DOCSLIB.ORG

Tiffany & Company 2016 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tiffany & Company 2016 Annual Report ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED JANUARY 31, 2017 NOTICE OF 2017 ANNUAL MEETING AND PROXY STATEMENT CLOCKWISE, FROM TOP LEFT: the Tiffany® Setting with Tiffany Embrace® band ring, Elsa Peretti® Diamonds by the Yard® pendant and necklace, Tiffany Embrace® band ring, Tiffany & Co. Schlumberger® Sixteen Stone ring, Tiffany Victoria® band ring, Tiffany T wire bracelet with diamonds, Tiffany T square bracelet. 727 FIFTH AVENUE NEW YORK NEW YORK 10022 212 755 8000 MICHAEL J. KOWALSKI CHAIRMAN OF THE BOARD AND INTERIM CHIEF EXECUTIVE OFFICER April 7, 2017 Dear Shareholder: You are cordially invited to attend the Annual Meeting of Shareholders of Tiffany & Co. on Thursday, May 25, 2017. This year’s meeting will be held at The Rubin Museum of Art, 150 West 17th Street (at Seventh Avenue) in New York, and will begin at 9:30 a.m. To attend the meeting, you will need to register online. To do so, please follow the instructions in the Proxy Statement on page PS-10. When you arrive at the meeting, you will be asked to provide your registration confirmation and photo identification. We appreciate your cooperation. Your participation in the affairs of Tiffany & Co. is important. Therefore, please vote your shares regardless of whether or not you plan to attend the meeting. You can vote by accessing the Internet site to vote electronically, by completing and returning the enclosed proxy card by mail, or by calling the number listed on the card and following the prompts. Fiscal 2016 was a year of significant challenges. However, we made progress in pursuing strategies that we expect will drive sales, earnings growth and long-term shareholder value. We are focused on increasing the rate of our new product introductions and innovations, maximizing our marketing effectiveness, strengthening relationships with customers, optimizing our store network, and improving our business operations and processes, all while effectively managing our capital and costs. Worldwide net sales of $4 billion were 3% lower than a year ago and comparable store sales declined 5% due to varying degrees of softness in most regions. There was no translation effect on sales on a full-year worldwide basis. Net earnings of $446 million, or $3.55 per diluted share, were modestly below the prior year, as the sales decline was mitigated by a higher gross margin and prudent expense management. Excluding charges recorded in the current and prior years, net earnings per diluted share declined 2% to $3.75 in 2016 (see “Non-GAAP Measures” on page K-29). We remained focused on capital stewardship and managing our balance sheet with discipline, and we generated strong cash flow that is available to reinvest in our business and return to shareholders through dividends and share repurchases. Last May, our Board of Directors approved a 12.5% increase in the quarterly cash dividend, representing the 15th increase in the past 14 years, and, during the last fiscal year, we repurchased $184 million of shares. Our strong balance sheet provides us with the flexibility to pursue our growth strategies while enabling us to deliver cash returns to shareholders. Tiffany and the broader luxury industry were faced with macroeconomic challenges, geopolitical uncertainties, and volatile currencies in 2016, which we believe affected spending by both local customers and foreign tourists. While we anticipate that these factors will continue to be relevant in 2017, our management team continues to believe in our core strategies and is focused on accelerating execution of those strategies. We introduced new products in 2016 across a wide range of materials and price points – including magnificent high jewelry crafted in diamonds and platinum, beautiful jewelry designs in gold and sterling silver, and our growing collection of