News

Report: Alibaba set to hold stake in Paytm e-commerce spin-off
Alibaba Group Holding Ltd. is making a new strategic investment — one that will up the ante in the hyper-competitive e-commerce marketplace.
Hudson’s Bay reportedly approaches Macy’s about a takeover
A blockbuster deal in retail could be on the horizon. Or not. Canada’s Hudson's Bay Company has approached Macy’s about a takeover, reported The Wall Street Journal, citing people familiar with the matter. The talks between the companies are in the early stages and could lead to something other than an acquisition, according to the Journal, such as a deal for Macy’s real estate, which could be valued at roughly $14 billion. The talks could also go nowhere.

Dillard’s to replace Macy’s at Utah Mall

Dillard’s has signed an agreement to move into a shuttered Macy’s store at the Layton Hills Mall in Layton, Utah, north of Salt Lake City. Construction on the 160,000-sq.-ft. site is set to begin in April, looking toward a fall 2017 opening.
Warehouse club retailer to open new location and DC

PriceSmart is ready to break ground on its newest locations. The warehouse club retailer has acquired approximately 242,000 sq. ft. of land in Santa Ana, Costa Rica — the home of its newest warehouse club set to open in the fall. This will be the chain’s seventh club operating in Costa Rica.
Home decor retailer lowers guidance on weak Q4

Kirkland’s same-store sales fell in the fourth quarter amid weak traffic early in December. The home décor chain reported that its net sales for the 13 weeks ended January 28, 2017, increased 2.1% to $203.2 million compared to the year-ago period. Same- store sales for the quarter, including e-commerce sales, decreased 4.6%.
Teen retailer files for Chapter 11 — again

The Wet Seal has filed for Chapter 11 bankruptcy protection for the second time in a little over two years. The move comes after the struggling teen apparel retailer said it planned to close all its stores after it was unable to find a buyer or fresh capital. The company’s website is still selling merchandise, with all goods discounted.
Walgreens, Walmart and Target among retailers opposing Border Adjustment Tax

More than 100 retailers and trade associations, including Walgreens Boot Alliance, Rite Aid, Walmart and Target, have joined the Americans for Affordable Products coalition in an effort to stop the Border Adjustment Tax, otherwise known as BAT, which is a component of the U.S. House Republican tax reform proposal.
Gap in augmented reality dressing room pilot

Gap is testing an augmented reality app that lets shoppers "try on” its apparel without ever entering a store. The app, called DressingRoom by Gap, lets customers virtually try on merchandise via their smartphone, according to a report by PSFK. It uses Avametric technology backed by the Google Tango platform and ASUS hardware.
Whole Foods Market, El Paso, Texas

Whole Foods Market makes its El Paso debut with a store that reflects the culture and flavor of the locale. The 45,000-sq.-ft. store is bright and colorful, with a lively atmosphere. Individual departments stand out with their own distinctive color palette and lighting, with signage in both English and Spanish. The space features a meeting room for community events, and an 82-seat bar and restaurant (“Thunderbird Taproom”).
Changing of the guard at luxury specialty retailer

Barneys New York has promoted its COO to the top job. Daniella Vitale has been named chief executive officer of the New York-based upscale specialty retailer. Vitale replaces Mark Lee, who is retiring and will assume the role executive chairman. Lee joined Barneys as chief executive in 2010. He is credited with turning the business around. Lee previously served as CEO of Gucci, and also held positions at Yves Saint Laurent, Armani and Jill Sander. He started his career at Saks Fifth Avenue.