News

Survey: Back-to-school means back to spending
Parents are increasing their back-to-school budgets, although overall spending is stagnant compared to recent years. According to a new survey of 1,830 U.S. parents of elementary through college students by Mintel, 52% of respondents plan to spend more on back-to-school (BTS) shopping than in 2015. Only 4% plan to spend less, with 44% planning to spend the same. However, overall planned BTS spending dropped to $68 billion in 2015 after ranging from $73 - $76 billion annually from 2010-2014.
Dick’s Sporting Goods wins bidding war
Dick’s Sporting Goods was the victor on Thursday at the bankruptcy auction for former rival Sports Authority Holdings. Dick’s bid $15 million for the brand name and other intellectual property, beating British-based Sports Direct International PLC’s $13 million bid, according to the Wall Street Journal. Dick’s also had the winning bid at the auction for 31 Sports Authority store leases, for an additional $8 million, the report said.

Rough seas for Pier 1

Home décor retailer Pier 1 Imports swung to a loss in its first quarter amid heavy promotions caused by weak sales. The chain reported a loss of $6 million for the quarter ended May 28, compared to net income of $6.9 million in the year-ago period. Revenue fell 4.2% to $418.4 million in the quarter, also less than expected. Same-store sales were down 2.5%.
NRF supports overturning of swipe fee settlement

The National Retail Federation (NRF) is publicly welcoming a ruling striking down the 2012 settlement of a class action lawsuit over Visa and MasterCard’s credit card swipe fees. The ruling by the U.S. Court of Appeals for the Second Circuit in New York overturns a December 2013 approval of the settlement by U.S. District Court Judge John Gleeson.
Study: No fast sale with online shoppers

Retailers like to promote and capture impulse purchases, but need to think longer-term for e-commerce.
Detecting Costly Refrigerant Leaks

An average food retail store leaks an estimated 25% estimated of its refrigerant supply per year. The majority of refrigerant leaks, which are caused by a number of factors, occur in racks and cases. For an individual store, this loss can add up to a sizeable annual expense; for a regional or national chain, the costs can be even more substantial. Additionally, associated labor costs and the potential loss of business because of service disruptions when fixing a leak should be factored in.
Study: Customers get a little satisfaction

“(I Can’t Get No) Satisfaction” has been the theme song of U.S. consumers for the past two years, but they may need to look for a new anthem.
Stiles completes Coral Ridge Center in Fort Lauderdale

The Enclave Shops at Coral Ridge outside of Fort Lauderdale is complete and its Fresh Market anchor has opened its doors. Its developer, Stiles, partnered with local businessman Phil Smith to build the surrounding residential community, The Enclave at Coral Ridge Country Club. The Fresh Market has been a draw to other prospective retail tenants at the 27,300-sq.-ft. center, according to Stiles VP of realty Mike Carpenter.
Delray Beach shopping center sells for $33 million

New Century Commons, a shopping center in Delray Beach, Florida, has been purchased by Menin Development for $33 million, according to a report in the Sun Sentinel.

Seller of the 84,551-sq.-ft. center was Linton 510 LLC, which faced uncertainty over the future of one of its anchors, Sports Authority, which filed for bankruptcy in March. Questions about cash flow going forward complicated the closing of the sale, though a Menin spokesman told the South Florida newspaper that several retailers have inquired about the Sports Authority space.
Walmart challenging Amazon with shipping offer

The world's largest retailer is throwing a counterpunch to Amazon's Prime service. Walmart is offering a free 30-day trial of its ShippingPass program, which offers consumers unlimited, two-day free shipping for a year. Normally, the service costs $49 per year. (So as not to feel left out, existing ShippingPass members will receive a free month of the service).