News

Let the bidding begin
Two private equity firms have thrown their hats in the arena to buy Cabela’s. The firms, New York-based Apax Partners and San Francisco-based TPG Capital, are each meeting Cabela’s management as part of an auction for the 82-store chain, the New York Post reported. Bass Pro Shops is also interested in Cabela’s, and has partnered with Goldman Sachs Group’s private equity arm to make an offer for its rival, according to Reuters.
Wal-Mart Stores sets bullish sales target
Wal-Mart Stores sent out a message to naysayers who say the chain’s best days are behind it. Speaking at the Consumer Goods Forum conference in Cape Town, South Africa, Wal-Mart CEO Doug McMillion said the retailer expects to add $45 billion to $60 billion of new sales during the next three years.

Family Dollar exec moves to Vitamin Shoppe

Vitamin Shoppe on Thursday announced that it has hired Jason Reiser as COO effective July 11.
Father’s Day spending: Eight need-to-know items

Father’s Day is Sunday, June 18, and retailers and dads alike will have reason to smile, according to the International Council of Shopping Centers (ICSC). American adults who plan to consume this holiday will do so in a big way, spending an average of $169.60 at predominantly at physical retailers, according to ICSC’s most recent consumer survey. Here are eight specific findings:
Target staffs up for top-secret project

Target Corp. is continuing to hire tech experts for its ultra-secret “Goldfish” project, with the newest recruit being the former chief technology officer of sports news website Bleacher Report. The Minneapolis/St. Paul Business Journal reported that Sam Parnell has joined Target with a title of VP of innovation, and be based in the company’s office in Sunnyvale, California.
Target rolls forward with Cartwheel

The Cartwheel couponing app from Target, which launched in 2013, is getting its biggest makeover yet. Having been used by more than 25 million customers to create a total savings of more than $500 million, Cartwheel will now offer a more personalized experience, among other upgrades.
New Baltimore industrial hub announces retail development

Tradepoint Atlantic, a 3,100-acre industrial hub now taking shape in Baltimore Harbor, this week unveiled plans for a 130-acre, mixed-use retail park on the former site of the nation’s largest steelmaking facility. FedEx has signed a lease for a 300,000 sq.-ft. distribution facility and Harley-Davidson will move its training facility to the site, which offers 3,000 ft. of frontage on I-695 and exposure to 43,000 households in the surrounding area.
Kroger profit rises 10%

The Kroger Co. topped Wall Street expectations with more than one result in the first quarter of fiscal 2016.
Last-minute deal averts strike at landmark store

Macy’s has managed to avert what would have been the first strike at its most valuable property — its flagship in Manhattan — in over 40 years.
Second quarter promising so far for Havertys

The second quarter of fiscal 2016 is not yet over for home furnishings retailer Havertys, but shareholders may have reason to be optimistic. Havertys reported that sales for the quarter to date are up approximately 3.6% from the same period last year and comparable store sales are up 3.2%. Total written sales for the quarter to date are up approximately 7%, and written comparable store sales rose 6.7%.
Plenty of room for women at the top in retail

A Swedish retail giant that excels in fast-fashion is also a leader when it comes to breaking the glass ceiling. But a U.S. merchant is not that far behind.
Study: Online checkout shows some improvement

E-commerce retailers could do better in converting shoppers at the point of sale, but are displaying encouraging signs. According to the Checkout Conversion Index for the second quarter of 2016 from payment platform provider Pymtns.com, underperforming e-commerce retailers will lose $162.4 billion in potential revenue during 2016 due to failure to convert site visitors to sales. This is due to a variety of frictions that exist between online discovery and checkout.