Corporate Governance

Retailers, are you prepared for the millennial effect?

Born roughly between 1980 and 2000, millennials, are poised to cause a tidal shift in the retail industry because of their spending power and unique characteristics that greatly influence how and what they purchase. According to Advertising Age, millennials will spend more than $200 billion annually starting in 2017 and $10 trillion in their lifetimes.

Target has an aggressive new plan to lure shoppers this holiday season that includes free shipping on all orders and a new international website.

The plan is part of Target CEO Brian Cornell’s efforts to restructure the company and revamp its digital and in-store offerings. Free shipping starts Nov. 1 and ends Dec. 25.

For the third quarter ended Sept. 30, CVS Health reported $38.6 billion in net revenues, representing an increase of 10.3%. Revenues across the Pharmacy Services Segment increased 13.3% to $25.5 billion, primarily driven by growth in specialty pharmacy and pharmacy network claims.

“We delivered solid revenue and operating profit growth across our businesses, and we continue to expect significant growth in the fourth quarter, rounding out another terrific year for our company,” Larry Merlo, CVS Health president and CEO, said.

Big screen actors and television personalities made smoking cool for generations of Americans. Now produce marketers and retailers hope a new deal with Hollywood can have the same effect on fruits and vegetables.

The pharmacy services segment helped CVS Health post a $10.3% increase in net revenue in the third quarter.

Mobile payment keeps getting more popular, at least on the provider side.

According to Re/Code, Amazon.com is launching a mobile “Pay with Amazon” button that will let consumers automatically use their Amazon payment information to make purchases on other retailer’s e-commerce apps. While not exactly a mobile wallet app, the Pay With Amazon button is definitely an attempt to obtain a piece of the mobile payment market which Apple, Samsung, Google, and several other entities are trying to take an early lead in.

Jordan’s Furniture, known for its larger-than-life stores that combine retail with all manner of entertainment, is outdoing itself in its next location. 

The retailer is building a 192,500 sq.-ft. store in New Haven, Connecticut—its first in the state—that will feature a massive indoor roap course, billed as  “IT Adventure Roaps Course,” that includes two 60-feet high ropes courses.  Jordan’s is devoting 20,000 sq. ft. to the attraction.

“Now Trending” is an exclusive online series to chainstoreage.com, featuring trending topics that impact the retail real estate landscape.

Target Corp. may have shuttered its Canadian stores, but that doesn’t mean the discounter is done with global retailing.

According to the Minneapolis Star-Tribune, Target has expanded a 2014 pilot program that made about 200,000 items available to U.K. customers via eBay to 64 countries. Target is also partnering with international shipping logistics firm Borderfree in a test of a new global e-commerce site, intl.target.com.

Consumers in Columbus, Ohio, are being given a new option for mobile payment.

CurrentC, the mobile payment application from retailer-backed consortium Merchant Commerce Exchange, is now being piloted at stores in Columbus. Major retailers currently participating in MCX include Walmart, Sam’s Club, Sears, Target, CVS and Kmart.

MCX briefly announced the Columbus beta test on the CurrentC webpage, with few details. Reuters reports that 12 major retailers are testing the service at 200 store locations, and the test may be expanded in early 2016.