News

Report: Is ‘Apple Cash’ on the horizon?
Apple may be the next company to provide a money-transfer service. Sources said Apple has recently held discussions with payments industry partners about introducing a program that would allow iPhone owners to send money to each other digitally, according to ReCode. If Apple’s plan pans out, its service will rival offerings from big U.S. banks, as well as PayPal, its millennial-popular subsidiary Venmo, and Square Cash, the report said.
Tractor Supply is weather-challenged in Q1
Tractor Supply Company reported declines in first quarter comp-store sales and net income as mild weather reduced sales of winter products. "Due to the challenging weather conditions, we were unable to offset the strong seasonal performance from last year's first quarter," said CEO Greg Sandfort. "As the weather has normalized over the past few weeks, we are encouraged with how the customer has responded and believe there is significant spring business ahead of us."

Bonobos continues offline expansion

E-commerce driven Bonobos continues to expand its physical presence. The upscale menswear retailer added three new stores (which it calls “guideshops”), with locations at Westfield Century City in Los Angeles; the Summit in Lexington, Ky.; and Chicago’s Southport neighborhood, reported wwd.com. Another outpost is due to in Denver next week.
Retail Group make case for swipe fee reform

The National Retail Federation brought added attention to its stance on debit card swipe fee reform at a Congressional hearing on Capitol Hill. According to the NRF, reform has saved merchants and consumers more than $40 billion -- which is why the association is asking that it be protected.
Under Armour reports first-ever loss

Bankruptcies in the sporting goods sector is taking a toll on Under Armour, but the brand still managed to beat expectations in its first quarter.
Study: Data must ‘deliver’ in the age of personalization

Companies are adopting more solutions to gain a 360-degree view of each customer. While 88% of companies believe their investments help their organization understand customer needs, only 61% of consumers agree — a gap that is costing retailers $62 billion a year, according to research from Talend. The provider of cloud and big data integration software surveyed 361 IT leaders and 1,094 consumers in the United States, the U.K., France, and Germany.
Apparel retailer launches first mobile app in Europe

Tommy Hilfiger is giving European customers a new way to connect with its brand. The specialty apparel retailer joined forces with PredictSpring to launch a mobile app targeting the European market. The app will enable consumers in 17 countries to log into their Hilfiger Club loyalty accounts, and receive personalized messages, promotions and event invitations.
Study: Most retail associates will use mobile solutions within three years

More retailers are putting mobile devices into their associates’ hands. Momentum is so strong that within three years, 89% of retailers will give their associates access to mobile solutions, according to “The Mobile World of Retail,” a report from Boston Retail Partners. BRP surveyed the top North American retailers to explore the current state of how mobile technology is shaping retail capabilities, priorities and processes.
Iconic footwear brand in deal to expand worldwide

Authentic Brands Group has taken a 51% stake in Frye, one of the nation’s oldest footwear brands, with an eye to expanding its footprint. ABG will co-own the brand in partnership with Global Brands Group Holding Limited, from whom it acquired the stake. This is the first time ABG and Global Brands, who have had a long history of collaboration, co-own a brand.
Barnes & Noble names new CEO — its fourth in four years

Barnes & Noble has ended its quest for a new chief executive with an in-house promotion. The struggling bookseller named Demos Parneros as CEO, effective immediately. Parneros, who has served as COO of Barnes & Noble since November 2016, is a longtime Staples veteran. Prior to joining Barnes & Noble, he was president of North American stores & online for the office supply giant.
HSNi on hunt for new CEO as Mindy Grossman leaves retail for…

One of the retail industry’s most high-profile and powerful female executives has been tapped as CEO of Weight Watchers International. Mindy Grossman will step down as chief executive of HSNi effective May 24. She will take the reins as president and CEO of Weight Watchers, effective in July, and will also join the Weight Watchers board at that time.
Online marketplace’s styling service gets personal

Poshmark is expanding its one-to-one shopping experience. With the launch of Posh Dressing Room, the retailer is connecting buyers with a personal “Seller Stylist,” a move that fosters the experience of shopping in a physical boutique. The service makes online shopping easier and more customized for consumers, and enables its sellers to expand their online boutiques, according to Poshmark.