News Briefs

Dollar General Corp. has asked its shareholders to reject a “mini-tender” offer from an investment firm. 

The discounter said that TRC Capital Investment Corp. has provided notice that it has commenced an unsolicited “mini-tender” offer to purchase up to 1,500,000 shares of Dollar General’s common stock, representing less than 1% of Dollar General’s outstanding common stock, at an offer price of $82.20 per share in cash.

The retailer asked shareholders to reject the offer, noting that the price per share is approximately 4.43% lower than the closing price of Dollar General common stock on the New York Stock Exchange on Sept. 20, 2024 (the last trading day prior to the date of the offer).

“Dollar General does not endorse TRC Capital’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares pursuant to such offer because it is at a price below the current market price for Dollar General common stock and is subject to several conditions,” the company said in a press release. "According to TRC Capital’s offer documents, any shareholders who tender (or have already tendered) their shares may withdraw them by following the procedures outlined in the offer documents prior to the offer’s expiration, which is currently scheduled to occur at 11:59 pm, New York City time, on Oct. 23, 2024.”

TRC Capital may extend the offering period at its discretion.

In the release, Dollar General said that TRC Capital has made many similar unsolicited mini-tender offers for shares of other public companies at below market prices.  

As of Aug. 2, 2024, Dollar General operated  20,345 stores under the Dollar General, DG Market, DGX and PopShelf banners across the United States and Mi Súper Dollar General stores in Mexico.

Giant Eagle, Inc. is slashing prices on fruits and vegetables to help its shoppers save.

The Pittsburgh-based grocer has announced a 20% average price reduction on more than 200 produce items across its Giant Eagle and Market District locations, which it says will offer customers an estimated $25 million in annual savings. The “New Low Price” initiative will include many of the most popular items in the produce department, including oranges, avocados, broccoli, mushrooms, potatoes and yams, salad kits and much more.

“Today's announcement reflects our unwavering commitment to delivering quality, variety, and value to our customers and communities,” said Brian Ferrier, senior VP of merchandising at Giant Eagle. “By significantly reducing prices on more than 200 produce items, we're not just offering savings – we're investing in everyday value. In these challenging economic times, we’re proud to make the fresh, quality produce we stock daily more affordable and we believe these savings will make a real difference in people's lives.” 

The grocer cited the Food Industry Association’s 2023 Power of Produce report, which says that nearly six-in-10 (58%) Americans say they eat fresh produce at least four to five days a week.

[READ MORE: Survey: Most consumers say price more important than brand]

Giant Eagle added that the long-term price reductions play a “critical role” in how it plans to deliver value to customers. Other price-focused initiatives at Giant Eagle include the continuation of weekly sales and unique one-day and three-day sales, the retailer’s seasonally focused Deals for Days discounted prices and personalized savings through the myPerks loyalty program.

Giant Eagle operates more than 470 stores throughout Pennsylvania, Ohio, West Virginia, Maryland and Indiana.

Puma customers will soon be able to immersively shop via the Meta Quest virtual reality headset.

During the Meta Connect 2024 virtual conference on Wednesday, Sept. 25, Puma and Facebook parent company Meta previewed a collaborative metaverse shopping experience based on the WebXR 3D rendering API for the Meta Quest VR headset which will become available this fall.

"Users will have the opportunity to immerse themselves in an innovative new e-commerce experience that is more visual and provides dynamic storytelling," a Puma spokesperson said in an email to Chain Store Age. "This new platform extends the graphic language of the product as each swipe can change a product’s color and users can experience how each colorway transforms the environment around them. Every design brings a unique atmosphere, enhancing the story behind each product."

In the viewfinder of their Quest device, customers will be able to swipe through a visual assortment of Puma apparel and footwear products, with the ability to click virtual buttons to perform activities such as adding an item to their basket, seeing more product details or getting advice on how to wear it.

Customers will also be able to place their foot in a precise spot to try on different sizes and styles of footwear to see how they would look if they wore them. 

