Think brick-and-mortar retail is doomed in an increasingly digital world? Visit Sephora, where consumers line up to sample the dizzying array of beauty products. Watch as a bunch of excited kids go through the rounds at Build-A-Bear-Workshop. Listen as a pharmacist at Walgreens gives some advice to a harried mom whose kids are coming down with something. Stop in at H-E-B, Whole Foods Market or some other great supermarket and breathe in the tantalizing aromas. Fool around with the latest gadgets at Apple or one of the new generation of AT&T and Verizon stores.
Retailers making headlines with store expansion plans include new players as well as global powerhouses. Just in the starting gate is Fresh Thyme Farmers Market, a new specialty grocery format featuring value-priced healthy and organic offerings.
Target Corp. saw dramatic year-over-year declines in its net earnings for the fourth quarter and fiscal year 2013, as the negative impact of its massive data breach and damages from its Canadian operations took effect.
The costs related to Target's data breach have now exceeded $200 million for financial institutions, according to the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported.
Fazio Mechanical Services Inc., a heating and refrigeration vendor based in Sharpsburg, Pa., has reportedly confirmed it was the victim of a cyber attack that may have allowed hackers to gain access to financial and personal data of millions of Target customers.
The hackers responsible for the recent Target data breach reportedly gained initial access to the retailer’s network using credentials stolen from a heating, ventilation and air conditioning (HVAC) vendor.
John Mulligan, executive VP and CFO of Target, said the retailer is deeply sorry for its late 2013 data security breach and is aware that consumer confidence in the company is shaken; his comments came during Feb. 4 testimony before the Senate Judiciary Committee.
Target reportedly said a data breach at an unidentified vendor led to hackers obtaining phony credentials that allowed them to gain access to Target’s systems and steal the information for 40 million credit and debit cards, as well as the personal data of about 70 million consumers.
Target Corp. notified Canadian shoppers who visited U.S, Target stores between Nov. 27 and Dec. 15, 2013 that some of their personal data may have been compromised in the major data breach that hit the retailer.