Bed Bath & Beyond Inc. said Friday it was closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores, as the retailer struggles to find financial support to keep its operations funded. The news, first reported by The Wall Street Journal, also said the company is closing five of its…
Melissa Campanelli
Walmart last week launched a dedicated e-commerce site tailored to small and midsize business (SMB) customers. The website, Walmart Business, will offer “a curated assortment of more than 100,000 items with categorization and navigation tailored to busy organizational shoppers, Walmart said in a press release. The product categories include office supplies and furniture, food and beverage, restroom,…
The National Retail Federation (NRF) announced at its Big Show in New York City this week that it will launch an Asia-Pacific annual conference and exhibition in 2024. For the conference, the NRF is partnering with Paris-based event organizer Comexposium. The inaugural NRF 2024: Retail’s Big Show Asia Pacific will be held June 11–13, 2024, at the Sands…
The new year is bringing with it a retail CEO shuffle. Since the start of 2023, several CEOs in the retail space have either left their positions, with some announcing new positions elsewhere. Ideal Image, a leading aesthetics brand, announced that Sharon M. Leite is its new CEO. Leite, the former CEO of The Vitamin…
Designer Brands Inc. (DBI), the parent company of DSW, announced that it has acquired Topo Athletic, a U.S. maker of running, walking, hiking and comfort shoes. With the acquisition, DBI expands its assortment of athletic performance footwear and progresses its owned brands strategy. The acquisition will also provide Topo with access to additional resources. Topo's founder and…
A Walmart-backed fintech startup called One plans to launch a buy now, pay later (BNPL) payment service as soon as next year, according to three people familiar with the matter. The news could put the world’s largest retailer in competition with other fintech lenders. One, which Walmart hopes will morph into an all-in-one app where consumers can…
Steve Rendle has retired from his roles as CEO, chairman and president of VF Corporation, effective immediately, the company said Monday. VF Corp. owns Supreme, Vans, The North Face, Timberland, Dickies, among other consumer brands. Rendle, has retired “by mutual agreement with the board,” according to a filing with the Securities and Exchange Commission. Benno Dorer,…
While the metaverse may not be widespread in retail just yet, there’s clear excitement among industry marketers about the new business opportunities it presents. This sentiment was made clear during a panel discussion that took place at this year's Total Retail Tech event.
Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe Analytics, which tracks sales on retailers’ websites. Overall, online Black Friday sales were up 2.3 percent year-over-year. Adobe also predicted that consumers were set to spend more than $9 billion online over the weekend ($4.52 billion on Saturday, $4.99 billion…
National Retail Federation (NRF) President and CEO Matthew Shay said a nationwide rail strike during the peak holiday season will be “devastating” for American businesses, consumers and the U.S. economy — particularly amid today’s increased prices due to persistent inflation. Shay's statement was made yesterday when members of the nation’s largest rail union rejected a contract…
Amazon.com is planning to lay off approximately 10,000 employees in corporate and technology roles beginning this week, according to a report from The New York Times, citing people with knowledge of the matter. Separately, The Wall Street Journal also cited a source saying the company plans to lay off thousands of employees. The job cuts will focus on…
Despite high inflation and rising interest rates, the National Retail Federation (NRF) said last week it expects healthy holiday sales thanks to things such as job growth, salary increases, and higher savings rates. More specifically, NRF forecasts that holiday sales will rise between 6 percent and 8 percent this year compared to 2021, reaching between $942.6 billion…
Bed Bath & Beyond said in a Securities & Exchange Commission filing on Friday that a third party improperly accessed its data this month through a phishing scam by accessing the hard drive and certain shared drives of one of its employees. The big-box retailer said in its filing that it was reviewing the data…
Warby Parker, one of the first retail startups to use a direct-to-consumer business model, is planning to open hundreds of brick-and-mortar stores with eye exam spaces over the next few years due to customer demand for physical destinations that offer eye examinations, according to co-CEO David Gilboa, in a report on CNBC.com. By the end of 2022, the…
SHEIN, the fast-fashion online retailer, has launched SHEIN Exchange, an online peer-to-peer resale destination to buy and sell previously owned SHEIN products. SHEIN Exchange was inspired by SHEIN's customers, who have communicated an interest in resale destinations where they can buy and sell previously owned SHEIN products without the barrier of high platform fees that…
