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Rent The Runway Valued At $1B After Funding Round
March 22, 2019 at 1:16 pm

Rent the Runway, Inc., the online service that provides designer dress and accessory rentals, announced on Thursday a $125 million investment co-led by Franklin Templeton Investments and Bain Capital Ventures that values the company at $1 billion. The financing is the largest funding round Rent the Runway has raised to date, and will bring total equity raised…

3 Ways to Maximize Global E-Commerce Revenue
March 22, 2019 at 11:03 am

E-commerce sales are expected to surpass $530 billion by 2020. The obvious benefit of running an e-commerce business is you're not restricted by geographic location. Even better, you're not limited to regular store hours and can be processing transactions from all over the world while you sleep. However, as great as this all sounds, many…

Pier 1 Imports to Cut Corporate Workforce
March 21, 2019 at 12:30 pm

Pier 1 Imports interim CEO Cheryl Bachelder is reorganizing the home furnishings retailer's corporate staff in Fort Worth, Texas to cut costs, "better align its operations with its long-term strategy" and become more agile. It's not clear how many are losing jobs in the reorganization or how many remain in the Fort Worth office, which…

Workforce Management Solution Helps Kum & Go Reduce Costs, Lower Employee Turnover
March 21, 2019 at 11:05 am

Kum & Go is a 24/7 convenience store chain that operates 400-plus locations in the Midwest. Like many convenience store businesses that are open around the clock, Kum & Go was challenged with staffing issues. In particular, store general managers were being forced to pick up uncovered shifts when employees called out and didn't have…

Walmart to Release Private-Label Tablet
March 14, 2019 at 12:27 pm

Walmart is making its own tablet in a move that would pit it against other tech giants and retailers such as Apple and Amazon.com. The world’s largest retailer plans to introduce an inexpensive, kid-friendly tablet computer under its ONN store brand, part of a broader redesign of its electronics department, according to a report on Bloomberg.com. Walmart’s ONN…

Rite Aid to Cut Roughly 400 Jobs in Management Shake-Up
March 13, 2019 at 10:46 am

Rite Aid said on Tuesday its CEO would exit as part of a revamp of its leadership, and that it would cut about 400 corporate positions. Camp Hill, Pennsylvania-based Rite Aid said the layoffs will affect more than 20 percent of corporate positions located at the company’s headquarters and across field operations. The company expects annual…

Ross Stores to Add 100 Stores in 2019
March 12, 2019 at 9:42 am

Ross Stores will be opening 100 new store locations in 2019. So far this year, the Dublin, Calif. off-price department store chain has opened 22 Ross Dress for Less and six dd's Discounts stores across 12 different states. The new locations are part a company plan to add approximately 100 new stores, 75 Ross and 25 dd's…

Abercrombie & Fitch to Close Up to 40 Stores in 2019
March 11, 2019 at 2:32 pm

Teen apparel retailer Abercrombie & Fitch said last week that it plans to close up to 40 stores by next February, with the majority of closures slated in the U.S.  Abercrombie, which also owns Hollister, has been closing stores regularly over the years. For example, over the last eight years, it has shuttered about 475…

How to Tackle Retail Absenteeism and Boost Employee Engagement in 2019
March 8, 2019 at 12:35 pm

Engaged and productive employees are critical to the success of any organization, but retailers in particular are dependent on having the right people in the right place at the right time. When associates don’t show up for work, their absence affects everything from staff morale to customer satisfaction, creating stress and hindering store performance. How…

Amazon to Shutter All 87 U.S. Pop-Up Stores
March 7, 2019 at 2:55 pm

Amazon.com is shutting down all 87 of its U.S. pop-up stores in April, ending the retailer’s years-long experiment with these small shops as it tinkers with an evolving brick-and-mortar strategy, The Wall Street Journal reported yesterday. Amazon has pop-ups inside Whole Foods locations, Kohl's stores and malls around the U.S. The shops let customers try…

