Retail shares dropped 2.8 percent Friday and nearly 12 percent for the week as sighs of relief about the passage and signing of the economic bailout bill were drowned out by concerns about job losses and the ongoing credit crisis.
Stocks headed upward early Friday in anticipation of a rescue deal but began their descent as lawmakers took up the legislation in the early afternoon. The Standard & Poor’s Retail Index initially rose 2.1 percent but fell throughout the second half of the day, landing at 331.88, 2.8 percent below its Thursday close and 11.7 percent below last Friday’s final tally.
The Dow Jones Industrial Average followed a similar trajectory, rising 3 percent in the morning before ending the day at 10,325.70, down 157.47 points or 1.5 percent. Its decline for the week was 817.43 points, or 7.3 percent.
Declines might have been even steeper without the bailout package’s success after the Labor Department reported that the U.S. economy suffered a larger than expected loss of 159,000 jobs in September, its largest downturn in more than five years.
Among the stores underperforming the retail index were Dillard’s, down 8.9 percent to $11.06; Pacific Sunwear, down 8.8 percent to $5.70; Urban Outfitters, down 8.4 percent to $26.55; American Eagle Outfitters, down 8.3 percent to $13.63; Stein Mart, down 8.2 percent to $3.47; Nordstrom, down 7 percent to $23.62, and Saks, down 6 percent to $8.05.
Vendors’ declines were generally smaller, although G-III Apparel Group, Oxford Industries, Perry Ellis International and Polo Ralph Lauren had declines of more than 5 percent for the day.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty