News

Specialty retailer to explore alternatives
An Indianapolis-based appliance and electronics chain is bringing in outside help as it struggles with sinking sales. Hhgregg announced that it has engaged subsidiaries of Stifel Financial Corp. for advice on potential strategic and financial transactions as the retailer works to improve liquidity and return to profitability.
Etsy looks to take bite out of Michael’s, Jo-Ann’s
Online marketplace retailer Etsy.com is looking to expand its base of sellers by entering the estimated $40 to $44 billion craft supplies market, which is dominated by such retailers as Michael’s and Jo-Ann’s Stores. In its largest expansion to date, Etsy announced it will launch Etsy Studio, which will sell craft supplies and offer DIY tutorials, in April. It is the first new marketplace Etsy has built from the ground up since it debuted in 2011.

Report: Cyber-attacks cost companies more than revenue

Companies that suffer a data breach are subject to customer, opportunity and revenue losses well exceeding 20%. This was according to the “2017 Annual Cybersecurity Report (ACR),” from Cisco, which surveyed nearly 3,000 chief security officers (CSOs) and security operations leaders from 13 countries in the “Security Capabilities Benchmark Study,” part of the ACR.
German grocery giant to make a big U.S. debut ahead of schedule

Lidl is coming out of the starting gate in the United States earlier than expected — and it isn’t going to waste any time ramping up its store base. The discount grocer will open its first U.S. stores this summer, with plans to open up to 100 locations across the East Coast within a year, the Associated Press reported. The chain initially had said it planned to enter the U.S. market no later than 2018.
Retail CEOs meet with Trump

The CEOs of Gap, Best Buy, Target Corp., J.C. Penney and several other national retailers met with President Trump on Wednesday to discuss tax reform and to make their case against the so-called border tax adjustment.
C-store chain improves workforce management operations

Love’s Travel Stops & Country Stores is getting its stores on the same page. The convenience and fuel chain, which operates more than 400 locations in 40 states, employs more than 17,000 people. By adding Reflexis Workforce Manager, it will have a consistent way to manage its budgeting, forecasting, and labor scheduling across the enterprise.
Walmart acquires specialty outdoor retailer

Walmart has added another online asset to its battle against Amazon. The chain announced it has acquired Moosejaw, an outdoor retailer know for its social media marketing expertise and strong online following among younger consumers, for approximately $51 million. The acquisition, which closed on Feb. 13, is Walmart’s second acquisition in less than two months. In late December, the chain’s Jet.com unit acquired online footwear retailer ShoeBuy.
Commentary: Some red flags in January sales results

The year kicks off with a respectable set of retail sales numbers that show continued momentum in the consumer economy. The overall growth rate of 4.9% is a little way above the average monthly growth rate of 3.3% recorded in 2016, something that will give retailers some cheer as they head into 2017.
Nordstrom Rack doubles down on Manhattan

Nordstrom announced the second Big Apple location for its off-price division. Nordstrom Rack will open at Durst Organization's mixed-use building at 855 Sixth Avenue. The approximately 46,500-sq.-ft. store is scheduled to open in fall 2017. It occupy the first three floors of the newly constructed office/residential tower. The location is on the corner of 31st Street, two blocks from Herald Square.
Nation’s largest specialty bedding retailer names chief marketing officer

Mattress Firm has tapped a veteran energy marketing executive to head up its marketing efforts. The company has appointed Sicily Dickenson as its chief marketing officer. Dickenson brings more than 13 years of experience in digital marketing, marketing communications, creative services and brand marketing.