Total Retail's Top 3 News Items of 2017
What a year it has been for retail! As we count down the days to 2018, the Total Retail team has reflected on the biggest stories that shook up the industry. Below are just three of the top stories we've reported on.
1. Amazon.com's Acquisition of Whole Foods
We can't talk about e-commerce or retail without mentioning Amazon's acquisition of organic grocery giant Whole Foods. The news of the $13.7 billion acquisition changed the way we shop for groceries in just hours. Subscription grocery companies, such as Blue Apron, and long-standing brick-and-mortar grocery retailers, like Kroger, had to quickly react and rethink the way they reach their customers. It will be interesting to track how grocery retailers evolve in 2018 as a result of the Amazon-Whole Foods partnership.
2. Retailers Applaud Passage of the Tax Reform Bill
Just yesterday, the National Retail Federation praised the passage of the Tax Cuts and Jobs Act, the most sweeping change in U.S. tax laws since 1986, as a job-creating measure. The bill includes deep tax cuts for businesses and tax reductions for middle-class consumers, which proponents — including the NRF — say will spur economic growth at a time when retailers can really use it.
3. The Limited Stores Files for Bankruptcy
The Limited announced it was closing all of its stores and filing for bankruptcy protection. This year saw a record-number of retail store closings, and The Limited contributed to that dubious number.