News

Ace's sales miss in Q3
Ace Hardware Corporation reported a sales miss in the third quarter -- even if the co-op wasn't expecting to match its impressive results in the prior-year quarter. “The third quarter of last year was the best in company history, with revenues up 13.2% and net income up 45.3%,” said John Venhuizen, president and CEO. “As a result, our expectation for the third quarter of this year was modest sales growth and lower net income. We whiffed on sales, but exceeded our net income budget for our domestic business."
Crate and Barrel expands online assortment with new marketplace
Move over Amazon Marketplace — Crate and Barrel is moving onto your turf. Crate and Barrel has expanded its online assortment by launching its own marketplace, which it describes as a highly curated selection of products based on Crate and Barrel's merchandising style. Shoppers enter the marketplace directly from the retailer’s website.

Study: Asia Pacific leads mobile cross-border shopping

As retailers expand their operations beyond their domestic borders, many are finding new opportunities to connect with new shoppers. This message was delivered in “PayPal Cross-Border Consumer Research 2016,” a report from PayPal and Ipsos, a study that investigated the online domestic and cross-border shopping habits of more than 28,000 consumers in 32 countries.
Staples Q3 revenue falls short

Staples Inc. on Thursday reported earnings for its third quarter in line with its expectations but revenue fell short of forecasts as same-store sales fell. Earnings came in at $179 million, or 27 cents a share, compared with $198 million, or 31 cents a share, a year ago. Adjusted earnings came in at 34 cents a share. Total company sales fell 4% to $5.4 billion in the quarter ended Oct. 29, missing estimates.
Williams-Sonoma’s under-the-radar Rejuvenation opens in Chicago

A retailer that specializes in reproductions of classic home products and house parts is expanding under the ownership of Williams-Sonoma. Rejuvenation will open its seventh retail location on Nov. 21, in Chicago’s Lincoln Park neighborhood. The 6,000-sq.-ft. store is the retailer’s first Midwest location.
Coach’s new flagship includes customization services

Coach is celebrating its 75th anniversary year with an impressive new flagship on one the world’s most prestigious (and pricey) streets. The company has officially opened the doors to its “Coach House” flagship on Manhattan’s Fifth Avenue. The 20,000-sq.-ft., three-level space, designed by Coach executive creative director Stuart Vevers and Studio Sofield, showcases the brand’s modern luxury positioning. (A Stuart Weitzman flagship is located adjacent to it. Coach acquired the brand in 2015.)
Ikea expanding renewable energy portfolio with new technology

Ikea is rolling out biogas-powered fuel cell technology to more stores. The home furnishings retailer has installed the fuel cell systems at two Southern California stores, in Costa Mesa and Covina. In addition, Ikea also is planning to deploy fuel cell systems at its store in East Palo Alto, Calif., as well as its store in San Diego and in New Haven, Conn. (Ikea first deployed the technology over a year ago, at its store in Emeryville, Calif.).
Staples brand to disappear from the United Kingdom

A familiar U.S. retailer will soon make its exit from the U.K. retail scene. Staples, which operates some 105 stores in the United Kingdom, has agreed to sell its U.K. retail business and operations to Hilco Capital Limited. The use of the Staples brand in the U.K. will be phased out over the coming months. In May, Staples announced plans to explore strategic alternatives for its European operations as part of its new strategy.
Rise of the ‘Craft’ Brand

The age of the Goliath brand is over. Now, the Davids are running the show. The commerce landscape has consistently been dominated by giant corporations, whose brands became extremely broad, and in some ways generic. Think about Gillette. What does Gillette mean to you? Unless you get really excited about the prospect of a 37-blade razor, Gillette as a brand probably doesn’t mean much to you. It’s just the standard razor you buy at the store.
Best Buy shines in Q3 but Samsung recall may dent holiday

Best Buy Co.’s sales and profits in the third quarter topped forecasts, but the retailer warned that the recall of a Samsung smartphone is likely to impact its holiday sales. Best Buy’s profit jumped 55% to $194 million, up from $125 million in the same period a year ago. Adjusted for one-time expenses, it earned 62 cents a share, which was higher than the 47 cents analysts were expecting.
Walmart Q3 earnings top forecasts but sales lag; online accelerates

Walmart on Thursday posted third-quarter earnings that managed to beat analysts' expectations even as net sales fell short. The retailer also lifted the lower end of its full-year guidance and expressed confidence going into the holiday season. Walmart’s net income fell to $3.03 billion, or 98 cents per share, in the quarter ended Oct. 31, which was two cents more than the Wall Street consensus according to Bloomberg.
Forrester: Online holiday sales to increase 13%

U.S. online holiday spending will reach $112 billion in 2016, growing 13% over 2015. That is according to Forrester’s Holiday Retail Sales Forecast, which said that while online sales are 12% of annual retail sales, they jump to 16% of total holiday sales during the November and December months.