News

A cash-free economy could be here sooner than expected — and American consumers are leading the charge.   Slightly more than half (54%) of consumers in the United States expect to stop using cash for shopping by 2020, according to “Lost in Transaction,” a report from payments provider Paysafe. The study, conducted among 3,038 consumers in the United States, United Kingdom and Canada, examines how cash is merging with digital formats.  

Birdies has gotten some new seed — seed funding that is   The San Francisco startup, known for its stylish and comfortable house slippers, announced it has raised $2 million in seed funding. The round was led by Forerunner Ventures, the investors behind Jet.com and Dollar Shave Club, with participation from Slow Ventures, Graph Ventures, Social Capital and a few strategic individual investors.    

Lowe’s Cos. has appointed a 20-year retail veteran to lead supply chain field processes   Michael West will join Lowe's as senior VP of supply chain field operations, effective Sept. 25. He will report to chief supply chain officer Brent G. Kirby.   West joins Lowe's from Neiman Marcus, where he served on the company's leadership team as senior VP, supply chain. He led distribution, transportation and fulfillment for all brands in the Neiman Marcus Group.   

Off-price retailing is hot, but Neiman Marcus is emphasizing what it knows best.    Neiman Marcus will close 10 of its 37 off-price Last Call stores in order to focus on its full-line luxury department stores. Prior to the news, the retailer has already closed three Last Call outlets this year, including its locations at Allen Premium Outlets, Allen, Texas, and Legacy Place in Dedham, Mass.   

Ikea is allowing its shoppers to virtually test drive merchandise before making a purchase.   The home furnishings giant is preparing to launch a new augmented reality (AR) app. Called Ikea Place, the app allows customers to virtually place furniture in any space in their home, office, school or studio — and share the images.    The app, which will be supported by Apple’s iOS 11 platform, will launch in late September.  

Amazon is looking to take advantage of Mexico’s growing e-commerce industry.   The online giant is planning to open a 1 million sq. ft. warehouse near Mexico City, according to Reuters. Scheduled to open next year, it would be the company’s third distribution center in the country.  

High-end bath, kitchen and appliance retailer PIrch is relying on its California roots for future growth.  

Amazon is expanding into one of the go-to destinations for product discovery.   This was according to “Amazon: The Big E-Commerce Marketing Opportunity for Brands,” a report from Kenshoo. The study is based on 3,100 consumers in the United States, Germany, United Kingdom and France.  

The National Retail Federation is once again making the case for a new federal law on data breach notifications.   Citing the recent breach at the Equifax credit reporting agency, National Retail Federation and other industry associations are telling Congress that any new federal law on data breach notification should apply to all industries that handle consumer data.   

Staples is done trading on Nasdaq.   Sycamore Partners announced that it has completed its acquisition of the office supply giant. Under the terms of the deal, which was announced in June, Staples was acquired by the private equity firm in a transaction valued at approximately $6.9 billion.