News

Coney Island project signs CVS and Apple Bank
Neptune/6th, a redevelopment of the former site of Trump Village Shopping Center and the Royal Palace Baths in Brooklyn’s Coney Island section, has secured leases from CVS and Apple Bank as it looks toward a summer 2017 opening of its first phase. Cammeby’s is the developer. That phase will include 161,000 sq. ft. of retail, office, and parking in a standalone space across from the old Trump Village site. Three further phases will add 165,000 sq. ft. of retail and parking and a 575-unit residential tower.
Deloitte: Online, physical retailers tied for Black Friday weekend wallet share
As Black Friday quickly approaches, it is anyone’s game on who will garner the most wallet share — clicks or bricks. More than three-quarters (76%) of Americans plan to shop over the Thanksgiving holiday weekend, and they plan to spend $400 between Thanksgiving and Cyber Monday, a slight uptick from last year's intentions to spend $369.

Walmart mounts big offense for Cyber Monday

Walmart has fired the first shot in the Cyber Monday wars. The discounter said it will launch its “Cyber Week” sales several days early this year, with the first round to be offered on Friday, Nov. 25, at 12:01 a.m. (EST). In announcing the deals, Walmart noted it has nearly tripled its online assortment to more than 23 million products from 8 million last year, with the growth partially driven by the increase in the chain’s third-party sellers.
Report: Popular online brand to open brick-and-mortar stores

The online retailer credited with disrupting the mattress category may be moving into the physical space. Casper, which delivers its mattresses folded in a box, has plans to open a fleet of physical stores, according to help wanted ads placed on its website, according to the New York Post.
Survey finds mixed signals about holiday spending

Not everyone is feeling confident about retail sales. U.S.-based importers and suppliers who sell goods to retailers are not entirely confident consumers are going to open their wallets, according to a new survey conducted by Capital Business Credit, a supply chain finance company.
In Q&A, Target chief merchant talks holiday

Mark Tritton, chief merchandising officer of Target, discusses the chain’s holiday strategy of emphasizing low prices as well as highlighting private-brand clothes and splurges for the season in an interview with the Associated Press.
Study: Apple Pay usage soars with digital targeted POP messaging

Apple Pay may be transforming mobile payments, but digital targeted messages spur more shoppers’ willingness to pay with their devices. This message was delivered in a study from USA Technologies. The report measured the impact of targeted digital advertising screens on consumers’ use of mobile wallets – primarily Apple Pay. The impact of 35 vending machines located in New York and Louisiana were measured over a six-month period, between March and August 2016.
Another off-pricer soars in Q3

The U.S. shopper’s love affair with the off-price channel shows no signs of winding down any time soon. Ross Stores easily beat analysts’ expectations as its earnings increased 13% in the quarter ended Oct. 29, amid better-than-expected revenue growth and stronger margins.
Foot Locker in top form in Q3 profit surges

Foot Locker reported third-quarter profit that surpassed analysts’ expectations. The retailer’s earnings soared 96.3% in the quarter ended Oct. 29 to $157 million, or $1.17 a share, up from $80 million, or 57 cents, a year ago. Total sales increased 5.1% to $1.886 billion this year. Same-store sales were up 4.7%.
Gap underwhelms as Q3 profit, sales drop

Gap Inc. delivered another weak quarter as store closures outside of North America impacted its profitability and sales continue to slump at its namesake and Banana Republic divisions. The retailer earned $204 million, or 51 cents per share, in the quarter ended Oct. 29. That compares with $248 million, or 61 cents per share, last year. Adjusted results were 60 cents per share, which matched estimates from FactSet.
NRF to Visa: Stop using EMV tech to steer debit to network

Is Visa violating retailers’ “freedom of choice?” The National Retail Federation, among other retail associations, believe so, claiming that the card issuer is using new Europay MasterCard Visa (EMV) technology to steer debit card transactions to its own processing network. According to the Federal Reserve, this violates merchants’ legal right to competition over who will process the transactions, according to a statement from NRF.
Abercrombie & Fitch profit plummets as turnaround effort stalls

Abercrombie & Fitch’s efforts to turnaround its struggling namesake brand aren’t finding much traction with shoppers. The teen apparel brand on Friday said that its profit declined 81% in the third quarter and warned that it expects a challenging holiday season for its namesake banner. Abercrombie posted net income of $7.88 million, or 12 cents per share, for the quarter ended Oct. 29, down from $41.9 million, or 60 cents per share, in the year-ago period.