News

Boston -- Wayfair filed its paperwork with the U.S. Securities and Exchange Commission on Friday to raise as much as $350 million on the public market.

The Boston-based online homegoods retailer posted a loss last year of $15.5 million, and the loss was $51.4 million in the last six months. Goldman Sachs, Bank of America Merrill Lynch, and Citigroup are leading up the underwriting for the IPO, along with Allen & Co., Pacific Crest Securities, Piper Jaffray, Wells Fargo Securities, Canaccord Genuity, Cowen and Co., and Raymond James.

New York -- Activist hedge fund Jana Partners revealed on Monday that it received an anonymous package detailing a PetSmart presentation around improving results over the next two quarters.

According to Jana in a filing with the Securities and Exchange Commission, a cover letter accompanied the presentation, saying that PetSmart had “missed internal projections.” Jana said it sent the documents back to the company, asking the board to “promptly release such materials after redacting any such competitively sensitive information.”

Toronto -- According to the Staples' Annual Back-to-School study evaluating the back-to-school shopping habits of Canadian customers, value is the top priority; 81% of Canadians say they look for a retailer that offers good value.

Highlights from the annual survey include:

• 81% of back-to-school shoppers look for a retailer that offers good value;

• Nearly three quarters (74%) of Canadian back-to-school shoppers prepare their own lists;

• Almost as many (71%) make their own budget;

Chain Store Age is excited to announce a partnership with Sunnyvale, California-based business accelerator Plug and Play. Plug and Play’s Retail Accelerator has joined forces with leading brands and retailers in order to foster the growth of retail-focused startups during a 12-week startup program in Silicon Valley. A round table of corporations, venture capitalists and industry experts guide the direction of the program.

Plug and Play helps bring together retailers and startups who offer specific technology and expertise that can relieve their pain points. In each issue of our Customer Disruption e-newsletter, we will provide you a brief Q&A with the CEO of a Plug and Play startup, explaining how their company assists retailers in succeeding in today’s disruptive customer environment.

This week’s inaugural CEO Corner features three questions with Rich Wagner, CEO of Prevedere.

What does your company do?

Social media is slowly but surely moving from a promotional channel to a channel for direct transactions, as evidenced by the recent news that Facebook is testing a “buy” button of its own. Twitter has become a favored means of running time- and location-sensitive retail promotions, such as Twitter-based food truck promotions run by Ben & Jerry’s and Taco Bell, but so far has not presented itself as an effective means of exchanging goods for currency.

San Francisco -- Piperlime, a division of Gap Inc., has enhanced its website to include streams of images filtered directly from Instagram providing customers with fashion. Shoppers will be able to click the images and shop the items to make these looks their own. Product pages will also feature styling ideas from bloggers and influencers, showing unique ways to style the same must-have pieces for each season.

Long Island City, N.Y. -- Steve Madden has completed the acquisition of privately held Dolce Vita Holdings Inc., which specializes in the design, sourcing and sale of branded and private label footwear. The acquisition was completed for $60.3 million.

Boston -- Walmart continues to maintain its basket price advantage over Target, according to Kantar Retail’s semi-annual pricing study. But while Walmart maintained its lower-priced basket – with a leap even further ahead in non-edible grocery – the retailer’s basket was still only 1% less expensive than Target’s, the smallest price gap since the June 2012 study.  
 

I’m excited to announce a new partnership Chain Store Age is launching with Plug and Play Tech Center, an innovative Silicon Valley tech startup investor whose mission is to connect promising tech startups with retail corporations in an attempt to help retailers transition into the technological age. From time to time, you will be seeing Plug and Play-related content on our site and in our magazine.