Retail roundup: Jason Wu for Target, Valentine’s Day, Macy’s
--Target Corp.’s eagerly anticipated collaboration with Jason Wu is rolling out this Sunday in stores and online.
Best known for dressing First Lady Michelle Obama for the inaugural ball, Wu is but the latest designer to pair up with the cheap-chic chain to give the masses a taste of upscale design at budget prices. Last year, Target’s collaboration with Italian design house Missoni inspired large crowds and enough online shoppers to crash the retailer’s website.
The 53-piece Jason Wu for Target collection features apparel, shoes and accessories that reflect the young designer’s penchant for polished, ladylike looks. Prices range from $19.99 to $59.99.
--Love just got more expensive: Americans plan to spend $17.6 billion for Valentine’s Day this year, a study found.
The average American plans to drop $126.03 for the day of love, up 8.5% from the $116.21 spent last year, according to a survey from the National Retail Federation. That’s the highest sum ever in the survey’s 10-year history.
The average guy will spend $168.74 on clothing, jewelry and other gifts this year, almost double the amount women will shell out. Additionally, people will spend $25.25 on their children, parents or other family members and $6.92 on friends. Even pets will get some love: People will spend, on average, about $4.52 on their pets.
Matthew Shay, president of the retail group, applauded this frenzied gift-buying as a “strong indication our economy continues to move in the right direction.”
--Home-shopping network ValueVision Media Inc. will be peddling some products fromMacy’sprivate brands beginning next month, a report says.
Private brands from the department store chain include theMacy’sHotel Collection and Tools of the Trade kitchenware. Of late, ValueVision has been trying to pull high-profile brands into its network to goose sales, reported Dow Jones Newswires. The home shopping network already sells clothes, jewelry and household goods, among other things.
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