经济学人246:零售业遭遇沉重打击

　　Retail¹
零售业
Hard knocks
沉重打击
Department stores have been losing customers to other retailers³ for decades. But some are thriving
几十年来，百货公司的消费者一直在转向其他零售商，但是一些百货公司正在复兴。
Aug 17th 2013 | NEW YORK |From the print edition
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IN THE shopping calendar, the back-to-school period ranks behind only Christmas in importance to American retailers. It is a time for outfitting⁴ tots with superhero rucksacks and fashion-conscious teens with “metallic” oxford⁵ shoes. But events off the sales floor have distracted merchants from the tinkling⁶ of tills. In July Hudson’s Bay, a Canadian department-store chain, said it would buy Saks, an upmarket American one, for $2.4 billion. Then on August 13th Bill Ackman, an activist⁷ investor⁸, quit the board of J.C. Penney, a less luxurious⁹ retailer², after a failed attempt to hasten the departure of its interim¹⁰ boss, Mike Ullman (see article).
在购物时间表上，返校季对美国零售商来说是仅次于圣诞节的重要时期。这时候运动装搭配印有超级英雄图案的背包以及时尚的青少年所爱的金属色牛津鞋都将大卖。但是卖场之外的一些事件让商人们分心。7月，一家加拿大零售连锁店哈德逊湾表示将会收购以24亿美元的价格收购美国高档百货公司萨克斯百货。接着8月13日，激进投资者比尔·阿克曼退出了彭尼的董事会。彭尼是一家相对低端的零售公司，阿克曼在该公司催促其临时老板Mike Ullman退出未果后离开。
Both events are symptoms of the weakness of department stores. J.C. Penney has not recovered from the short but disruptive reign¹¹ of Ron Johnson, who tried to break shoppers’ addiction¹² to price promotions¹³ but drove them away instead. He left in April. Saks is not a basket case (partly because its customers are richer). Richard Baker¹⁴, the American property tycoon¹⁵ who controls Hudson’s Bay, has ambitious plans. But none involves new, full-sized stores in America. Instead, there will be savings¹⁶ of C$100m ($97m) a year, a push into Canada and more discount outlets¹⁷.
上述两个事件是百货公司疲软的征兆。彭尼还没从罗恩·约翰逊短暂却充满破坏性的任职期恢复过来。当时罗恩试图停止价格促销，结果赶跑了消费者。他在四月离职。萨克斯百货也不是毫无是处（部分原因是其大部分消费者相对较富）。美国房地产大亨理查德·贝克控制着哈德逊湾百货公司，他有雄伟的计划。但是计划中不包括在美国开设新的大型商店。取而代之的是，每年节省出1亿加元（9700万美元）开发加拿大市场，提供更多折扣直销。
The humbling¹⁸ of department stores began in the 1960s. First specialised retailers, their shopping-mall neighbours, stole sales, as did discounters. Then came “category killers”, which laid claim to electronics and toys, for example, followed by online-only retailers, the current menace. America’s biggest department-store group, Sears Holdings, is one of its sickest. J.C. Penney’s customers defected not to rival stores but to discounters like T.J. Maxx.
百货公司的衰退始于60年代。首先是紧邻百货公司的专营商和折扣商店抢了百货公司的生意。然后是品类杀手，比如只经营电子产品和玩具的专卖店，接着是线上零售商，正是当前的威胁。美国最大的百货商店集团希尔斯控股集团是最惨的。彭尼的的消费者大都转战折扣店T.J. Maxx去了。
It would be tempting¹⁹ to write off department stores altogether if some were not doing surprisingly well. Same-store sales at Nordstrom, a Seattle-based luxury retailer, have risen by 7.5% on average over the past three years. Those of Macy’s, which operates mainly in the tougher middle market, rose by 4.5% (but its second-quarter results, released on August 14th, were disappointing). Department stores started collecting data about their customers through loyalty-card schemes long before their rivals, says Mortimer Singer of Marvin Traub Associates, a consultancy. When these relationships shift to tablets and smartphones and are linked to modern logistics and inventory²⁰ management, department stores have a fighting chance.
但是还是有些百货商店做的不错。立足于西雅图的奢侈品零售商诺德斯特姆公司的同店销售额过去三年平均增长率为7.5%。梅西百货立足于竞争激烈的中端市场，销售额提高了4.5%（但是8月14日发布的二季度表现令人失望）。Marvin Traub Associates咨询公司的Mortimer Singer表示，百货商店通过忠诚卡计划开始收集消费者信息远远早于其竞争对手。当这些关系转移到平板电脑和智能手机上的时候，加上现代物流体系和库存管理，百货公司还有翻身的机会。
Nordstrom’s newest stores have more mobile devices for accepting payment than fixed²¹ ones. With them, salespeople²² can tell, for example, if a customer is close to an upgrade, which would entitle her to such goodies as free alterations²³ to clothing. She can then be encouraged to claim the benefit by buying a little more. Nordstrom’s grasp of inventory is good enough that shoppers can check online whether an item is available at a specific store.
诺德斯特姆最新的商店比起老店有更多的移动设备支付方式。依靠这些移动设备，店员可以判断很多东西，比如消费者近期是否需要更新自己的装备，这样她就会享有免费更换服装的优惠。然后如果消费者多买点东西就会享有这个特权了。诺德斯特姆的库存控制能让顾客在线上看到某种商品在某个店是否有货。
One of Macy’s tricks is to use its shops as distribution centres. This expands choice online and prevents stock going unsold. An unwanted coat in Boston can be shipped to a shivering shopper in Boise. That sounds expensive but “if you can prevent a markdown, that covers a lot of shipping²⁴ costs and satisfies the customer,” says Karen Hoguet, Macy’s finance chief.
梅西百货的一个小招数是将其商店用作配送中心。这样就增加了线上选择，同时也防止了库存积压。波士顿卖不出去的一件大衣可以运到博尔西卖出去。梅西百货的财务主管卡伦·霍格特说，这样看起来很昂贵，但是如果你不降价的话，就能填补配送费用并且满足消费者。
Mr Singer thinks that such wizardry makes “the next ten years incredibly promising” for some department stores. Perhaps not for J.C. Penney and Saks. Penney has burned through cash at an alarming rate this year; confidence among lenders and suppliers has been further shaken by boardroom infighting, says Liz Dunn, an analyst²⁵ at Macquarie Securities. Saks would be lucky to thrive in the hands of a property mogul and may be bested in Canada by Nordstrom, which is also marching north, believes Robin²⁶ Lewis, a retail pundit²⁷. Department stores have some hard schooling²⁸ ahead of them.
Singer先生认为这些计策使得很多百货商店未来十年看起来非常有希望。或许跟彭尼百货公司和萨克斯百货没什么关系。彭尼今年亏损严重，麦格理证券分析师利兹·杜恩表示董事会的内战进一步减弱了借贷者和供应商的信心。萨克斯百货在房地产大亨的掌控下会比较幸运。零售界权威人士罗宾·路易斯相信，萨克斯公司会被同样向北部加拿大进军的诺德斯特姆击败。百货公司前面一片荆棘。

