Business Analytics

Besser Ace Hardware may be Arkansas's oldest hardware store, but modernized technology is making it more customer friendly.   The retailer, which was established in 1887, has served the downtown Little Rock community in its current location since the 1960’s. When the operator embarked on a complete remodel however, it was time to replace its previous point-of-sale system with robust software.  

Though General Growth Properties has long been most commonly known as GGP in the retail industry, the big mall owner has now made it official.   Effective Jan. 27, the big mall owner with 126 properties in 40 states, officially changes its name to GGP. Founded in 1954 to develop grocery-anchored strip centers, GGP evolved into one of the largest providers of A-level mall space.  

Lowe’s Cos. is shifting to a new staffing model for its stores that will result in the loss of some jobs nationwide.   The new model will be rolled out across Lowe’s stores and is designed to free up resources to boost customer service, CNBC reported.     

Retailers may need a new way to track their Twitter activity.   As of Feb. 3, the social media platform will shut down Twitter Dashboard, a service that enables businesses to track tweets about their brands, monitor keywords, schedule posts, and access analytics, among other functionality, according to TechCrunch.   

Supervalu Inc. swung to a loss in its third quarter amid increased competition in the retail segment.   The company reported a net loss of $26 million during its 2017 fiscal third quarter, ended Dec. 3, as revenue fell 1.4% to $3 billion.      The loss, however, included a settlement charge of $41 million related to pensions and also store closure charges.     

Hudson's Bay Co. is the latest department store retailer to report weak holiday sales.   The Canadian retailer, whose banners include Hudson’s Bay, Saks Fifth Avenue and Lord & Taylor, reported a 0.7% decrease in consolidated comparable sales in the nine-week holiday selling period that ended Dec. 31.  

BJ’s Wholesale Club is knee-deep in a company-wide initiative to add processes that allow it to operate more efficiently.   It has taken a major step by partnering with Glory Global Solutions to roll out cash automation solutions across its 200-plus-club chain. As cash still accounts for around 30% of consumer transactions in the U.S., it remains extremely important to retailer margins. However, the process of moving money is complex.   

Ollie's Bargain Outlet Holdings raised its full-year outlook after shoppers flocked to its stores in search of its signature “good stuff cheap” during the holiday season.   For the nine-week period ended December 31, 2016, Ollie’s total sales increased 16.3%, with a same-store sales increase of 1.9%. The discounter said it now expects full-year net sales to total about $888 million, ahead of the FactSet consensus of $874 million. It expects same-store sales growth of about 3% and per-share earnings of about 93 cents.

Finance chiefs play expanded role in managing the retail transformation

With the retail environment undergoing the most complex changes in our generation, the sustainability of the current retail economic model is in question.

Historically, retail CFOs, as the principal financial officers, were primarily responsible for more traditional finance, treasury, regulatory, information delivery and related functions.

Nothing like doing a little shopping as presents are being unwrapped.   E-commerce traffic volume on Christmas Day shattered all previous records according to Verizon Enterprise Solutions’ Holiday Retail Index report.   The report finds that traffic continued to build into the Christmas weekend, and reached feverish pitch on Christmas Day which also coincided this year with the first full day of Hanukkah.