandise that’s cutting into profits, derailing holiday plans and threatening to drag down broader U.S. economic growth.
Retailers still have a lot of extra stuff that shoppers don’t want
The inventory glut that dragged down U.S. retailers over the past two quarters is likely getting worse. For shoppers, that means better deals.
High Alpha startup Humankind closes on $4.2M seed round
Humankind is a software-as-a-service company whose platform allows retailers to make personal connections with online shoppers. Indianapolis-based venture studio launched the company last fall, and it now has 16 employees.
Walmart, Target begin holidays early to ease inflation sting
The holiday sales strategies, announced on Thursday, come amid what is expected to be slower holiday sales growth compared with a year ago.
Fountain Fletcher is new name for boosting prominent neighborhoods
The brand, unveiled in August, was created by the Greater Virginia Avenue Corridor Economic Improvement District to market businesses in Fountain Square, Fletcher Place, North Square and Holy Rosary.
Retailers pull lobster from menus after ‘red list’ warning
Thousands of businesses use Seafood Watch’s recommendations to inform seafood buying decisions, and many have pledged to avoid any items that appear on the red list.
Bed Bath & Beyond to close 150 stores, cut workforce by 20%
Shares of Bed Bath & Beyond lost nearly a quarter of their value Wednesday after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a possible stock offering.
Fishers firm launches platform to boost business for itself—and its marketing peers
Vibenomics launched the platform, called the In-Store Marketplace, earlier this month. It’s designed as a one-stop shop where retailers can purchase in-store audio and digital advertising from both Vibenomics and other companies.
U.S. retail sales flat in July as households spent more cautiously
Consumers remained wary of spending much on non-essentials: Sales were down 0.5% at department stores and 0.6% at clothing stores.
IBJ Podcast: Cake Bake Shop founder living Disney dream, but ‘leveraged’
In this week’s episode, Gwendolyn Rogers tells host Mason King she has put a lot on the line over the last eight years to establish and grow the brand, including a hefty financial commitment.
Inflation weighs on back-to-school buying for many families
This back-to-school shopping season, parents—particularly in the low to middle income bracket—are focusing on the basics while also trading down to cheaper stores amid surging inflation, which hit a new 40-year high in June.
Collegiate sports gear focus of new stores launched by Lids
A Lids University store selling apparel associated with Indiana schools is planned for Castleton Square mall.
Walmart cuts profit outlook as shoppers adapt to inflation
Walmart’s move to lower its profit outlook in the middle of the quarter is rare and raised worries about how inflation, the highest in 40 years, is affecting the entire consumer sector.
Toys R Us trying another comeback with shops in every Macy’s
Toys R Us and its mascot Geoffrey the Giraffe are trying to make another brick-and-mortar comeback ahead of the holiday season, after the brand filed for bankruptcy and closed all of its 800 U.S. stores four years ago.
Havertys store to occupy part of a former Castleton-area Marsh
Havertys Furniture plans to exit its building at Castleton Commons, which it has occupied since 2005, and move less than a mile away to a site with more visibility.
Facing huge inventory, Target cuts vendor orders, prices
Target is canceling orders from its suppliers, particularly in home and clothing, while slashing prices of goods in a bold move to clear out mounds of unwanted inventory ahead of the critical fall and holiday shopping seasons.