Apparel Retailers Become Bars and Cafes, Cyber Monday Stats: Consumer Business Update
Currently, a number of intrepid retailers are employing food and drink to coax customers into their physical stores, as sales increasingly go online. The historic seller J.C. Penney & Co. (NYSE:JCP) will soon offer coffee shops and juice bars, The Gap’s (NYSE:GPS) Banana Republic has already served cocktails to launch new clothing collections, and Urban Outfitters (NASDAQ:URBN) has served lamb merquez and striped bass at its Terrain home-and- garden store located in Westport, Connecticut. Try as they might, all the online sellers can do along that line is to show photos of the drinks and dishes.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >
According to data gathered from retailers like Best Buy Co. (NYSE:BBY) and Wal-Mart Stores (NYSE:WMT) by Adobe Systems, Cyber Monday sales gained 17 percent to nearly $2 billion. Meanwhile, IBM research indicates that online sales among some of the largest domestic retailers was up by 30 percent.