watches. We remain committed to a more active pace of new product introductions and innovations. Our marketing communications reached an increasingly global audience through print, digital and social media, and we aired our first-ever commercial during the Super Bowl. We further optimized our worldwide distribution in 2016 by opening 11 stores, relocating five, closing five, and renovating many additional stores, as well as adding visually appealing and informative features to our website – all of which are intended to enhance engagement with our customers and better their experiences with Tiffany. The focus on advancing our business operations through supply chain excellence, systems enhancements and our global procurement strategy is helping to ensure product availability, streamlined operations and cost efficiency. We also continued to demonstrate our commitment to corporate social responsibility and environmental sustainability, an area of great importance to us and our customers. It is one of the core values of our brand, and I encourage you to learn more about our practices and objectives on Tiffany’s website. In sum, Tiffany’s Board and management team remain focused on strengthening the Company’s position as one of the world’s most important luxury brands, and delivering attractive total shareholder returns over time. Our Board of Directors also believes that our recent change in leadership and our intention to accelerate the execution of our strategic initiatives is paramount to delivering on these objectives. We are committed to hiring a new chief executive officer who has the right combination of skills and experience to help us improve our financial performance in the long term by executing on our core business strategies, and realizing the many opportunities before us. We appreciate your ongoing interest and support. Sincerely, FINANCIAL HIGHLIGHTS (in millions, except percentages, per share amounts and stores) 2016 2015 Net sales $ 4,001.8 $ 4,104.9 Decrease from prior year (3)% (3)% On a constant-exchange-rate basis: * Net sales (decrease) increase from prior year * (3)% 2 % Comparable store sales (decrease) increase from prior year * (5)% — % Net earnings $ 446.1 $ 463.9 Decrease from prior year (4)% (4)% As a percentage of net sales 11 % 11 % Per diluted share $ 3.55 $ 3.59 Net earnings, as adjusted * $ 470.1 $ 493.8 Decrease from prior year (5)% (9)% As a percentage of net sales * 12 % 12 % Per diluted share * $ 3.75 $ 3.83 Weighted-average number of diluted common shares 125.5 129.1 Cash flow from operating activities $ 702.1 $ 813.6 Free cash flow * $ 479.3 $ 560.9 Total debt-to-equity ratio 37 % 37 % Cash dividends paid per share $ 1.75 $ 1.58 Company-operated TIFFANY & CO. stores 313 307 All references to the years relate to fiscal years which ended on January 31 of the following calendar year. See "Item 6. Selected Financial Data" for certain expenses that affected 2016 and 2015 earnings. * See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Measures" for a reconciliation of GAAP to Non-GAAP measures. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Forr the fiscal yearr ended January 31, 2017 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-9494 (Exact name of registrant as specified in its charter) Delaware 13-3228013 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 727 Fifth Avenue, New York, NY 10022 (Address of principal executive offices) (Zip Code) FORM 10-K Registrant's telephone number, including area code: (212) 755-8000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchangegg on which registered Common Stock, $.01 par value per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form10-K or any amendment to this Form10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Load more

Recommended publications
  • Jational Register of Historic Places Inventory -- Nomination Form
