News

Why Costco won’t have a problem with California’s $15 minimum wage
In a history-making move that would have a direct impact on the retail industry and food service sector, the state of California has moved closer to raising the statewide minimum wage to $15 an hour by 2022.
CityCenter enters into agreement to sell The Shops at Crystals in Las Vegas
Las Vegas -- CityCenter Holding -- a venture between MGM Resorts International and Infinity World Development Corp. -- announced that it has entered into an agreement with a venture led by Invesco Real Estate and Simon Property Group to acquire The Shops at Crystals in Las Vegas, for a purchase price of approximately $1.1 billion.

Ron Johnson’s Enjoy expanding

The nearly one-year-old online retail startup from Ron Johnson is expanding into new markets.

Enjoy, which sells higher-end consumer electronics that trained experts hand deliver and provide training for at no additional charge, has added Los Angeles to its delivery area. Its next market will be Chicago.

The company already services San Francisco and New York City.
Energy Smarts: Havertys partners with DOE for energy efficiency

Haverty Furniture Company has been around since the late 19th century, but the specialty furniture retailer has a decidedly 21st century approach to energy management.

“We want Havertys to be the company everyone wants to come work for,” said Rawson Haverty Jr., senior VP of real estate and development, Havertys, during a session at Chain Store Age’s SPECS 2016 Conference, March 13 – 15, in Dallas.
Court rules Puerto Rico can’t gouge Walmart

A court ruling struck down a provision adopted by Puerto Rico last year that tripled the tax revenue the debt-laden island extracted from Walmart, Reuters reported. [Reuters]
Ex-PwC partner joins Children's Place board

The Children’s Place has appointed an expert in financial auditing to its board.

The compay said John E. (“Jeb”) Bachman has been named to the company’s board of directors, effective immediately. Bachman will serve as an independent Class I Director and will stand for election at the 2016 Annual Meeting of Stockholders. Bachman will serve on the audit committee.
Petco adds new leadership to accelerate growth plans

Petco has added two key leaders to its executive ranks and expanded the role of its supply chain chief.

The company announced that it has hired Jodi Watson as senior VP, Petco Direct, and Spencer Insolia as VP, Petco and president, Doctors Foster & Smith. The company has also named John Carcasi as senior VP, supply chain & merchandise planning, expanding his previous role to encompass all supply chain and inventory related activity across the company.
Conn's to open new stores; names board member

Conn’s is planning tomake investments in technology, credit and personnel in 2016 as the retailer looks to expand its footprint with some 10 to 15 new stores and improve profitability.

For the fourth quarter ended Jan. 31 the retailer said revenues increased 7% to $456.8 million. Same store sales decreased 1.7%. Conn's said its credit segment operating loss increased from $11.3 million to $19.3 million, driven primarily by bad debts.
Survey: These social networks most influence purchases

When it comes to buying products, consumers are particular about who and what they trust to get advice.

According to a survey of nearly 14,000 adults conducted in early March by social retail technology provider Collective Bias, Facebook and YouTube are the most persuasive social channels for consumer purchases. About 19% of consumers find Facebook to influence their purchasing decision most, with YouTube coming in second at nearly 18%. YouTube is especially popular with men (23%) compared to women (14%).
Survey: Online grocery shopping grows in certain directions

Consumers are buying groceries online in increasing numbers, but are following specific trends.

According to a new survey of 12,000 U.S. grocery shoppers conducted by grocery retail consultancy Brick Meets Click and sponsored by SAP hybris, the percentage of U.S. consumers that have purchased groceries online in the past 30 days nearly doubled to 21% in the fourth quarter of 2015 from 11% in 2013. Forty-one percent of consumers have purchased groceries online at some point.
Foot Locker treads new territory on Wall Street

Following a record performance in 2015, Foot Locker has become the newest member of the S&P 500 index, which bodes well for the performance of the company’s share price.

After the close of trading on Friday, April 1, Foot Locker will replace oil and gas equipment services provider Cameron International as the newest constituent in the S&P 500 index, according to a statement by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial. A spot on the S&P 500 index opened up after Cameron was acquired by Schlumberger Ltd.
Hot brand opening pop-ups in hotels

One of the most buzzed-about retail brands is setting up shop — temporarily — in some hip hotels.

Canadian apparel retailer Kit and Ace is opening a a series of pop-ups in collaboration with luxury hotels in major cities across the globe. The pop-up, called “The Carry-on,” will make its debut in April, at the Hotel Zetta in San Francisco (for full listing, see end of article). It will offer a selection of easy-pack, carry-on essentials from Kit and Ace.