1 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

3 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

4 outfitting   

v.装备，配置设备，供给服装( outfit的现在分词 )

参考例句：

• The outfitting installation activities carried out on the building berth or dock. 舾装在船台上或船钨内完成。 来自互联网
• There is so much outfitting work. Do you subcontract some of them? 有这么多的舾装工作要做，你们将工程分包出去吗？ 来自互联网

5 Oxford   

n.牛津（英国城市）

参考例句：

• At present he has become a Professor of Chemistry at Oxford.他现在已是牛津大学的化学教授了。
• This is where the road to Oxford joins the road to London.这是去牛津的路与去伦敦的路的汇合处。

6 tinkling   

n.丁当作响声

参考例句：

• I could hear bells tinkling in the distance. 我能听到远处叮当铃响。
• To talk to him was like listening to the tinkling of a worn-out musical-box. 跟他说话，犹如听一架老掉牙的八音盒子丁冬响。 来自英汉文学

7 activist   

n.活动分子，积极分子

参考例句：

• He's been a trade union activist for many years.多年来他一直是工会的积极分子。
• He is a social activist in our factory.他是我厂的社会活动积极分子。

8 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

9 luxurious   

adj.精美而昂贵的；豪华的

参考例句：

• This is a luxurious car complete with air conditioning and telephone.这是一辆附有空调设备和电话的豪华轿车。
• The rich man lives in luxurious surroundings.这位富人生活在奢侈的环境中。

