News

Home remodeling boom is good news for retailers
With home prices on the rise, consumers are once again investing in remodeling and repair projects.
Amazon puts toe in banking sector by selling student loans
Amazon Prime has added yet another item to its growing lineup of membership benefits: discounts on student loans. The online giant is teaming up with Wells Fargo to offer Amazon Prime Student members a discount on private student loans that are taken out through Wells Fargo Educational Financial Services, the largest private student lender among U.S. commercial banks. (Membership in Amazon Prime Student costs $49 a year, which is half the price of a regular Amazon Prime membership.)

NRF: back-to-school spending to reach $75.8 billion

With back-to-school spending on a “stock up” cycle rather than a “make do” cycle, total spending for K-12 and college school supplies is expected to reach $75.8 billion, up from last year’s $68 billion, according to the National Retail Federation’s annual survey conducted by Prosper Insights and Analytics.
Fender amps up consumer choice
Texas Sugar Refinery slated for 855,000-sq.-ft. mixed use project

The 26-acre property of the Imperial Sugar Refinery in Sugar Land, Texas, has been purchased by a developer that intends to transform it into a mixed-use facility comprising a hotel, apartments, and a 290,000 sq. ft. retail and entertainment center.
ECRM taps media veteran Wayne Bennett to lead retail development

Efficient Collaborative Retail Marketing (ECRM), a leader in business innovation and technology, has hired retail business-to-business media veteran Wayne Bennett as senior VP, retail to lead business process initiatives between the retail industry and the supplier community that serves them.
Specialty jeweler steps up store expansion

Alex and Ani is ramping up its store growth. The Cranston, Rhode Island-based retailer plans to open 27 new locations in North America by the end of 2016, giving it a total of some 90 stores. With the majority of its stores located on the East Coast, Alex and Ani, which is privately held, is now looking further afield. It will make its Southern California debut this fall, in Orange County.
Kroger to create new specialty pharmacy division

The Kroger Co. is expanding its position in the pharmacy vertical. Axium Pharmacy Holdings Inc., a wholly-owned subsidiary of Kroger, will acquire Orlando, Florida-based specialty pharmacy retailer ModernHealth. Financial terms of the agreement with ModernHealth parent company ModernHC Holdings Inc. were not disclosed. The deal will create a combined specialty pharmacy that will operate as a wholly-owned Kroger subsidiary.
What’s the connection between Donald Trump and American Apparel?

Politics can make for some strange bedfellows. Donald Trump’s campaign is reportedly using American Apparel to manufacture some of its campaign apparel merchandise, according to Fortune.
eBay marks big milestone in second quarter

eBay beat sales expectations in its second quarter, during which it also crossed an important threshold.

The online marketplace reported that it crossed the one billion live listings mark in the quarter, reflecting its efforts to expand the breadth of selection offered to consumers and the progress it has made on enhancing its shopping platform.

eBay reported net income of $435 million, or 38 cents a share, up from $83 million.