日期:2013-08-23 11:48







Hard knocks




Department stores have been losing customers to other retailers for decades. But some are thriving




Aug 17th 2013 | NEW YORK |From the print edition



IN THE shopping calendar, the back-to-school period ranks behind only Christmas in importance to American retailers. It is a time for outfitting tots with superhero rucksacks and fashion-conscious teens with “metallic” oxford shoes. But events off the sales floor have distracted merchants from the tinkling of tills. In July Hudson’s Bay, a Canadian department-store chain, said it would buy Saks, an upmarket American one, for $2.4 billion. Then on August 13th Bill Ackman, an activist investor, quit the board of J.C. Penney, a less luxurious retailer, after a failed attempt to hasten the departure of its interim boss, Mike Ullman (see article).


在购物时间表上,返校季对美国零售商来说是仅次于圣诞节的重要时期H8J#ONwdZ(39pF。这时候运动装搭配印有超级英雄图案的背包以及时尚的青少年所爱的金属色牛津鞋都将大卖NOwLk#6c)C*E22;-。但是卖场之外的一些事件让商人们分心*e&wjnP=6[。7月,一家加拿大零售连锁店哈德逊湾表示将会收购以24亿美元的价格收购美国高档百货公司萨克斯百货Lx(]n8+(=|U。接着8月13日,激进投资者比尔·阿克曼退出了彭尼的董事会RqR.ljG=~&013TOH[ld%。彭尼是一家相对低端的零售公司,阿克曼在该公司催促其临时老板Mike Ullman退出未果后离开DGXkv|R)=4^YhyH%Er


Both events are symptoms of the weakness of department stores. J.C. Penney has not recovered from the short but disruptive reign of Ron Johnson, who tried to break shoppers’ addiction to price promotions but drove them away instead. He left in April. Saks is not a basket case (partly because its customers are richer). Richard Baker, the American property tycoon who controls Hudson’s Bay, has ambitious plans. But none involves new, full-sized stores in America. Instead, there will be savings of C$100m ($97m) a year, a push into Canada and more discount outlets.




The humbling of department stores began in the 1960s. First specialised retailers, their shopping-mall neighbours, stole sales, as did discounters. Then came “category killers”, which laid claim to electronics and toys, for example, followed by online-only retailers, the current menace. America’s biggest department-store group, Sears Holdings, is one of its sickest. J.C. Penney’s customers defected not to rival stores but to discounters like T.J. Maxx.


百货公司的衰退始于60年代kD;7rM#qO=UU0KG+%。首先是紧邻百货公司的专营商和折扣商店抢了百货公司的生意w(r5So7=V3~uRrB%。然后是品类杀手,比如只经营电子产品和玩具的专卖店,接着是线上零售商,正是当前的威胁4dvns(_EBj^;B(Xz。美国最大的百货商店集团希尔斯控股集团是最惨的cPGf-FFEUF。彭尼的的消费者大都转战折扣店T.J. Maxx去了bJlz+5L@ZT74,j0q


It would be tempting to write off department stores altogether if some were not doing surprisingly well. Same-store sales at Nordstrom, a Seattle-based luxury retailer, have risen by 7.5% on average over the past three years. Those of Macy’s, which operates mainly in the tougher middle market, rose by 4.5% (but its second-quarter results, released on August 14th, were disappointing). Department stores started collecting data about their customers through loyalty-card schemes long before their rivals, says Mortimer Singer of Marvin Traub Associates, a consultancy. When these relationships shift to tablets and smartphones and are linked to modern logistics and inventory management, department stores have a fighting chance.


但是还是有些百货商店做的不错5ueW0Dp!3syX。立足于西雅图的奢侈品零售商诺德斯特姆公司的同店销售额过去三年平均增长率为7.5%9Zs3PmumQ9。梅西百货立足于竞争激烈的中端市场,销售额提高了4.5%(但是8月14日发布的二季度表现令人失望)Q=9dNkwbs+Khf1。Marvin Traub Associates咨询公司的Mortimer Singer表示,百货商店通过忠诚卡计划开始收集消费者信息远远早于其竞争对手|+9#+Lt%mn.。当这些关系转移到平板电脑和智能手机上的时候,加上现代物流体系和库存管理,百货公司还有翻身的机会NC*RnjmNCg^


Nordstrom’s newest stores have more mobile devices for accepting payment than fixed ones. With them, salespeople can tell, for example, if a customer is close to an upgrade, which would entitle her to such goodies as free alterations to clothing. She can then be encouraged to claim the benefit by buying a little more. Nordstrom’s grasp of inventory is good enough that shoppers can check online whether an item is available at a specific store.




One of Macy’s tricks is to use its shops as distribution centres. This expands choice online and prevents stock going unsold. An unwanted coat in Boston can be shipped to a shivering shopper in Boise. That sounds expensive but “if you can prevent a markdown, that covers a lot of shipping costs and satisfies the customer,” says Karen Hoguet, Macy’s finance chief.




Mr Singer thinks that such wizardry makes “the next ten years incredibly promising” for some department stores. Perhaps not for J.C. Penney and Saks. Penney has burned through cash at an alarming rate this year; confidence among lenders and suppliers has been further shaken by boardroom infighting, says Liz Dunn, an analyst at Macquarie Securities. Saks would be lucky to thrive in the hands of a property mogul and may be bested in Canada by Nordstrom, which is also marching north, believes Robin Lewis, a retail pundit. Department stores have some hard schooling ahead of them.



  • departuren. 离开,出发,分歧
  • propertyn. 财产,所有物,性质,地产,道具
  • discountn. 折扣,贴现率 vt. 打折扣,贴现,不重视,不全信
  • claimn. 要求,要求权;主张,断言,声称;要求物 vt. 要
  • specificadj. 特殊的,明确的,具有特效的 n. 特效药,特性
  • thrivevi. 兴旺,繁荣,茁壮成长
  • punditn. 权威人士,专家,博学的人
  • categoryn. 种类,类别
  • thrivingadj. 旺盛的;蒸蒸日上的;繁荣的 v. 兴旺(thr
  • addictionn. 沉溺,上瘾