News

Uber, Visa partner with local merchants to offer discounted rides
Uber riders in San Francisco and Los Angeles are getting even more benefits when they book a ride. A partnership between Uber and Visa will enable customers to earn discounted rides when they use their Visa credit card on file with Uber at their favorite local merchants.
End of the road for teen apparel retailer?
Things are looking bleaker for bankrupt Aeropostale. A bankruptcy court judge on late Monday rejected a request from Aeropostale to blame its bankruptcy on Sycamore Partners and block an offer from the private equity firm. Sycamore Partners confirmed it submitted a bid for the chain after the judge issued the opinion. The amount of the bid is unknown, but it may have been $150 million, which is how much Aeropostale owes two affiliates of Sycamore, Aero Investors and MGF Sourcing Holdings.

Loss widens for specialty apparel retailer

Christopher & Banks Corp.’s loss widened in its second quarter amid soft sales its outlet channel and a temporary shutdown of its e-commerce site. The company reported a net loss of $3.9 million, or a $0.11 loss per share, compared to a net loss for the prior year period of $0.7 million, or a $0.02 loss per share. Same-store sales decreased 5.8%, compared to a 12.4% decrease in the same period last year.
Branch buys its first Alabama centers

Branch Properties, which owns 24 retail centers and restaurant parks in the Southeast, made its first foray into Alabama with the purchase of two Birmingham properties from Bayer and a silent partner. The Atlanta-based Branch gets Inverness Corners, a 236,444-sq.-ft. center anchored by Winn-Dixie and Kohl’s, and Inverness Plaza a 74,818-sq.-ft property that houses Alabama’s only PGA Super Store. The deal was brokered by JLL.
Fred’s names retail veteran as CEO

Photo: Michael K. Bloom Fred’s announced it has promoted COO Michael K. Bloom to chief executive, effective Aug. 29. Bloom succeeds CEO Jerry A. Shore, who became chief executive in October 2014 and intends to retire in February.
Report: Fraud attacks spike over past four quarters

Cyber-criminals have been wreaking so much havoc among retailers that there has been a 137% jump in fraud attacks over the past four quarters, an issue affecting $7 out of every $100 of retail sales, according to the latest PYMNTS.com Global Fraud Attack Index.
Fred's creates new COO position

Fred’s Inc. named Craig Barnes, executive VP of supply chain, global and domestic logistics, to the newly created role of COO — front store. In his new role, Barnes will be responsible for merchandising, marketing, supply chain, store operations and real estate, and will report directly to CEO Michael K. Bloom.
Howard Hughes Corp. tops out Hawaiian tower

Howard Hughes Corporation this week topped out the second of three residential towers destined for Ward Village, a 60-acre, master-planned community in Honolulu that will deliver 4,000 new residences when completed. The finished Anaha tower, set to welcome residents in 2017, will house a Merriman’s restaurant and Oahu’s flagship Whole Foods Market.
Target’s top marketing exec heading off to Uber

Target Corp. is losing its top marketing honcho just months before it enters its most important selling season. Jeff Jones, executive VP, chief marketing officer at Target, will depart the discounter effective Sept. 9. Jones will be joining Uber as president, ridesharing. He will responsible for Uber’s operations, marketing and customer support globally. Target is conducting an external and internal search for Jones' replacement.
Abercrombie & Fitch has changed. But do consumers realize it?

From new store prototypes to merchandise changes, Abercrombie & Fitch has been investing in efforts to transform and update its namesake and Hollister brands. Unfortunately, getting consumers to change their ideas regarding the brands is not proving all that easy, according to Columbus Business First.