Corporate Governance

Amazon Prime has added yet another item to its growing lineup of membership benefits: discounts on student loans.   The online giant is teaming up with Wells Fargo to offer Amazon Prime Student members a discount on private student loans that are taken out through Wells Fargo Educational Financial Services, the largest private student lender among U.S. commercial banks. (Membership in Amazon Prime Student costs $49 a year, which is half the price of a regular Amazon Prime membership.)  

Efficient Collaborative Retail Marketing (ECRM), a leader in business innovation and technology, has hired retail business-to-business media veteran Wayne Bennett as senior VP, retail to lead business process initiatives between the retail industry and the supplier community that serves them.  

With back-to-school spending on a “stock up” cycle rather than a “make do” cycle, total spending for K-12 and college school supplies is expected to reach $75.8 billion, up from last year’s $68 billion, according to the National Retail Federation’s annual survey conducted by Prosper Insights and Analytics.   

Starbucks Corp.’s revenue fell short in the third quarter even as its earnings were in line with expectations.       The company posted $5.24 billion in consolidated net sales for the quarter ended June 26, up 7% over the year-ago period, but below analysts’ expectations of $5.33 billion. The increase was primarily driven by the opening of 1,876 net new stores over the past 12 months and a 4% increase in global comparable store sales.    

Party City Holdco Inc. on Thursday named Daniel J. Sullivan as CFO.   Sullivan succeeds Michael A. Correale, who is stepping down as Party City CFO to focus on the newly created position of executive VP chief accounting officer and treasurer, effective Aug. 29. In his new role, Correale will be responsible for all of the company’s external financial reporting, treasury functions, banking and credit relationships.  

Consumer goods giant Unilever is paying a reported $1 billion to buy an online retail start-up that has yet to turn to profit.   Unilever PLC announced it is buying Dollar Shave Club, the razor delivery subscription service known for its irreverent brand positioning and viral You Tube videos. Terms of the deal were not announced, but The New York Times and other media outlets reported Unilever is paying $1 billion in cash for the scrappy company, which has yet to turn a profit but expects to do so by yearend.  

A familiar chain has been named the most powerful retail brand of 2016.   According to the 2016 Top 100 Most Powerful Brands report from brand marketing firm Tenet Partners, Barnes & Nobile is the most powerful retail brand, and 32nd most powerful brand overall, of the year. This is the second straight year Barnes & Noble ranked highest among retailers.  

At least one retail industry participant is expecting the 2016 holiday season to be prosperous.   Omnichannel commerce technology and services provider Radial plans to hire an additional 550 workers in Reno, Nevada to support an expected 10-fold increase in demand during the upcoming holiday season. Radial operates fulfillment centers in Reno, which are in need of workers to help support its retail clients.