    •m No. 10-300 REV. (9/77) UNITED STATES DEPARTMENT OF THE INTERIOR NATIONAL PARK SERVICE JATIONAL REGISTER OF HISTORIC PLACES INVENTORY -- NOMINATION FORM SEE INSTRUCTIONS IN HOW TO COMPLETE NATIONAL REGISTER FORMS ____________TYPE ALL ENTRIES -- COMPLETE APPLICABLE SECTIONS >_____ NAME HISTORIC BROADWAY THEATER AND COMMERCIAL DISTRICT________________________ AND/OR COMMON LOCATION STREET & NUMBER <f' 300-8^9 ^tttff Broadway —NOT FOR PUBLICATION CITY. TOWN CONGRESSIONAL DISTRICT Los Angeles VICINITY OF 25 STATE CODE COUNTY CODE California 06 Los Angeles 037 | CLASSIFICATION CATEGORY OWNERSHIP STATUS PRESENT USE X.DISTRICT —PUBLIC ^.OCCUPIED _ AGRICULTURE —MUSEUM _BUILDING(S) —PRIVATE —UNOCCUPIED .^COMMERCIAL —PARK —STRUCTURE .XBOTH —WORK IN PROGRESS —EDUCATIONAL —PRIVATE RESIDENCE —SITE PUBLIC ACQUISITION ACCESSIBLE ^ENTERTAINMENT _ REUGIOUS —OBJECT _IN PROCESS 2L.YES: RESTRICTED —GOVERNMENT —SCIENTIFIC —BEING CONSIDERED — YES: UNRESTRICTED —INDUSTRIAL —TRANSPORTATION —NO —MILITARY —OTHER: NAME Multiple Ownership (see list) STREET & NUMBER CITY. TOWN STATE VICINITY OF | LOCATION OF LEGAL DESCRIPTION COURTHOUSE. REGISTRY OF DEEDSETC. Los Angeie s County Hall of Records STREET & NUMBER 320 West Temple Street CITY. TOWN STATE Los Angeles California ! REPRESENTATION IN EXISTING SURVEYS TiTLE California Historic Resources Inventory DATE July 1977 —FEDERAL ^JSTATE —COUNTY —LOCAL DEPOSITORY FOR SURVEY RECORDS office of Historic Preservation CITY, TOWN STATE . ,. Los Angeles California DESCRIPTION CONDITION CHECK ONE CHECK ONE —EXCELLENT —DETERIORATED —UNALTERED ^ORIGINAL SITE X.GOOD 0 —RUINS X_ALTERED _MOVED DATE- —FAIR _UNEXPOSED DESCRIBE THE PRESENT AND ORIGINAL (IF KNOWN) PHYSICAL APPEARANCE The Broadway Theater and Commercial District is a six-block complex of predominately commercial and entertainment structures done in a variety of architectural styles. The district extends along both sides of Broadway from Third to Ninth Streets and exhibits a number of structures in varying condition and degree of alteration.
    [Show full text]
  • Target Corporation
    University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Honors Theses, University of Nebraska-Lincoln Honors Program Spring 4-7-2019 Strategic Audit: Target Corporation Andee Capell University of Nebraska - Lincoln Follow this and additional works at: https://digitalcommons.unl.edu/honorstheses Part of the Accounting Commons, and the Strategic Management Policy Commons Capell, Andee, "Strategic Audit: Target Corporation" (2019). Honors Theses, University of Nebraska- Lincoln. 192. https://digitalcommons.unl.edu/honorstheses/192 This Thesis is brought to you for free and open access by the Honors Program at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Honors Theses, University of Nebraska-Lincoln by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. Strategic Audit: Target Corporation An Undergraduate Honors Thesis Submitted in Partial fulfillment of University Honors Program Requirements University of Nebraska-Lincoln by Andee Capell, BS Accounting College of Business April 7th, 2019 Faculty Mentor: Samuel Nelson, PhD, Management Abstract Target Corporation is a notable publicly traded discount retailer in the United States. In recent years they have gone through significant changes including a new CEO Brian Cornell and the closing of their Canadian stores. With change comes a new strategy, which includes growing stores in the United States. In order to be able to continue to grow Target should consider multiple strategic options. Using internal and external analysis, while examining Target’s profitability ratios recommendations were made to proceed with their growth both in profit and capacity. After recommendations are made implementation and contingency plans can be made. Key words: Strategy, Target, Ratio(s), Plan ​ 1 Table of Contents Section Page(s) Background information …………………..…………………………………………….…..…...3 External Analysis ………………..……………………………………………………..............3-5 a.
