News Briefs

Despite high interest rates for store credit cards, consumer interest in the cards grew during the past year.

The average average annual percentage rate (APR) for a new store credit card is 30.78%, according to a new report from LendingTree’s 2024 Store Credit Card Report. It’s the highest since LendingTree began tracking the rates in 2018. It’s also about a point and a half higher than last year, more than four points higher than in 2022 — and six-and-a-half-plus points higher than in 2021.

Shoppers aren’t letting high APRs deter them from using the cards. Nearly three-in-10 (29%) consumers are at least somewhat likely to apply for a store credit card this holiday shopping season. And 46% of store cardholders say the credit card they use most is a store card. Men are far more likely than women to say so (52% versus 38%).

In other findings, more Americans prefer store cards over buy now, pay later (BNPL) loans. Forty-two percent of Americans prefer BNPL loans, while 58% prefer store cards. However, the younger the consumer, the more likely they are to say they prefer BNPL.

“There’s no doubt that store cards are common across the country,” says LendingTree’s chief credit analyst, Matt Schulz. “Nearly half of Americans currently have a store card, including 15% with three or more. Another 23% say they don’t have one currently but did in the past. That leaves just one in three Americans who say they’ve never had a store card.”

APRs of 30.00% or higher were once a rarity, noted LendingTree.  But currently 30.00% is the norm among store credit cards. Of the 106 cards reviewed, 75% had a possible APR of 30.00% or higher.

TikTok is not waiting to begin its Black Friday and Cyber Monday promotion and plans holiday livestreams with celebrities including pop singer Nicki Minaj.

The video-focused social media platform’s TikTok Shop U.S. e-commerce site is kicking off its Black Friday and Cyber Monday seasonal campaign with a sale called "Brand Palooza" from Wednesday, Nov. 13 to Wednesday, Nov. 27 (the day before Thanksgiving). Brand Palooza will provide brand-focused exclusive product discounts of up to 55%, including Phillips, Benefit Cosmetics, Liquid IV, HeyDude and The Ordinary Store. 

[READ MORE: TikTok launches e-commerce in U.S.]

TikTok Shop’s Black Friday-Cyber Monday promotion, which runs through Monday, Dec. 2, will also include a series of livestream shopping events on the TikTok Live platform including Nicki Minaj on Sunday, Nov. 24. Other celebrities scheduled to host live shopping events on TikTok Live include social media influencers the D’Amelio family, as well as events from brands including BK Beauty, The Beachwaver and Glamlite.

New products will also launch on TikTok during Black Friday and Cyber Monday, including deals from small businesses. Eligible purchases made from Nov. 13 through the end of December can be returned through Monday, Feb. 10, 2025. This extended return period gives holiday shoppers extra flexibility and peace of mind during the busy holiday season.

"The holiday season is a great time for people to find new products and brands they love, making shopping on TikTok an unforgettable experience," said TikTok in a press release. 

Target Corp. has revealed its extended holiday store hours, which include opening extra early on a key shopping day for retail with an exclusive offer. 

The company said most of its stores will open at 6 a.m. (local time) on Black Friday, which falls on Nov. 29 this year. (For the fifth consecutive year, Target stores will be closed on Thanksgiving Day, Nov. 28. )

Starting on Black Friday, Target will offer two exclusive Taylor Swift releases (available only while supplies last). The items include the official “Taylor Swift/The Eras Tour,” which provides behind-the-scenes look at the making and performance of the superstar’s Eras tour, and "The Tortured Poets Department: The Anthology" album on vinyl and CD.

The items will be available exclusively at Target in stores only on Black Friday. They will become available on the Target app and on Target.com starting Saturday, Nov. 30.

Beyond Black Friday and for the rest of the holiday season, Target is offering extended store shopping hours of 7 a.m. to midnight, from Nov. 30 to Dec. 23. 

“Target is the place to be on Black Friday — and all season long — with incredible deals on thousands of items across every category and exclusive in-store items you'll want to pick up for everyone on your gift list this year," said Mark Schindele, chief stores officer at Target. "With extended store hours, convenient same-day pickup and delivery options and around-the-clock online availability, you can choose when, where and how to shop, and our fantastic team will be there to deliver."

