News

Visa acquisition adds new level of digital commerce security
Visa’s new acquisition promises consumers more digital security when making payments on their laptop, mobile app, or connected device. Visa is acquiring e-commerce payment authentication provider CardinalCommerce, a move that will enable the card issuer to deliver shoppers more secure, seamless digital payments, and help accelerate digital commerce. While Visa did not disclose financial terms of the transaction, the deal is expected to close in Visa’s second fiscal quarter 2017.
Kroger misses in Q3 as net income falls
Kroger Co. lowered the higher end of its full-year adjusted profit forecast amid a “difficult” operating environment, marked by falling food prices and increased competition. The nation’s largest grocery store operator reported net earnings of $391 million, or $0.41 per diluted share, and identical supermarket sales growth, without fuel, of 0.1% in the third quarter, which ended on Nov. 5. Net earnings in the same period last year were $428 million, or $0.43 per diluted share.

Unusual demographic flocking to J.C. Penney

J.C. Penney is often associated with an older shopper demographic. But its comeback is being fueled, at least partially, by a surprising group. Millennial moms now account for 45% of Penney's revenue, CNBC reported, and the group is also driving much of the growth in the company's sales and customer count.
Another apparel retailer sounds cautious note on holiday

Express reported a drop in third-quarter profit and slashed its full-year adjusted earnings outlook, warning that the holiday season will "remain challenging." In recent days, an array of apparel retailers have expressed caution about the holiday selling season, including Gap, Abercrombie & Fitch and American Eagle Outfitters. Express earned $11.6 million, 15 cents per share, for the quarter ended Oct. 29, down from $26.3 million, or 31 cents per share, a year earlier.
Gainesville center sold for $2.8 million

University Towne Center in Gainesville, Florida, has been sold at auction to Pacific West Land for $2.8 million. Crossman & Company negotiated the deal on behalf of the seller, a south Florida special servicer. The 18,496-sq.-ft. center is close to the University of Florida campus and to Butler’s sprawling retail complex, which is itself expanding with a town center called The Neighborhoods at Butler.
Starbucks CEO Howard Schultz stepping down; will hand reins to company COO

Howard Schultz is leaving his post as CEO of the company he built into a global coffee empire, but he’s not retiring. Schultz will step down as CEO of Starbucks Corp. on April 3, at which time he will be appointed executive chairman and shift his focus to the company’s new upscale initiatives — the design and development of Starbucks Reserve Roasteries around the world and the expansion of the Starbucks Reserve retail store format — along with its social impact programs.
CSA Exclusive: America’s Top 10 Redevelopers

Kimco Realty Corp. takes the top spot in Chain Store Age’s 12th annual Top Redevelopers survey, with 2,669,999 sq. ft. redeveloped. Kimco’s redevelopment reach in 2015-2016 spanned 19 states and Canada, as the company touched 39 projects in all. (The survey analyzed redevelopment work from mid-year to mid-year in the 12-month period from June 2015 to June 2016.)
American Eagle lowers forecast

It’s a rough time for many teen apparel retailers and the holiday season may not bring much relief. American Eagle Outfitters Inc. on Wednesday issued a weaker than expected forecast for the fourth quarter as its CEO cited a “tough” retail environment. Its warnings issues similar statements from the likes of Abercrombie & Fitch and Gap.
Report: Cart abandonment highest among mobile holiday users

Cart abandonment is a very real problem during the holiday season, but mobile users are giving up on orders most often. These details were revealed in an infographic from Barilliance that detailed shopping behavior among 50 million consumers between Nov. 25 and Nov. 28.
Fast-growing convenience store operator implementing salary increase despite judge’s injunction

Sheetz is moving forward as planned to implement the changes outlined in the new overtime rule.