    [Show full text]
  • St John's University Undergraduate Student Managed Investment Fund Presents: Target Corporation Stock Analysis November 11, 20
    St John’s University Undergraduate Student Managed Investment Fund Presents: Target Corporation Stock Analysis November 11, 2003 Recommendation: Purchase 300 shares of Target stock at market value Industry: Retail Analysts: Jennifer Tang – [email protected] Michael Vida – [email protected] Share Data: Fundamentals: Price - $39.15 P/E (2/03) – 21.63 Date – November 6, 2003 P/E (2/04E) – 21.96 Target Price – $44.58 P/E (2/05E) – 22.95 52 Week Price Range – $25.60 - $41.80 Book Value/Share – $11.03 Market Capitalization – $35.40 billion Price/Book Value – $3.60 Revenue 2002 – $43.917 billion Dividend Yield – 0.72% Projected EPS Growth – 15% Shares Outstanding – 910.9 million ROE 2002 – 17.51% Stock Chart: Executive Summary After analyzing Target Corp’s financials, industry and future outlook, we recommend the purchase of 300 shares of the company’s stock at market order. As a leading discount retailer, only behind Walmart, Target has made considerable growth in the industry over the past few years. Target offers an array of merchandise from women’s apparel, household products, toys and even food. One of the strengths of Target lies in its development of private brands, which helps create a strong image of the store in the customers’ minds. The company is able to further lower its costs through direct sourcing, buying merchandise at lower prices and strengthening its bargaining position with suppliers. While Target Corp hasn’t seen as much success with its other operations of Marshall Fields and Mervyn’s as it has with its namesake store, the company plans to invest resources into these two areas to turn around results.
    [Show full text]
  • 1 Draft Paper Elisabete Mendes Silva Polytechnic Institute of Bragança
    Draft paper Elisabete Mendes Silva Polytechnic Institute of Bragança-Portugal University of Lisbon Centre for English Studies, Faculty of Arts and Humanities, Portugal [email protected] Power, cosmopolitanism and socio-spatial division in the commercial arena in Victorian and Edwardian London The developments of the English Revolution and of the British Empire expedited commerce and transformed the social and cultural status quo of Britain and the world. More specifically in London, the metropolis of the country, in the eighteenth century, there was already a sheer number of retail shops that would set forth an urban world of commerce and consumerism. Magnificent and wide-ranging shops served householders with commodities that mesmerized consumers, giving way to new traditions within the commercial and social fabric of London. Therefore, going shopping during the Victorian Age became mandatory in the middle and upper classes‟ social agendas. Harrods Department store opens in 1864, adding new elements to retailing by providing a sole space with a myriad of different commodities. In 1909, Gordon Selfridge opens Selfridges, transforming the concept of urban commerce by imposing a more cosmopolitan outlook in the commercial arena. Within this context, I intend to focus primarily on two of the largest department stores, Harrods and Selfridges, drawing attention to the way these two spaces were perceived when they first opened to the public and the effect they had in the city of London and in its people. I shall discuss how these department stores rendered space for social inclusion and exclusion, gender and race under the spell of the Victorian ethos, national conservatism and imperialism.
    [Show full text]
  • Case No. DSP-15020-01 Capital Plaza Walmart Applicant
    Case No. DSP-15020-01 Capital Plaza Walmart Applicant: Walmart Real Estate Business Trust FINAL DECISION ― DISAPPROVAL OF DETAILED SITE PLAN Detailed Site Plan 15020-01 (“DSP”), to construct a 35,287 square foot expansion to combine certain uses in the C-S-C Zone, is DISAPPOVED.1 FINDINGS OF FACT AND CONCLUSIONS OF LAW I. Procedural and Factual Background2 In September 2014, Walmart filed an application for a DSP with the Planning Department to expand its existing 144,227 square foot department store/retail “use”3 by 35,287 square 1 See the Land Use Article Section 25-210 (“LU”), Md. Ann. Code (2012 Ed. & Supp. 2015), the Prince George’s County Code, Subtitle 27, Section 27-290 (“PGCC”) (2015), and Cnty. Council of Prince George’s Cnty. v. Zimmer Dev. Co., 444 Md. 490; 120 A.3d 677 (2015) (The District Council is expressly authorized to review a final decision of the county planning board to approve or disapprove a detailed site plan and the District Council’s review results in a final decision). 2 The District Council may take judicial notice of any evidence contained in the record of any earlier phase of the approval process relating to all or a portion of the same property, including the approval of a preliminary plat of subdivision. See PGCC § 27-141. The District Council may also take administrative notice of facts of general knowledge, technical or scientific facts, laws, ordinances and regulations. It shall give effect to the rules of privileges recognized by law. The District Council may exclude incompetent, irrelevant, immaterial or unduly repetitious evidence.