Whole Foods Market is expanding its presence in Florida.

The organic grocer will open its new 42,024-sq.-ft. store located in Boynton Beach in Palm Beach County on Dec. 10. The store is the anchor to SJC Ventures’ Boynton Beach Marketplace, a 69,204-sq.-ft. shopping center.

The Boynton Whole Foods will feature over 1,500 local products from 240 Florida-based suppliers. The new location will feature a full-service seafood counter with sustainable options, a specialty cheese department, a curated grocery section, and a prepared foods department with a hot bar, salad bar, and fresh sushi.

The first 300 customers in line on Dec. 10 will receive a custom tote bag and Secret Saver coupon featuring offers up to $100 off.

[READ MORE: Amazon testing small-format grocery store in Chicago]

“This will be a fantastic addition to the Boynton Beach area and we are thrilled to bring a tenant such as Whole Foods Market to the community,” said Jeff Garrison, principal at SJC Ventures at the time of the lease signing in 2022. “Our firm seeks to find regional sites that fit the demographic of specialty grocery stores like Whole Foods Market, and Boynton Beach certainly matches that.”

Part of Amazon’s Worldwide Grocery Stores, Whole Foods Market serves customers in more than 530 stores across the United States, Canada, and the U.K. 

SJC Ventures has acquired and developed more than 60 retail, mixed-use, multifamily and office projects throughout the continental U.S. since 2007.

Staples' cleaning and janitorial supplies subsidiary is launching a joint promotion with the National Service Alliance.

Staples Business Advantage and National Service Alliance (NSA), which serves as a group purchasing organization for contract cleaning businesses, are teaming up to offer new incentives for joining NSA that they say will result in no out-of-pocket expense for new members.

The promotion will also offer additional discounts on top of NSA's savings. The NSA negotiates contracts and builds relationships with distributor and manufacturer partners.

"Staples Business Advantage is proud to partner with over 160 NSA members, helping them serve their customers by providing them with an industry-leading supply chain, solutions for cost and labor savings and an assortment of over 18,000 janitorial and cleaning supplies," said Mike Cusick, VP, Staples Business Advantage facility solutions. "This new promotion offers contract cleaning companies the perfect opportunity to learn how partnering with Staples Business Advantage and the NSA can impact their business."

[READ MORE: Staples teams with HP for large-format color printing]

Headquartered in Framingham, Mass., Staples Inc. operates nearly 1,000 stores, with a Staples retail store located within 10 miles of more than half of the U.S. population. Staples Business Advantage is one of the largest distributors of cleaning and janitorial supplies in the U.S. The company operates in North America through e-commerce and direct sales.

Von Maur Department Stores continues its national growth strategy.

The century-old, family-owned retailer, recognized by Newsweek as America’s “Best Department Store” for three consecutive years, has opened a location at South Hills Village in Pittsburgh. The 118,000-sq.-ft. store is Von Maur’s first in Pennsylvania.

Von Maur will enter another new state — North Dakota — in spring 2025, opening a store at West Acres Mall in Fargo. The company is also in the midst of an extensive, multi-phased, $100 million renovation of its existing stores over the next five years. 

[READ MORE: Von Maur Department Stores launches five-year renovation plan]

The two-level Von Maur features the company's signature residential ambiance, plush furnishings, an open-floor plan and music from the store's grand piano. In addition to products from top brands, it also offers an interest-free charge card, a robust rewards program  and complimentary services such as gift wrapping and shipping.

"Today is a special day as we officially open our doors at South Hills Village and share with Pittsburgh what makes Von Maur special," said Jim von Maur, president and fourth-generation leader of Von Maur Department Stores. "The people of Pittsburgh value hard work, loyalty and service — qualities that are at the core of our company. We’re excited to bring our signature customer service and exceptional shopping experience to Pittsburgh and to becoming a part of this vibrant community."

Founded in 1872 in downtown Davenport, Iowa, Von Maur currently operates 38 department stores in 16 states.