Sept. 9 was Apple's big day. The tech giant introduced its new iPhone and long-awaited Watch. While both of those products may be big news, what's inside them — specifically Apple Pay — may prove to be the biggest headline of all. Apple Pay promises to give consumers a safe, convenient way to make payments, no credit cards needed. With Apple's new iPhone 6 model, a shopper will be able to make a payment without the need to wake the screen display or open an app.
If developments like Apple's iBeacon or the rise of online marketplaces are any indication, the retail industry is in the midst of a significant digital evolution. These leaps in technical innovation present major opportunities for retailers willing to embrace change and equally significant threats to those that stubbornly hold on to status quo.
Our experts walk you through opportunities to not only cut shipping costs, but also improve shipping service to your customers.
Home Depot has confirmed that its payment systems were hacked at its U.S. and Canada stores starting in April. Customers who paid with cards may have had their data compromised. The company says there's no evidence that pin numbers from debit cards were stolen. On Sept. 2, Home Depot said it was working with banks and law enforcement to investigate reports that its stores could have been the source of a new batch of credit and debit card numbers being sold on the black market.
As CVS sharpens its focus on customer health, the nation's second-largest drugstore chain will tweak its corporate name and stop the sale of tobacco nearly a month sooner than planned. CVS Caremark said it will now be known as CVS Health, effective immediately. The signs on its roughly 7,700 drugstores won't change, so the tweak may not register with shoppers. However, those customers will see a big change when they check out. The cigars and cigarettes that used to fill shelves have been replaced with nicotine gum and signs urging visitors to kick the tobacco habit.
J.C. Penney Company is launching a new online sports store on its e-commerce site that will be powered by Fanatics, an online retailer of officially licensed sports merchandise. Fanatics, which operates the e-commerce platform for hundreds of collegiate and professional sports teams, leagues and media sites, will provide fans with a selection of team sports apparel and merchandise at JCPenney.com, offering more than 300,000 licensed products spanning all the major sports leagues.
In June, I wrote that I'd decided I'm not in the e-commerce business. Actually, I concluded, I'm a brick-and-mortar retailer who happens to have a good website. The point was that I have to be careful about the resources I devote to building my web business because e-commerce sites can turn into black holes. But that was way back in June. Shortly after writing the post, I spent several days immersed in the brave new world wide web at the Internet Retailer Conference in Chicago. And with another couple of months to process, I've come to a different conclusion.
It's been a rough couple of years for the "3 A's" (Abercrombie & Fitch, American Eagle, Aeropostale). The retailers have fallen out of favor with their core demographic — teens — resulting in declining sales and profits and, in certain cases, hits to their brand images. Teens are shifting their purchases to trendier, lower price fashion brands such as Forever 21 and H&M.
Staples will shut about 140 locations this year, part of a store-closing plan announced earlier, as the world's largest office-supply chain responds to online competition. Staples shut 80 outlets in North America in the fiscal second quarter. Net income in the three months ended Aug. 2 dropped 20 percent to $82 million, as $101 million was spent on closing locations, the Framingham, Mass.-based company said in a statement today. Expansion by web-based rivals such as Amazon.com has spurred reorganizations across the retail industry, including the merger of stationery suppliers Office Depot with OfficeMax.
Target is keeping its doors open later at more than half of its U.S. stores, hoping to snag guests who are putting off shopping until well after dark and might have gone elsewhere. The chain's nearly 1,800 U.S. stores had typically opened at 8 a.m. and closed at 10 p.m. on weekdays and Saturdays and at 9 p.m. on Sundays. The new hours will keep stores open until 10 p.m. or 11 p.m. on Sundays and until 11 p.m. or midnight on other days. The hours will vary by store; some, for example, will only have extended hours on weekends.
