News

Consumers expect to spend the same or less on holiday gifts this year.   That’s according to Berkeley Research Group, whose 2016 Holiday Retail Outlook report also identified five major challenges facing retailers as they head into the holiday season.  

Forest City Realty Trust may be on its way to having a greatly reduced investment in the mall industry and a bigger one in apartments and office assets.   The Cleveland-based firm announced it is reviewing strategic alternatives for its retail portfolio. Forest City holds ownership stakes in 14 regional malls across the country and 19 specialty retail centers, mostly in New York City. The East River Plaza, which fronts the FDR Drive in Manhattan at 116th Street, is a Forest City property.  

Nordstrom is extending its hip in-store boutique, Space, to more locations.   The department store retailer is expanding the concept to four additional stores (including sites in Los Angeles, Nashville, and Toronto), which will double the number of locations since it was launched one year ago.  

Wayfair Inc. has launched an in-house developed virtual reality app to help customers plan their outdoor patio area.    The retailer’s new Patio Playground application uses Facebook’s Oculus Rift platform, Developed by Wayfair Next, the company’s in-house research and development team, the app allows shoppers to immerse themselves in an inspirational landscape, where they can explore, rearrange, and discover furniture and décor from Wayfair’s catalog.  

Ikea is extending its renewable energy commitment with plans for its first biogas-powered fuel cell system on the East Coast.    The home furnishings giant contracted Bloom Energy, Sunnyvale, California, for the design, development and installation of the system, which will be located at Ikea’s location in New Haven, Connecticut. Combined with the 940.8-kW solar array that was installed atop the store in 2012, the fuel cell project will help generate a majority of the store’s energy onsite.   

Best Buy Co. exceeded analysts’ expectations on several fronts in its second quarter.   Profit surged a better-than expected 21% in the quarter ended July 30, rising to $198 million from $164 million in the year-ago period.   Best Buy’s overall revenue totaled $8.5 billion, which was basically flat with last year, but also better than expectations.      

Shopko Stores confirmed Monday that executive VP of retail at Andre Persaud has left the company.

It’s not exactly a rebranding as much as it is a clarification.   Apple is changing the way it brands its stores by getting rid of the "Store" part of Apple Store, The Verge reported.   Going forward, the company's stores will go by "Apple," followed by the individual location of each particular store, such as Apple Union Square, The Verge reported.  

Mike McNamara, a former executive at British retailer Tesco PLC, joined Target as CIO last summer, moving from London to Minneapolis.   In a Q&A on Target’s website, McNamara discusses highlights of his first year with the discounter and priorities going forward. He also spoke about Target’s tech hiring boom.