Denim Brand Diesel Files for Bankruptcy
March 6, 2019 at 5:46 pm

Denim and accessory brand Diesel USA Inc. filed for Chapter 11 bankruptcy Tuesday, reports Reuters. The company's Italian parent brand Diesel SpA was not involved in the bankruptcy filing. Diesel USA claimed expensive leases, a sales plunge, and $1.2 million of losses from theft and cyber fraud as main contributors to the decline of profitability…

Report: Amazon to Open its Own Chain of Grocery Stores
March 4, 2019 at 10:51 am

Amazon.com is planning to open a new grocery store chain in an effort to broaden its reach in the retail category, according to a Wall Street Journal report. Sources familiar with the project told WSJ that the online behemoth is planning to open dozens of grocery stores in several major U.S. cities, and the first…

Old Navy to Split From Gap Inc.
March 1, 2019 at 10:50 am

Gap Inc. yesterday announced plans to create two independent, publicly traded companies: Old Navy and a yet-to-be-named company ("NewCo") that will consist of the Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap said the spin-off will enable each company to maximize focus and flexibility, align investments and incentives to meet its unique business needs,…

L Brands to Shutter 53 Victoria's Secret Stores
February 28, 2019 at 12:40 pm

L Brands, owner of the lingerie chain, announced Wednesday plans to close 53 Victoria’s Secrets stores in North America this year, more than three times the 15 it has historically closed in an average year. Victoria’s Secret square footage in North America will drop by about 3 percent with this latest round of store closures. A weak…

Foot Locker Announces $12.5M Investment in Rockets of Awesome
February 27, 2019 at 11:15 am

Foot Locker announced Tuesday that it's investing $12.5 million in New York City-based children's apparel brand Rockets of Awesome, according to CNBC. The athletic footwear retailer will open Rockets of Awesome clothing shops within Kids Foot Locker locations, making it the largest retailer of the children's brand's products in the U.S. In addition, Foot Locker will…

Macy's to Cut 100 Management Jobs in Corporate Restructuring
February 26, 2019 at 11:49 am

Macy's said Tuesday it will cut about 100 management jobs as looks trim costs and improve profitability amid declining sales. The department store chain was able to top lowered expectations for its fourth quarter, but same-store sales came up short of expectations. Macy's is targeting $100 million in annual cost savings, starting in fiscal 2019, with its…

Delayed Tariff Increase on Chinese Goods a Relief to Retailers
February 25, 2019 at 3:05 pm

The United States is planning to delay additional tariffs on Chinese goods that were scheduled to begin on March 1, President Donald Trump announced on Sunday. In a series of posts on Twitter, Trump cited "substantial progress" in bilateral talks between the U.S. and China. As a result, the president said he would suspend the…

Levi's Hires Chief Artificial Intelligence Officer
February 22, 2019 at 11:25 am

Levi’s has hired its first artificial intelligence (AI) officer. Katia Walsh, who was most recently Vodafone’s chief data and analytics officer, will begin her tenure at Levi’s on April 29. According to a company statement, Walsh will focus on building “data, analytics and artificial intelligence enablers” that will strengthen the company’s present and future business…

Serena Williams Joins Poshmark's Board of Directors
February 21, 2019 at 2:26 pm

Tennis superstar and businesswoman Serena Williams is joining the board of directors of Silicon Valley-based social commerce platform Poshmark, the company announced Wednesday. “Poshmark is disrupting retail by making shopping and selling social again, and I love working with a company that gives anyone an opportunity to become an entrepreneur,” Williams said in a press release…

Government Shutdown Could Have Residual Effects on Retail Throughout 2019
February 19, 2019 at 7:48 pm

Following a successful holiday season in 2018, the retail industry was immediately shaken by the longest-lasting government shutdown in U.S. history. Initially, some thought the impact would only affect the first financial quarter, however, as the shutdown lingered, the impact could be felt through the rest of 2019. The federal government shutdown cost the economy…