News

Charlotte, N.C. – Family-owned Belk Inc., which hired Goldman Sachs in April to explore “strategic alternatives,” may have landed on a high-end shopping list. According to Reuters, New York-based equity firm Sycamore Partners may be considering bidding $3 billion to $3.5 billion for Belk.

Belk operates about 300 stores and averages about $4 billion in annual sales. In the first quarter of fiscal 2015, Belk reported earnings of $21.8 million and sales of $958 million, both of which were year-over-year improvements.

Hoffman Estates, Ill. – Sears Holding Corp. has met financial expectations for its new real estate investment trust (REIT) called Seritage Growth Properties. A 53.3 million-share Securities and Exchange Commission (SEC) subscription rights offering for Seritage that closed on July 2 was oversubscribed and generated about $1.6 billion, meeting expectations for gross proceeds of $1.57 billion.

Indianapolis - Lids Sports Group will continue living out the childhood dreams of countless consumers by “playing ball” with Major League Baseball players. Lids has reached a licensing agreement extension with the Major League Baseball Players Association (MLBPA) granting the sportswear retailer licensing rights to embroider the names, numbers and autographs of MLBPA players on New Era MLB-licensed caps.

Bangalore, India – Image is important, and that extends to mobile commerce. Indian e-commerce platform Flipkart is recognizing the importance of image for its mobile shoppers by rolling out image search on its mobile app, using ViSenze technology for visual search and image recognition.

The newly introduced image search allows users to upload photos of fashion items and find similar products in terms of color, pattern or style inside the Flipkart merchandise database. This eliminates keyword searches, simplifying the search process.

Mooresville, N.C. – Lowe's Companies Inc. has promoted Tiffany L. Mason to senior VP of corporate finance and treasurer. Mason will continue to report to CFO Robert F. Hull Jr.

In her expanded role, Mason is taking on responsibility for financial planning and analysis, while she retains responsibility for the investor relations and treasury functions. Mason has nearly 20 years of experience in accounting and corporate finance across various industries, including technology, manufacturing, banking and retail.  

Walmart has experimented with grocery delivery and store pick up in the U.S. for several years and now it is testing the waters in Canada.

Walmart chose Ottawa, a medium-sized city an hour west of Montreal in the French-speaking province of Quebec, as the first market in Canada to receive the Online Grocery Pickup service. Eleven stores in the city are part of the program. Six locations are scheduled to go live on July 7 with another five stores due to come online July 21. Walmart operates 395 stores throughout Canada.

Specialty home goods retailer Conn’s continues to expand outward from its home state of Texas with several recent openings in key markets pushing the company toward its ambitious 2015 growth plan.

Conn’s currently operates 90 stores and earlier this year announced plans for between 15 and 18 new stores. Over the July 4 weekend the company added two store in North Carolina, a 46,000-sq.-ft. store in Charlotte and a slightly smaller 43,000-sq.-ft. store in Gastonia.

Amazon.com’s latest gambit to encourage shoppers to buy a $99 Prime membership and goose second quarter sales involves the creation of quasi-holiday called “Prime Day.”

New research from global marketer Epsilon sheds fresh insight on how to influence shoppers on an increasingly convoluted path to purchase.

The firm surveyed 2,800 consumers for its “The Digital Shopping Tool Impact Study 2015” which examined how people are shopping, what’s guiding their purchasing decisions and what tools they are using before, during and after purchase. The research revealed a noticeable shift towards mobile and social digital tools that is changing the very nature of the shopping process.

American Apparel Inc. is launching a restructuring plan aimed at cutting costs as the retailer looks to turn around its struggling business.

The retailer said it would be closing stores, cutting jobs and unveil a new fall line.