    [Show full text]
  • A Case Study: Tiffany &
    F I R S T M E D I A Design Management Paper A CASE STUDY: TIFFANY & CO. PREPARED BY: TAN PEI LING DAPHNE TAN SHU MIN Introduction Tiffany & Co. (henceforth referred as “Tiffany”) is America’s premier purveyor of jewels and time- pieces, as well as luxury table, personal and household accessories. Founded in 1837 by Charles Lewis Tif- fany, Tiffany’s design philosophy has been based mainly on the central tenet that “good design is good busi- ness”1. All Tiffany’s designs are presented in the Tiffany Blue Box, recognized around the world as an icon of distinction and a symbol of the ultimate gift to celebrate life’s most joyous occasions. Today, the company’s 100 plus boutiques in 17 counties continue the company’s tradition of excellence2. This paper consists of several segments: (1) brief history of Tiffany; (2) organizational structure of the company; (3) marketing and product attributes; (4) target audience; (5) the unique selling proposition of its products; before concluding the paper. Brief History of Tiffany: 1837, Tiffany & Young is established Tiffany & Co. is a U.S. jewellery and silverware company founded by Charles Lewis Tiffany and Teddy Young in New York City in 1837 as a “stationery and fancy goods emporium.” The store initially sold a wide variety of stationery items, and operated as Tiffany, Young and Ellis in lower Manhattan. The name was shortened to Tiffany & Co in 1853 when Charles Tiffany took control, and the firm’s emphasis on jewel- lery was established. Tiffany & Co. has since opened stores in major cities all over the world.
    [Show full text]
  • [OWNER of PROPERTY Contact: Joseph A
    Form No. 10-30*0 (Rev. 10-74) UNITED STATES DEPARTMENT OF THE INTERIOR NATIONAL PARK SERVICE NATIONAL REGISTER OF HISTORIC PLACES INVENTORY - NOMINATION FORM SEE INSTRUCTIONS IN HOW TO COMPLETE NATIONAL REGISTER FORMS TYPE ALL ENTRIES -- COMPLETE APPLICABLE SECTIONS HISTORIC Marshall Field & Company Store AND/OR COMMON Marshall Field & Company Store HLOCATION STREET& NUMBER ill North State Street _NOT FOR PUBLICATION 7 CITY. TOWN CONGRESSIONAL DISTRICT Chicago . _. VICINITY OF. STATE CODE COUNTY CODE Illinois 17 Cook 031 HCLASSIFICATION CATEGORY OWNERSHIP STATUS PRESENT USE _ DISTRICT _ PUBLIC X_OCCUPIED _ AGRICULTURE _ MUSEUM X_BUiLDiNG(S) ^PRIVATE —UNOCCUPIED X_COMMERCIAL —PARK —STRUCTURE _BOTH —WORK IN PROGRESS —EDUCATIONAL —PRIVATE RESIDENCE —SITE PUBLIC ACQUISITION ACCESSIBLE _ ENTERTAINMENT _ RELIGIOUS —OBJECT . _|N PROCESS X_YES: RESTRICTED —GOVERNMENT —SCIENTIFIC _BEING CONSIDERED _YE.S: UNRESTRICTED —INDUSTRIAL —TRANSPORTATION —NO —MILITARY —OTHER: t- • < [OWNER OF PROPERTY Contact: Joseph A. Burnham, President NAMEMarshall Field & Company STREET & NUMBER 25 East Washington Street CITY. TOWN STATE Chicago VICINITY OF Illinois LOCATION OF LEGAL DESCRIPTION COURTHOUSE. REGISTRY OF DEEDS, ETC Recorder of Deeds Office, City Hall and County Building STREET & NUMBER 118 North Clark Street CITY, TOWN STATE Chicago Illinois 1 REPRESENTATION IN EXISTING SURVEYS TITLE Chicago Landmark Structure Inventory; Illinois Land and Historic Site DATE survey FEDERAL X-STATE COUNTY X-LOCAL 197^,= ———1975 DEPOSITORY FOR SURVEY RECORDS Chicago Landmarks
