Nike CEO Mark Parker said at the annual Investor's Day summit that the company will be favoring a small number of retailers in which its products will be sold. The company currently has 30,000 retail partners, but plans to favor a select few "differentiated retailers" like Nordstrom and Foot Locker — about 40 in all. These…
Walgreens plans to close about 600 drugstores as it completes a $4.38 billion deal to buy nearly 2,000 from rival Rite Aid. Company spokesman Michael Polzin said Wednesday that most of the closings will be Rite Aid stores, and the vast majority will be within a mile of another store in the Walgreens network. The store closings…
Despite predictions that the end of brick-and-mortar is near, we’re seeing more and more brands that are continuing to invest in it. Alibaba is just the latest e-commerce company to expand its presence into brick-and-mortar, with Square recently announcing its first physical shop location. These announcements come in the wake of Amazon.com's industry-changing purchase of…
Hudson’s Bay Co. (HBC) said yesterday that it's selling its Lord & Taylor flagship store on Fifth Avenue in New York City for $850 million to WeWork Companies, a provider of shared workspace, community and services for entrepreneurs, freelancers, startups and small businesses. HBC is getting an equity investment of $500 million from Rhone Capital,…
There’s currently a sea change happening in retail. Toys“R”Us recently announced bankruptcy, and as part of its restructuring plan, the retailer will be closing stores after the 2017 holiday season. J.C. Penney closed 138 stores, with most closing at the end of July and a few remaining open until the end of September 2017. Macy’s…
Getting your product on the top shelf isn’t as important any more when the shelves themselves are smart and know what you want the moment you walk in. Gaining product presence in retail is a difficult enough challenge, and once manufacturers have gained those retail distribution outlets, they still need to jockey for position on…
Gerald Storch, CEO of Hudson’s Bay Co. (HBC), is stepping down from his role, HBC announced after the close of stock markets on Friday. Storch will depart effective Nov. 1, and return to his firm, Storch Advisors, HBC said in a press release. It didn't give further details on…
It’s no secret that to stay in business, retailers need to continuously evolve to meet the changing demands of shoppers in an increasingly digital world. Millennials, in particular, are avid users of touchscreens and the use of interactive touch solutions comes naturally to them. As a result, retailers are installing different forms of technology at…
Target Corp. said this week that it would remodel more than 1,000 stores by the end of 2020, as well as expand its Target Restock program and open new stores. As for the remodels, Target said it will combine “the best of our digital and technology upgrades, elevated merchandise presentations and fulfillment services to make…
Tommy Bahama is winning over today’s distracted consumers by focusing on unique, unconventional retail experiences for them, according to Doug Wood, CEO of the Seattle-based manufacturer and retailer of casual men's and women's sportswear and activewear, who spoke at the 2017 SAP Retail Executive Forum in New York City yesterday. Case in point: Wood discussed…
