Saks Shuts Downtown Store in Cutthroat Manhattan Retail Wars

January 4, 2019 | 177 views

In a sign of retrenchment ahead of rivals’ expansion, luxury retailer Saks Fifth Avenue is shutting the doors of its women’s store at Manhattan’s Brookfield Place this week a location it opened just two years ago. While Saks’s smaller men’s store will stay open, the failure of the women’s shop shows that New York remains a department-store battlefield and highlights how the competition is intensifying. Both Nordstrom and Neiman Marcus will be opening Manhattan locations this year, infringing on the turf that’s long been associated with Bloomingdale’s, Macy’s and Bergdorf Goodman. “For New York specifically, there is a real battle for consumer spending as more large stores open in the city,” said Neil Saunders, managing director at GlobalData Retail. The Saks Brookfield Place store, he said, may not have even been needed given the company’s flagship location about 5 miles north on Fifth Avenue. “The whole purpose of a flagship is that it draws in people from a very large radius without the need for smaller locations,” Saunders said.

Spotlight

The Regulars

The Regulars is a "bespoke" mobile messaging platform that helps businesses and content creators (i.e. "Broadcasters") engage their regular customers & supporters (i.e. "Regulars") via messaging channels, which can be free or monetized for a monthly subscription. In this way, Regulars can be more intimately incentivized and empowered to play a greater role in the success of their respective broadcasters.

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SMALL BUSINESS ADVICE

5 Tax-Related Resolutions for Smarter Small Business Accounting in 2020

Article | September 23, 2022

Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.

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SMALL BUSINESS TRENDS

7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | August 16, 2022

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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TECHNOLOGY

How to Report Revenue on a Small-Business Credit Card Application

Article | July 16, 2022

When filling out the “revenue” portion of a small-business credit card application, you want to make your small business or side hustle look its very best without stretching the truth. But revenue can swing dramatically from year to year, and credit card applications often don’t spell out what you should or shouldn’t include when reporting it. So what counts as an honest, just-the-facts answer? Generally, in credit card applications, issuers want to know your verifiable gross revenue from the previous year.

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Simple Security for Every Small Business

Article | February 10, 2020

If you’re a business owner you really have your hands full, every day, with the minutiae of running your business, balancing your books, orders, employees, scheduling, inventory, servicing customers, payroll, taxes well, you get the idea as you’re living it every day. You might read that and think that I’m crazy, and that you do take security into account, and your office and systems are secure. Frequently, it’s not in the day to day operation of your business which is why we have statistics like this: In the first 6 months of 2019 alone, over 3,800 data breaches were reported, with over 4 billion records being exposed as a result. If you broke it down evenly, that would be over 20 million records stolen every single day this year.

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Spotlight

The Regulars

The Regulars is a "bespoke" mobile messaging platform that helps businesses and content creators (i.e. "Broadcasters") engage their regular customers & supporters (i.e. "Regulars") via messaging channels, which can be free or monetized for a monthly subscription. In this way, Regulars can be more intimately incentivized and empowered to play a greater role in the success of their respective broadcasters.

