Business Services Industry
SoHo Bloomie's not ready to roll out; Draws shoppers, but Federated not yet convinced.(News)
Crain's New York Business, November, 2005
Byline: Elisabeth Butler A year and a half after Bloomingdale's opened its first downtown store, the SoHo outpost has been deemed a success. Droves of fashionable young women stream through its front doors to shop for chic clothes, perfume and handbags. First-year sales at the store were estimated to be as much as $50 million.
"It's had enormous success,'' says Bloomingdale's Chairman Michael Gould. "Sales have exceeded our expectations by a substantial amount.'' But parent company Federated Department Stores Inc. isn't ready to expand the Bloomie's lite concept to other parts of the country. As many as five Bloomingdale's locations are slated to open next year, and none are modeled after the downtown store. While the SoHo store has proven its ability to...
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