Retail Roundup: Cotton prices, grocery stores, Forever 21 store
-- After reaching historic highs in the spring, cotton prices have plummeted 38% this month. That's good news for consumers, but analysts say lower prices won't appear on store shelves until next year. To deal with the sky-high prices of recent months, apparel companies have been forced to charge higher prices for cotton goods, use lower-cost fabrics or take a hit on their profit margins.
-- Consumers are paying more and getting less at grocery stores, due in part to shrinking package sizes, according to a new report by Deloitte. The report found that savvy shoppers were changing their buying habits to compensate.
More than three-quarters (75.3%) said they were buying lower-priced products, 39.6% are adding more private-label products to their grocery bags and 72.7% are making fewer trips to the grocery store. About 40% are purchasing fewer items overall.
-- Forever 21, which has been on an aggressive growth spurt recently, is opening a relocated store at Ontario Mills on Saturday. The grand opening event will begin at 10 a.m. and the first 400 people in line will receive a free gift card with values ranging from $10 to $210. The company will also be giving away an outfit valued at $150 and offering personal styling appointments from 10 a.m. to 3 p.m.
Shoppers will receive a gift and 10% off when they spend $40 or more.
The new store is 52,000 square feet and will feature several of the Los Angeles retailer's brands including Heritage 1981, 21Men, Love21 and Forever 21+.
-- Andrea Chang