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SMALL BUSINESS ADVICE

Qurate Retail Group and NRF Expands to Support Small Businesses in 2021

Qurate Retail Group | January 21, 2021

Qurate Retail Group and the National Retail Federation (NRF) Foundation are growing their profoundly effective Small Business Spotlight activity to help 100 business people of different foundations in 2021. Through this program, Qurate Retail Group will furnish the chose businesses with live or potentially advanced openness and different other free in-kind administrations. The program expands on Qurate Retail Group's longstanding foundation of supporting small businesses and mirrors the organization's and NRF Foundation's obligation to expanding openings for underrepresented groups. Throughout the long term, Qurate Retail Group has helped various pioneering brands become public and even global examples of overcoming adversity through the force of live video narrating, revelation driven shopping encounters, and steadfast client local area building. "Our brands' reach across traditional linear TV, digital platforms, and social media-based livestreaming is unrivalled and gives us an extraordinary ability to bring together large communities of highly engaged shoppers around shared interests," said Mike George, President and CEO, Qurate Retail, Inc. "Through the Small Business Spotlight, we are extending our impact far beyond the many entrepreneurial businesses in our vendor base. We're proud to offer special support to local small businesses and their communities." All through 2021, QVC US, HSN, and Zulily – which arrive at in excess of 90 million homes in the U.S. through transmission channels and millions more by means of computerized and social stages – will advance chosen small businesses during legacy and acknowledgment months, including Black History Month (February), Women's History Month (March), National Military Appreciation Month (May), Pride Month (June), National Hispanic Heritage Month (September), and National Disability Employment Awareness Month (October). All partaking businesses will be profiled on QVC.com and HSN.com and will get PR uphold. What's more: • Businesses selected for on-air exposure will be featured in several 2-4-minute live segments on QVC and HSN, with the repackaged video also shared on QVC's and HSN's social pages and streaming service. These businesses will also have an opportunity to participate in a virtual mentorship program with Qurate Retail Group team members. • Businesses selected for digital exposure will receive social tools and resources to promote their participation. • The Small Business Spotlight will also be amplified on Zulily's digital channels. The application period opens today and closes February 26. To qualify, a business must meet the program's eligibility requirements, including: • employing 100 or fewer workers, • being 51 percent owned by an entrepreneur of a diverse background, and • having an ecommerce capability and social media presence. Due to planning and production requirements, featured small businesses for Black History Month and Women's History Month have already been selected. Qurate Retail Group and the NRF Foundation dispatched the Small Business Spotlight in May 2020 to help small businesses tested by COVID-19. The initial 20 partaking businesses got live meeting sections, repackaged video on QVC and HSN web-based features, email advertising, social posts, and site openness. In a subsequent study, over 80% of businesses saw increments in online deals and new clients. The second period of the Small Business Spotlight, led from August through October, included 40 Black-claimed businesses. The greater part of all small businesses included in the 2020 Small Business Spotlight additionally picked in to partake in virtual tutoring. "Given the many challenges posed by 2020, the Small Business Spotlight program created a lifeline for small businesses like mine," said April McClung, owner of Emily's Heirloom Poundcakes in Birmingham, Ala. "We were able to reach millions of customers across the country, who would have never known about us, with our unique brand story. The exposure and support generated increased sales and engagement that turned our year around. During a period of so many unknowns and hardships for the small business community, it was truly inspiring to experience this support and encouragement firsthand." "In 2020, we were inspired by the stories of small business owners across America who continue to serve as the backbone of their communities despite challenges brought on by the pandemic," said Matthew Shay, President and CEO of the National Retail Federation. "NRF and the NRF Foundation are proud to expand our partnership with Qurate Retail Group to help even more small businesses break down the barriers to growth with the program and platform that will allow them to reach new customers in 2021." About Qurate Retail Group Qurate Retail GroupSM comprises seven leading retail brands – QVC®, HSN®, Zulily®, Ballard Designs®, Frontgate®, Garnet Hill®, and Grandin Road® – all dedicated to providing a Third Way to Shop®, beyond transactional ecommerce or traditional brick-and-mortar stores. Qurate Retail GroupSM is a world leader in video commerce, among the top 10 ecommerce retailers in North America (according to Digital Commerce 360), and a leader in mobile commerce and social commerce. The retailer reaches approximately 380 million homes worldwide via 15 television networks, attracts 2.4 billion digital sessions per year across its ecommerce sites and mobile apps, and engages customers via social pages, print catalogs, and in-store destinations. About NRF The National Retail Federation, the world's largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation's largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF and its educational arm, the NRF Foundation, have been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.

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Mastercard Furthers Resources For Small Business Owners with Salesforce Essentials

thechestnutpost | August 05, 2019

Small businesses are often powered by passionate teams behind the scenes, and in today’s digital world, having savvy technology resources can help them achieve their goals. Salesforce joins Intuit in the U.S. Mastercard small business program, as additional world-class partners delivering critical solutions to the small business space. Whether it’s accelerating revenue by finding new customers or better managing customer engagement, these new Salesforce benefits now available across Mastercard Business and Mastercard Business World Elite offerings in the U.S.

Read More

After Banning US Businesses, Alibaba lets US Small, Medium Businesses to Sell on Platform

indianweb2 | July 24, 2019

China’s e-commerce juggernaut Alibaba will allow small and medium-sized US businesses to sell on Alibaba.com. US businesses, until Tuesday, were only able to buy merchandise on the platform. Alibaba is looking to juice its growth, which has been held in check by Amazon and threatened by trade tensions between the US and China. Alibaba says the platform has 10 million active business buyers in more than 190 countries and regions. One third of the order volume is from US businesses, says John Caplan, president of North America B2B and globalisation at Alibaba Group. Sellers will have to pay an annual registration fee of about USD 2,000, but it won’t charge commission for each sale, unlike Amazon, Caplan said.

