eCommerce

Best Buy Co. exceeded analysts’ expectations on several fronts in its second quarter.   Profit surged a better-than expected 21% in the quarter ended July 30, rising to $198 million from $164 million in the year-ago period.   Best Buy’s overall revenue totaled $8.5 billion, which was basically flat with last year, but also better than expectations.      

Forest City Realty Trust may be on its way to having a greatly reduced investment in the mall industry and a bigger one in apartments and office assets.   The Cleveland-based firm announced it is reviewing strategic alternatives for its retail portfolio. Forest City holds ownership stakes in 14 regional malls across the country and 19 specialty retail centers, mostly in New York City. The East River Plaza, which fronts the FDR Drive in Manhattan at 116th Street, is a Forest City property.  

Best Buy has opened a pop-up dedicated to smart technology products for the home in the rotunda of the nation’s largest mall.   

Beauty giant Sephora scores the highest when it comes to online gifting.    That’s according to RSR Research’s sixth annual digital gifting benchmarking report.  Sephora came out on top, scoring 55 points out of a possible 66 points, followed by Starbucks (50.5) and The Home Depot (46.5). Rounding out the top five: Dunkin’ Donuts (44.5) and Amazon (43). (The top 25 retailers in the study are listed at the end of article.)    

Nordstrom is extending its hip in-store boutique, Space, to more locations.   The department store retailer is expanding the concept to four additional stores (including sites in Los Angeles, Nashville, and Toronto), which will double the number of locations since it was launched one year ago.  

John Byrde, General Manager, Omnichannel Technologies of omnichannel commerce solutions provider Radial, discusses challenges and opportunities for retail CFOs who are evaluating IT decisions.

 

Chain Store Age: How do you meet the needs of the modern omnichannel consumer?

West Elm opened its 100th store, at Empire Stores, in Brooklyn, New York. It is the first tenant to officially open in the restored 19th-century coffee roasting facility and warehouse.   Located in Brooklyn’s Fulton Ferry Historic District, Empire Stores dates from 1869. Its massive red-brick walls feature distinctive round-arch openings and iron shutters, characteristic features of port warehouses of the period. The home furnishings retailer also has located its corporate headquarters within the building.  

The world’s biggest online retailer is planning to open a drive-up grocery store in its hometown.   At least that’s according to a report by GeekWire, which said Amazon plans to renovate a site in Seattle’s Ballard neighborhood into a 9,759-sq.-ft. retail space where shoppers can pick up groceries that they ordered online.