Bob Dennis, CEO of shoe and hat retailer Genesco, says sure it’s been a tough year but the company has a pretty tight lock on its market.
In the shoe category, for example, Journeys is No. 1 in teen footwear, he said. (Kidz is No. 2 in its category for kids.) That and other high-profile brands, such as Dockers, Underground Station, Hatworld and Johnston & Murphy Group, gives the Nashville-based Genesco a leg up when negotiating for leases and space at malls, he said.
Here are a few thoughts he shared with the morning audience at ICR XChange:
- Q4 update: Hit hard on the luxury end (Johnston & Murphy Group — in particular men’s shoes): Journeys Group off 1 percent in comps.
- Look for it to give some neg comps the first half of the year. Some mitigation in the 3rd quarter but the wild card will be the 4th quarter
- Examining effort to close some stores. If it doesn’t hit sales targets, have flexibility to renegotiate lease or close.
- Keep inventories lean
- Seek benefits from slowdown. Seeing turnaround with our landlords. Because of our good relationships, we can get good deals.
New York store: Closed Journeys and Hatworld store on 5th Avenue and 42nd Street because landlord offered a great buyout. (Rents are high in NYC) Took it and think we timed the market right. Look for us to reopen in NY.
Hatworld and playoffs: Dennis would like to see the Steelers and Philly.
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