News

Report: Retailers lag in digital transformation
Nearly half of retailer leaders will be out of business if they don’t transform themselves digitally. This is according to “Reinventing Retail: Cisco Reveals How Stores Can Surge Ahead on the Digital Transformation Journey,” a study based on data from 200 retail executives from North and South America and regions of Europe. Companies represent brick-and-mortar retailers, e-commerce, apparel manufacturers, food service and other segments of retail.
Home improvement giant taps veteran as finance chief
Lowe's Companies has promoted a 20-year company veteran to CFO. The retailer announced that Marshall A. Croom will succeed Robert F. (Bob) Hull Jr. as chief financial officer, effective March 3. Hull plans to retire after 17 years with the company.

Furniture chain improves supply chain visibility

The key to omnichannel success is visibility — both internally with business partners, and externally among customers.
Yankee Candle modernizes front end

Yankee Candle is all about catering to its customers. A new point-of-sale will help associates further drive this experience.
C-suite tech moves at Nordstrom

Nordstrom is realigning and streamlining its top technology positions. The company said that Dan Little, Nordstrom’s chief information officer, plans to retire next fall. Little joined Nordstrom in 2002, as VP, supply chain strategy. He was named to his current position in 2014.
Retail fraud attempts up substantially

Retail sales weren’t the only thing that rose during the 2016 holiday season. Fraud attempts increased by 31% during the past holiday season, according to data from ACI Worldwide, which, on the positive side, found the number of overall transactions increased by 16%.
Target cuts forecast on sluggish holiday sales

Another retailer is reporting a less-than-stellar holiday. Target Corp. on Wednesday cut its guidance for the fourth quarter and year on the heels of a 1.3% decline in same-store sales in November and December. (Total sales for the combined month decreased 4.9%, reflecting the impact of the December 2015 sale of the company’s pharmacy and clinic businesses.)
Advance Auto Parts exec to head wireless retail chain

A Wireless, which operates more than 1,140 Verizon-branded stores in 46 states, has appointed 26-year retail veteran George Sherman as its new CEO. Most recently, Sherman was president and also served as interim CEO for Advance Auto Parts. Prior to that, he was senior VP, global services and president, Best Buy Services for Best Buy from 2009 until 2013.
Specialty apparel retailer files Chapter 11

Limited Stores has taken another step in the liquidation process it started in December. The women’s apparel retailer announced on Tuesday it has filed for Chapter 11 bankruptcy protection. The chain also said it agreed to a "stalking horse" bid for its intellectual property and some related assets from an affiliate of private equity firm Sycamore Partners.
Leading pool supplies retailer sold

CVC Capital Partners has agreed to sell Leslie's Holdings to L Catterton and an affiliate of GIC. The financial details of the transaction have not been disclosed. Founded in 1963, Leslie's is the world's largest retailer of swimming pool supplies and related products.