Data & Analytics

The Retail Industry Leaders Association (RILA) and Accenture on Monday announced the launch of a new initiative that will explore the impact that technologies such as artificial intelligence and virtual reality will have on the retail industry.   RILA’s new (R)Tech Center for Innovation will also help retailers create innovative ways of doing business.  

Data and analytics is more than a business foundation — it is a key differentiator in an increasingly competitive marketplace, according to Target’s senior VP Paritosh Desai.   As a result, Target is making a big push to add top tech talent, from software engineers to data scientists — a move that pushed the chain to “acquihire” tech companies. In this practice, larger companies acquire smaller ones to obtain their technology and, essentially, hire their leadership and teams.  

Walgreens Boots Alliance on Friday named two executives to the chief marketing officer and chief merchandising officer positions, promoting Adam Holyk and Joe Hartsig, respectively, to those roles.   Both will assume their new roles as of April 1 and report to Alex Gourlay, co-COO for Walgreens Boots Alliance.  

Lower sales and store closures widened fourth quarter losses for Sears Hometown and Outlet Stores.   The hardware, appliance and tool retailer reported its net sales for the quarter ended January 28, 2017, decreased $49.4 million, or 9.2%, to $488.9 million compared to fourth quarter 2015. The company blamed the loss on the impact of closed stores (net of new store openings) and a 4.1% decrease in comparable store sales.  

An online giant and the world’s biggest retailer claim the top two positions in a study that ranks retail companies by their brand value.   Amazon ranked as the world’s most valuable retail brand in the annual study by valuation and strategy consultancy Brand Finance. The company’s brand value, $106.4 billion, is nearly double that of Walmart ($62.2 billion), which ranked as the second most valuable retail brand. (An explanation of the ranking is provided at the end of article.)    

The retail giant just made another move in its battle against online rival, Amazon.   Walmart is testing a touch-screen monitor in its toy aisle at dedicated stores in Texas. The solution connects shoppers to available inventory at store-level, and if it’s not on-hand, the device enables them to order it online, according to The Street.   

The Buckle reported earnings for its fourth quarter that missed expectations amid a rough market for teen retailers.    Net income for the quarter ended Jan. 28 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis), compared to $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis).   Buckle’s net sales fell 15.7% to $280.0 million, from $332.0 million for the prior year.   Same-store sales for the quarter decreased 16.1%.

A new partnership will help retailers make smarter business decisions faster.   Based on a new alliance between IBM Watson and Salesforce, the companies will seamlessly connect their solutions — a move that will enable a new level of intelligent customer engagement across sales, service, marketing, and commerce, among other operations.