News

Hiring for the Holidays: What Retailers Need to Succeed
With the holidays right around the corner, retailers are already setting up for the biggest shopping season of the year. This year, retail revenue for the holidays is expected to surpass $1 trillion, compared to last year’s total of $626.1 billion. One of the many holiday preparations brands are making to deal with this influx is bulking up in-store resources. At least 700,000 short-term retail jobs are assumed to be added across the U.S. this holiday season, helping brands fill gaps in-stores and on the back-end.
Home improvement giant honored by EPA
The U.S. Environmental Protection Agency recognized The Home Depot for its eco-friendly freight transportation efforts. The chain received a 2016 SmartWay Excellence Award for the fourth consecutive year for its contributions to cleaner, healthier air and reducing carbon emissions by hauling all freight with environmentally and energy efficient carriers.

Costco Q4 profit tops Street

Costco Wholesale Corp. reported a higher-than-expected profit for the fourth quarter. In related news, shoppers opened 730,000 new credit card accounts since the Visa cards went live in June, Costco executives said on a conference call with analysts. (In June, Costco ended its longstanding relationship with American Express and switched to Visa.) Net income rose to $779 million, or $1.77 per share, in the fourth quarter ended Aug. 28, from $767 million, or $1.73 per share, a year earlier.
Tech Bytes: Three steps to creating a ‘mobile’ pop-up

The signs of fall are definitely upon us. The weather is finally dropping into the 70s on the east coast. Summer’s green leaves are slowly transitioning to rich autumn hues. You can’t escape “Pumpkin Spice.” And of course, the biggest sign of fall: Halloween pop-up stores.
Gap veteran fills top marketing spot at Old Navy

Who says you can’t go home again? Certainly not Gap Inc., which appointed Jamie Gersch as the senior VP, chief marketing officer of its Old Navy banner, reported adage.com. She replaces Ivan Wicksteed, who left the company in March. She will come aboard at the end of October.
Pier 1 sales drop for Q2

Despite strong digital gains, Pier 1 is feeling the effect of soft store sales during the summer. Net sales for the second quarter for fiscal 2017, ended Aug. 27, 2016, decreased 6.7% to $405.8 million, compared to $435.0 million for the same period last year. Comparable store sales for the quarter decreased 4.3%. Gross profit also fell during the second quarter, hitting $145.0 million, compared to $154.6 million in the second quarter of fiscal 2016.
Conn’s to embark on $700 million securitization transaction

Specialty retailer Conn’s is preparing for its newest round of securitization. Conn’s has entered into an agreement to securitize approximately $700 million of retail installment contract receivables, with an expected Oct. 6 closing. The face amount of the notes to be issued is $1.12 billion, with an advance rate of 77.5% of the outstanding customer receivables portfolio balance. This equates to approximately 89.5% of net book value at July 31, 2015.
West Elm fine-tuning its stores for sound

Shoppers at select West Elm stores will soon have their very own listening rooms — with state-of-the art sound speakers. The home furnishings retailer announced a partnership with Sonos to sell the company’s sound speakers and components in its U.S. stores and website, and to install “Sonos listening labs” in 16 West Elm stores. The listening rooms will be outfitted with West Elm’s signature modern furnishings and accessories and Sonos home sound system products.
A speedy exit for Stein Mart CEO

There is a leadership change underway at Stein Mart. Dawn Robertson resigned from her position of CEO and company direc-tor. D. Hunt Hawkins, the chain’s president and COO, has been named interim CEO.
American Eagle names new executive VP, CFO

American Eagle continues to strengthen its management team to further drive its growth. Bob Madore has been appointed executive VP and CFO, starting Oct. 28. In his new role, Madore will oversee all aspects of finance, merchandise planning and allocation, and investor relations. He will report to American Eagle’s CEO Jay Schottenstein.