Puma and Meta are preparing to roll out this new headset-enabled metaverse commerce offering as retailers are slowly expanding their presence in this still very new channel. 

Retailers such as J.Crew, Lowe’s and Wayfair have all developed shopping experiences for the Apple Vision Pro VR headset, and Walmart has used Meta Quest headset to immersively train employees in realistic scenarios such as Black Friday store crowds.

There’s been a shakeup at Bath & Body Works. 

The personal care and home fragrance retailer and Julie Rosen, president, retail of Bath & Body Works, have “mutually agreed” she will leave the company, effective immediately. As part of the move, the retailer has eliminated her role and largely all functions which previously reported to Rosen will report to company CEO Gina Boswell. 

[READ MORE: Bath & Body Works names former Unilever exec as CEO]

Rosen, who will be available in an advisory capacity to ensure a smooth transition, joined Bath & Body Works in September 2020. Prior to that, she served as president of Loft, Ann Taylor, Lou & Grey, Ann Taylor Factory Stores and Loft Outlet. Earlier in her career, she was with Banana Republic.

Bath & Body Works reported disappointing sales in its its second quarter and lowered its full-year outlook amid a challenging backdrop of economic uncertainty and consumers tightening their purse strings. 

“Having made significant progress in fortifying our operating foundation and building our platform for long-term, sustainable growth, we believe that now is the right time for this change and that we will benefit from accelerated decision-making as a flatter organization,” said Boswell. “We are well-positioned heading into the holiday season and we remain relentlessly focused on growth and committed to bringing customers the compelling product, unique merchandising and brand storytelling for which Bath & Body Works is known." 

Bath & Body Works has more than 1,870 company-operated stores in the U.S. and Canada and more than 490 international franchised locations. 

Mall of America is bigger than its Triple Five sister mega-malls American Dream and West Edmonton Mall, but they each have something MOA lacks — indoor water parks. Not for long, though, it appears.

WCCO, CBS’s Minneapolis affiliate, has reported that town officials in Bloomington, Minn., where the 5.6 million-sq.-ft. mall is located, are fully supportive of the water park and have agreed to let Triple Five use some of its municipal tax dollars to help fund the project.

MOA management stated that it was seeking other capitalization for what is now being called “Mystic Cove,” a 140,000-sq.-ft attraction that would be constructed in a section of the north parking lot at an estimated cost of $250 million.

Mystic Cove will be anchored by a massive wave pool surrounded by 30 slides, similar to the one at American Dream's DreamWorks Water Park, which the property’s president Don Ghermezian claims is America’s largest.

WCCO reported that MOA executives said they planned to make an announcement about the water park project in the coming months.

DoorDash is introducing a set of solutions designed to help retailers manage their businesses on their own channels. 

The new products and features include the DoorDash Commerce Platform, which consists of five core solutions:

• Drive on-demand -  The ability to offer delivery through their own app or website.
• Online ordering - A way to provide commission-free, digital sales and branding on a retailer’s website or own branded app.
• Phone ordering - An AI-based call-in ordering system with menu recommendations.
• Tableside order & pay - An option for customers to scan a QR code with their phone for increased order efficiency.
• Customer support solutions - A dedicated delivery support platform for customer inquiries.

As part of the Commerce Platform, DoorDash also introduced online ordering mobile apps, which enable restaurants to create their own branded native iOS and Android mobile apps. 

DoorDash has also released a rebooted Business Manager app, with expanded features based on retailer feedback. Along with its existing business and order management capabilities, the reimagined Business Manager App includes access to payouts and sales tracking, marketing campaign management and reporting, and a personalized homepage feed with recommended actions for their stores on DoorDash.

"At our core, DoorDash is a retailer-focused company," said Prabir Adarkar, president and COO, DoorDash. "Our mission has always been to develop products and services that empower local merchants to succeed. The restaurant industry has faced significant challenges in recent years, and it's more important than ever for merchants to find innovative ways to grow their sales and increase profitability."

[READ MORE: DoorDash upgrades apps for customers, drivers, retailers]

Editor's Note: Graphic courtesy of DoorDash.