Racked - The Death of the Great American Sporting Goods Store 5-15min

Three weeks ago, though, Sports Authority decided to liquidate instead of restructure; a spokesperson told Racked it was "pursuing a sale of some or all of the business." On Monday, the sports giant began auctioning off its assets. The winning bid belonged to a trio of liquidators (Hilco Global, Gordon Brothers, and Tiger Capital Group; Tiger Capital is also liquidating 41 Aéropostale stores in Canada), which will operate the company's going-out-of-business sales at all of its locations. ... Sports Authority isn't alone. Last month, Vestis Retail Group, the parent company of Eastern Mountain Sports, Bob's Stores, and Sport Chalet, filed for bankruptcy. With $500 million in liabilities, the company plans to close 56 stores, including all 47 Sport Chalet locations. Six months ago, the East Coast-based City Sports filed for bankruptcy and closed eight of its 26 stores. Although City Sports is currently being revived by Brent and Blake Sonnek-Schmelz, brothers who own the Soccer Post retail chain ... From the rise of the casual camper to the boutique fitness boom, it can feel like there have never been more people in the market for sports apparel. As of 2015, sporting goods stores in the US were bringing in as much as $48 billion in annual revenue, according to IBISWorld, up from $39.8 billion in 2012. Sports participation is up, too. According to Euromonitor, participation in high school sports has increased from 25 percent to 35 percent over the last 35 years, with nearly double the number of female students playing sports as compared to the 1980s. ... But there's a stark gap between an increasing customer base and many sports retailers — a gap that only continues to widen, no matter how many times companies see new ownership or rethink their businesses.

Racked - A Lab-Grown Diamond Is Forever 5-15min

American Grown, which has exclusive rights to buy diamonds from several undisclosed labs in the US, started selling synthetics (a scientific term loathed by the lab-grown industry, but routinely used in the greater jewelry world) a little over three years ago and now wholesales stones to some 250 stores around the country. ... Though lab-growns have been around for a while, it was only recently that the science of creating colorless, nearly flawless diamonds was finally perfected. ... With technology advancing, and with younger shoppers drawn to synthetic options, the question of whether or not lab-grown diamonds will invade the market is now a matter of when, not if. ... the stones first gained commercial popularity in India, where diamond trading began as early as the 4th century BC. During the Middle Ages, caravans that unearthed diamonds in India's rivers traded them with Western Europe, where they became coveted by the upper class. The world's diamond capital moved from India to Brazil in the 1700s, and then to South Africa, when a giant diamond mine was discovered in the city of Kimberley in 1866. In 1888, British businessman Cecil Rhodes established his mining company, De Beers, in the country, and effectively founded the diamond industry as we now know it. ... A century before this, however, scientists began their quest to make diamonds in a lab. Ignited by Antoine Lavoisier's discovery that diamonds were merely a crystalline form of carbon, the result of pressure deep within the earth, in the late 1700s, little progress was made for nearly 200 years. ... Then came General Electric. Physical chemist H.Tracy Hall joined its "Project Superpressure," and in 1954, after nearly four years of synthetic diamond experimentation, Hall lead his team to a breakthrough. They were able to create small diamonds after heating carbon to 5,000 degrees Fahrenheit and applying extreme pressure with a heavy hydraulic press — a method referred to as high pressure and temperature, or HPHT.

Racked - Nordstrom’s Big Department Store Bet 17min

Nordstrom is beefing up its department store portfolio at a time when we are constantly being told the department store is dying. This summer, Macy's announced it was closing 15 percent of its American stores after six straight quarters of declining sales. Since 2014, J.C. Penney has closed 80 locations; Sears closed nearly 300. According to the US Department of Commerce, department store sales have declined 30 percent from $87.46 billion in 2005 to $60.65 billion in 2015. ... Department stores face a grim future, and it gets even gloomier when Amazon, which is set to outpace them in apparel sales, is factored into the equation. Yet Nordstrom is envisioning eight stores in Canada and three more new stores in the US by 2019, including a flagship in New York City. ... This focus on shoppers starts first and foremost with its generous return policy — or generous lack thereof. ... In addition to transparent customer relations, Nordstrom stocks an impressive mix of higher- and lower-end brands, without managing to alienate anyone. ... The changes are small and incremental, and yet they complete a larger picture for the Seattle-based brand. They don't just give the store a contemporary, boutique-y feel — they're clear indicators that Nordstrom has put a whole lot of thought into what a department store should look like in 2016 and beyond.