    [Show full text]
  • Terry Lundgren on Why the Fashion World Loves Macy's
    FEATURING BALLERINA MISTY COPELAND SNL’s LORNE MICHAELS MONTAUK STYLE FIVE MINUTES WITH MARIA BARTIROMO 1 CITY /5 WAYS: LONDON MAY 2015 10 THE DAY TRIPS MERCHANT OF IN AND AROUND NEW YORK: NEW YORK TERRY CITY FOR LUNDGREN BREEZY SUMMER FUN ON WHY P. 76 THE FASHION WORLD LOVES MACY’s STAR POWER P. 72 Terry Lundgren photographed in April on the roof of Macy’s Herald Square in Manhattan. ANOTHER MIRACLE ON 34TH STREET IT WAS SUPPOSED TO BE THE END OF THE DEPARTMENT STORE ERA . AND THEN THERE WAS MACY’S. THE COM- PANY NOW HAS 775 STORES NATIONWIDE, AND CEO TERRY LUNDGREN IS REGARDED AS A BUSINESS SUPERSTAR AND THE DARliNG OF NYC’S FASHION WORLD. BY STEVE MARSH PHOTOGRAPH BY GAVIN BOND 72 delta sky / may 2015 moonachie, new jersey, is only 25 minutes away from tion. Lundgren has plans to expand actually came up in retail, getting fices, there’s a quote from Winston Churchill: “To improve is to change, to be Macy’s famous flagship store on 34th Street in Midtown Macy’s internationally—Abu Dhabi hired at Bullock’s department store perfect is to change often.” According to Cohen, Lundgren’s strength is the Manhattan. But as you pass by swamps and football stadi- is confirmed for 2018. And he knows in Los Angeles after putting himself restlessness of his innovation, his desire to keep on trying new things. “It’s ums, it feels farther than a mere Uber ride away: All those that a huge percentage of his global through college waiting tables (his like a hockey game,” Cohen says.
    [Show full text]
  • Departmental Store
    Department store A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories. Department stores usually sell products including clothing, furniture, home appliances, toys, cosmetics, gardening, toiletries, sporting goods, do it yourself , paint and hardware and additionally select other lines of products such as food, books, jewellery, electronics, stationery, photographic equipment and baby and pet needs. Certain department stores are further classified as discount stores. Discount department stores commonly have central customer checkout areas, generally in the front area of the store. Department stores are usually part of a retail chain of many stores situated around a country or several countries. United Kingdom Bennett's of Irongate in Derby is the oldest department store recorded in the UK, and possibly the world, founded in 1734. It still stands to this day, trading in the same building. Kendals (formerly Kendal Milne & Faulker) in Manchester is the also one of the first department stores founded in the UK and is still known to many of its customers as Kendal's, despite its 2005 name change to House of Fraser. The Manchester institution dates back to 1836 but had been trading as Watts Bazaar since 1796. At its zenith the store had buildings on both sides of Deansgate linked by a subterranean passage "Kendals Arcade" and an art nouveau tiled food hall. The store was especially known for its emphasis on quality and style over low prices giving it the nickname "the Harrods of the North", although this was due in part to Harrods acquiring the store in 1919.
    [Show full text]
  • Consumer Shopping Value Post-Print
    Consumer shopping value: An investigation of shopping trip value, in-store shopping value and retail format Lizhu Davis 1, Nancy Hodges 2 Abstract Although delivering value is the key for retailers to create new competitive advantages, the literature on consumer shopping value is fragmented and findings are inconsistent. This study aimed to understand consumer shopping value in-depth by examining consumer shopping processes and experiences in two retail formats: mass merchandisers and department stores. This study conceptualizes consumer shopping value as having two components: shopping trip value and in-store shopping value. Shopping trip value is originated by fulfillment of general shopping motivations, and in-store shopping value stems from retail elements that create in-store shopping experiences that consumers have in specific retail contexts. Five shopping trip value dimensions and six in-store shopping value dimensions are identified from the in-depth interviews. The findings highlight how consumer shopping value is a complex and context specific construct. Keywords : Consumer shopping value, Department stores, Mass merchandisers 1. Introduction From the birth of the marketing concept in the 1950s, academics and businesses have sought to understand the processes and factors involved in meeting consumers’ wants and needs, i.e., delivering value to consumers. Much of this work is based on the cognition, affect, and behavior (CAB) model that assumes the consumption process is a causal flow from consumer cognition to consumer affect to consumer behavior, that is, cognition variables (information seeking) determine affective responses (state of predisposition) which in turn guide behavioral effects (the choice process and purchase). Since the 1980s, the experience-oriented consumption perspective has become more prominent, particularly with the work of Holbrook and Hirschman (1982).
    [Show full text]
  • Thalhimers Department Store: Story, History, and Theory
    Virginia Commonwealth University VCU Scholars Compass Theses and Dissertations Graduate School 2005 Thalhimers Department Store: Story, History, and Theory Elizabeth Thalhimer Smartt Virginia Commonwealth University Follow this and additional works at: https://scholarscompass.vcu.edu/etd Part of the English Language and Literature Commons © The Author Downloaded from https://scholarscompass.vcu.edu/etd/1447 This Thesis is brought to you for free and open access by the Graduate School at VCU Scholars Compass. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of VCU Scholars Compass. For more information, please contact [email protected]. 02005 Elizabeth Thalhimer Smartt All Rights Reserved THALHIMERS DEPARTMENT STORE: STORY, HISTORY, AND THEORY A thesis submitted in partial fulfillment of the requirements for the degree of Master of Arts at Virginia Commonwealth University. ELIZABETH THALHIMER SMARTT Bachelor of Arts, Wake Forest University, 1998 Directors: Dr. Catherine E.Ingrassia, Professor and Director of the MA in English, English Department Dr. James Kinney, Professor and Director of Undergraduate Studies, English Department Virginia Commonwealth University Richmond, Virginia December. 2005 Acknowledgement First, my most profound thanks go to my husband Ryan for his tireless patience and support as I've worked on this project. So many people have provided me with significant help, including Emily Rusk, whose meticulous research on the Thalhimers story continues to amaze me, Alexandra Levit, who guided me through early drafts of this thesis, and Mom and Dad, who have always encouraged me to pursue my passion. I'd especially like to thank Dad for laying the groundwork for this project, and sparking my interest in studying Thalhimers and our family genealogy many years ago.
    [Show full text]
  • The Evolution of Retailing in the United States
    The Evolution of Retailing in the United States Retailing has evolved in SPURRED BY POP culture, suburbaniza- tion, and increased competition, retail- response to suburbanization, ing in the United States has gone through a major evolution over the past cost-cutting, and price 50 years, changing from a largely urban to a primarily suburban experience. competition. Retailers today confront the traditional challenges of providing convenience, desirable products, selection, and attractive pricing, but they also must contend with the effects of increased purchasing power of children, short- ened retail cycles, increased female workforce participation, and increased competitive pressures. PETER LINNEMAN Children now control more pur- DEBORAH C. MOY 42 ZELL/LURIE REAL ESTATE CENTER chasing power, directly as well as kids went their separate ways and met through their parents and grandparents, for lunch at the food court, each shop- than any previous generation. The cash ping at an average of seven stores. in their hip pockets (which are often at Today, between work and shuttling their knees), combined with increased their children to activities, adults are car ownership, has created a new cate- increasingly destination shoppers. They gory of consumers. Clothing fads have visit an average of only 1.3 stores per always been fleeting, but the popularity trip to the mall, and are back in their period of stores has been made much cars in 76 minutes. Leisurely mall shorter by these young consumers. browsing has become a luxury for all Historically, a chain of stores would except teenagers, making the retail for- generally enjoy a run of popularity of mat of choice for adult shoppers the cat- seven to ten years, but that reign has egory killer.
    [Show full text]