10 interim   

adj.暂时的，临时的；n.间歇，过渡期间

参考例句：

• The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。
• It may turn out to be an interim technology.这可能只是个过渡技术。

11 reign   

n.统治时期，统治，支配，盛行；v.占优势

参考例句：

• The reign of Queen Elizabeth lapped over into the seventeenth century.伊丽莎白王朝延至17世纪。
• The reign of Zhu Yuanzhang lasted about 31 years.朱元璋统治了大约三十一年。

12 addiction   

n.上瘾入迷，嗜好

参考例句：

• He stole money from his parents to feed his addiction.他从父母那儿偷钱以满足自己的嗜好。
• Areas of drug dealing are hellholes of addiction,poverty and murder.贩卖毒品的地区往往是吸毒上瘾、贫困和发生谋杀的地方。

13 promotions   

促进( promotion的名词复数 )； 提升； 推广； 宣传

参考例句：

• All services or promotions must have an appeal and wide application. 所有服务或促销工作都必须具有吸引力和广泛的适用性。
• He promptly directed the highest promotions and decorations for General MacArthur. 他授予麦克阿瑟将军以最高的官阶和勋奖。

14 baker   

n.面包师

参考例句：

• The baker bakes his bread in the bakery.面包师在面包房内烤面包。
• The baker frosted the cake with a mixture of sugar and whites of eggs.面包师在蛋糕上撒了一层白糖和蛋清的混合料。

15 tycoon   

n.有钱有势的企业家，大亨

参考例句：

• The tycoon is on the verge of bankruptcy.那名大亨濒临破产的边缘。
• The tycoon has many servants to minister to his needs.那位大亨有很多人服侍他。

16 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

17 outlets   

n.出口( outlet的名词复数 )；经销店；插座；廉价经销店

参考例句：

• The dumping of foreign cotton blocked outlets for locally grown cotton. 外国棉花的倾销阻滞了当地生产的棉花的销路。 来自《简明英汉词典》
• They must find outlets for their products. 他们必须为自己的产品寻找出路。 来自《现代汉英综合大词典》

18 humbling   

adj.令人羞辱的v.使谦恭( humble的现在分词 )；轻松打败（尤指强大的对手）；低声下气

参考例句：

• A certain humbling from time to time is good. 不时受点儿屈辱是有好处的。 来自辞典例句
• It has been said that astronomy is a humbling and character-buildingexperience. 据说天文学是一种令人产生自卑、塑造人格的科学。 来自互联网

19 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

20 inventory   

n.详细目录，存货清单

参考例句：

• Some stores inventory their stock once a week.有些商店每周清点存货一次。
• We will need to call on our supplier to get more inventory.我们必须请供应商送来更多存货。

21 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

22 salespeople   

n.售货员，店员；售货员( salesperson的名词复数 )

参考例句：

• The shop usually employs additional salespeople for the Christmas toy trade. 这家商店通常雇一些临时售货员来做圣诞节玩具生意。 来自《现代汉英综合大词典》
• Under our new system, salespeople sit down with each of our dealers. 根据新的制度，销售人员应逐个地同承销商洽商。 来自辞典例句

23 alterations   

n.改动( alteration的名词复数 )；更改；变化；改变

参考例句：

• Any alterations should be written in neatly to the left side. 改动部分应书写清晰，插在正文的左侧。 来自《简明英汉词典》
• Gene mutations are alterations in the DNA code. 基因突变是指DNA 密码的改变。 来自《简明英汉词典》

24 shipping   

n.船运（发货，运输，乘船）

参考例句：

• We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
• There's a shipping charge of ￡5 added to the price.价格之外另加五英镑运输费。

25 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

26 robin   

n.知更鸟，红襟鸟

参考例句：

• The robin is the messenger of spring.知更鸟是报春的使者。
• We knew spring was coming as we had seen a robin.我们看见了一只知更鸟，知道春天要到了。

27 pundit   

n.博学之人；权威

参考例句：

• Even the outstanding excellent graduate will learn constantly if he likes to be a pundit.即使最优秀的结业生，要想成为一个博学的人也要不断地研究。
• He is a well known political pundit.他是一个著名的政治专家。

28 schooling   

n.教育；正规学校教育

参考例句：

• A child's access to schooling varies greatly from area to area.孩子获得学校教育的机会因地区不同而大相径庭。
• Backward children need a special kind of schooling.天赋差的孩子需要特殊的教育。