Read More

SMALL BUSINESS ADVICE

Qurate Retail Group and NRF Expands to Support Small Businesses in 2021

Qurate Retail Group | January 21, 2021

Qurate Retail Group and the National Retail Federation (NRF) Foundation are growing their profoundly effective Small Business Spotlight activity to help 100 business people of different foundations in 2021. Through this program, Qurate Retail Group will furnish the chose businesses with live or potentially advanced openness and different other free in-kind administrations. The program expands on Qurate Retail Group's longstanding foundation of supporting small businesses and mirrors the organization's and NRF Foundation's obligation to expanding openings for underrepresented groups. Throughout the long term, Qurate Retail Group has helped various pioneering brands become public and even global examples of overcoming adversity through the force of live video narrating, revelation driven shopping encounters, and steadfast client local area building. "Our brands' reach across traditional linear TV, digital platforms, and social media-based livestreaming is unrivalled and gives us an extraordinary ability to bring together large communities of highly engaged shoppers around shared interests," said Mike George, President and CEO, Qurate Retail, Inc. "Through the Small Business Spotlight, we are extending our impact far beyond the many entrepreneurial businesses in our vendor base. We're proud to offer special support to local small businesses and their communities." All through 2021, QVC US, HSN, and Zulily – which arrive at in excess of 90 million homes in the U.S. through transmission channels and millions more by means of computerized and social stages – will advance chosen small businesses during legacy and acknowledgment months, including Black History Month (February), Women's History Month (March), National Military Appreciation Month (May), Pride Month (June), National Hispanic Heritage Month (September), and National Disability Employment Awareness Month (October). All partaking businesses will be profiled on QVC.com and HSN.com and will get PR uphold. What's more: • Businesses selected for on-air exposure will be featured in several 2-4-minute live segments on QVC and HSN, with the repackaged video also shared on QVC's and HSN's social pages and streaming service. These businesses will also have an opportunity to participate in a virtual mentorship program with Qurate Retail Group team members. • Businesses selected for digital exposure will receive social tools and resources to promote their participation. • The Small Business Spotlight will also be amplified on Zulily's digital channels. The application period opens today and closes February 26. To qualify, a business must meet the program's eligibility requirements, including: • employing 100 or fewer workers, • being 51 percent owned by an entrepreneur of a diverse background, and • having an ecommerce capability and social media presence. Due to planning and production requirements, featured small businesses for Black History Month and Women's History Month have already been selected. Qurate Retail Group and the NRF Foundation dispatched the Small Business Spotlight in May 2020 to help small businesses tested by COVID-19. The initial 20 partaking businesses got live meeting sections, repackaged video on QVC and HSN web-based features, email advertising, social posts, and site openness. In a subsequent study, over 80% of businesses saw increments in online deals and new clients. The second period of the Small Business Spotlight, led from August through October, included 40 Black-claimed businesses. The greater part of all small businesses included in the 2020 Small Business Spotlight additionally picked in to partake in virtual tutoring. "Given the many challenges posed by 2020, the Small Business Spotlight program created a lifeline for small businesses like mine," said April McClung, owner of Emily's Heirloom Poundcakes in Birmingham, Ala. "We were able to reach millions of customers across the country, who would have never known about us, with our unique brand story. The exposure and support generated increased sales and engagement that turned our year around. During a period of so many unknowns and hardships for the small business community, it was truly inspiring to experience this support and encouragement firsthand." "In 2020, we were inspired by the stories of small business owners across America who continue to serve as the backbone of their communities despite challenges brought on by the pandemic," said Matthew Shay, President and CEO of the National Retail Federation. "NRF and the NRF Foundation are proud to expand our partnership with Qurate Retail Group to help even more small businesses break down the barriers to growth with the program and platform that will allow them to reach new customers in 2021." About Qurate Retail Group Qurate Retail GroupSM comprises seven leading retail brands – QVC®, HSN®, Zulily®, Ballard Designs®, Frontgate®, Garnet Hill®, and Grandin Road® – all dedicated to providing a Third Way to Shop®, beyond transactional ecommerce or traditional brick-and-mortar stores. Qurate Retail GroupSM is a world leader in video commerce, among the top 10 ecommerce retailers in North America (according to Digital Commerce 360), and a leader in mobile commerce and social commerce. The retailer reaches approximately 380 million homes worldwide via 15 television networks, attracts 2.4 billion digital sessions per year across its ecommerce sites and mobile apps, and engages customers via social pages, print catalogs, and in-store destinations. About NRF The National Retail Federation, the world's largest retail trade association, passionately advocates for the people, brands, policies and ideas that help retail thrive. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation's largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF and its educational arm, the NRF Foundation, have been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies.

Read More

Mastercard Furthers Resources For Small Business Owners with Salesforce Essentials

thechestnutpost | August 05, 2019

Small businesses are often powered by passionate teams behind the scenes, and in today’s digital world, having savvy technology resources can help them achieve their goals. Salesforce joins Intuit in the U.S. Mastercard small business program, as additional world-class partners delivering critical solutions to the small business space. Whether it’s accelerating revenue by finding new customers or better managing customer engagement, these new Salesforce benefits now available across Mastercard Business and Mastercard Business World Elite offerings in the U.S.

Read More

After Banning US Businesses, Alibaba lets US Small, Medium Businesses to Sell on Platform

indianweb2 | July 24, 2019

China’s e-commerce juggernaut Alibaba will allow small and medium-sized US businesses to sell on Alibaba.com. US businesses, until Tuesday, were only able to buy merchandise on the platform. Alibaba is looking to juice its growth, which has been held in check by Amazon and threatened by trade tensions between the US and China. Alibaba says the platform has 10 million active business buyers in more than 190 countries and regions. One third of the order volume is from US businesses, says John Caplan, president of North America B2B and globalisation at Alibaba Group. Sellers will have to pay an annual registration fee of about USD 2,000, but it won’t charge commission for each sale, unlike Amazon, Caplan said.

Read More

Events