News

Big changes help Target hit the bullseye in Q3
Marketing and merchandising changes at Target Corp. are paying off as the retailer reported better than expected traffic and sales in the third quarter.

For the quarter ended Nov. 1, Target reported a same-store sales increase of 1.9%. Net sales rose 2.1% to 17.6 billion.

Profit rose to $549 million, or 87 cents per share, up from $352 million, or 55 cents per share in the year-ago period. Not including one-time items, the company earned 86 cents per share, which was in line with Wall Street expectations.
Report: Urban Outfitters’ restaurant acquisition not too pricey
Urban Outfitters Inc. will spend less than $20 million on its acquisition of Vetri Family Restaurant group, which owns the well-regarded Pizzeria Vetri chain, Bloomberg reported. The acquisition comes as consumers are spending more on “experiences” rather than clothing. “We believe that we do experiences really well and know our customer very well, and we have a lot of history in growing brands organically,” Urban Outfitters CFO Frank Conforti told Bloomberg.

CVS offers even more digital tools to customers

CVS Health is launching a suite of new digital tools aimed at helping customers manage their health with more ease and efficiency, including the use of beacon technology to deliver in-store pharmacy messaging.
Corporate sustainability: Even Walmart can’t do it alone

Ten years ago, the CEO of Walmart and the president of Environmental Defense Fund hiked together on Mount Washington in New Hampshire. Along the way, Lee Scott of Walmart (now retired) and Fred Krupp of EDF talked about climate change and the environmental challenges of our time. They also talked about ways that Walmart could drive positive environmental change in its product lines and operations.
Check out the big chill at Barneys

Barneys New York is bringing an icy winter chill—literally—to its holiday windows.

With a theme of “Chillin’ Out,” the specialty retailer has transformed the windows of its Manhattan flagship into a winter wonderland, complete with 35-foot fully functioning ice locker that features daily live ice carving.
The priciest retail corridor in the world—by a long shot

When it comes to retail rents, Manhattan’s Fifth Avenue is really in a class by itself.

Upper Fifth Avenue, between 49th and 60th streets, is the most expensive retail corridor in the world, with rents rising 3.6% to $3,500 per sq. ft. through the first half of this year, according to a annual report from Cushman & Wakefield. (The top 10 streets are listed at end of article.)

Fifth Avenue rent was nearly double that of the second priciest corridor, Causeway Bay in Hong Kong, at $2,399 per sq. ft.
It will be all about Black Wednesday at RadioShack

RadioShack is moving Black Friday all the way over to Wednesday in the hopes of ramping up shopper excitement for the holiday.

The company issued a call to customers Tuesday saying that as a "thank you to our loyal customers (particularly those who don't like to get trampled at big box stores on Black Friday), RadioShack's Black Friday Sale will begin early on Wednesday, Nov. 25." RadioShack says stores will stay open an extra hour on Wednesday, will reopen at 8 a.m. on Thanksgiving Day and feature extended hours the rest of the weekend.
Retailers and suppliers winning product safety battle with technology

Consumers’ expectations of retailers and suppliers have never been higher.
H-E-B Goes Beyond Products and Pricing to Connect With Customers

(The following is an excerpt from the new book, Extraordinary Experiences: What Great Retail and Restaurant Brands Do, by Denise Lee Yohn.)

Scott McClelland seems an unlikely candidate for his picture to appear under a "Why Is This Man Smiling?" headline. As spokesperson and president of the Houston food/drug division of Texas-based grocery store chain H-E-B, McClelland has plenty of reasons to be worried.
Video: Watch Build-a-Bear create float for Macy’s Thanksgiving Day Parade
Roof leak leads to $1.35 million slip and fall verdict against fast-food restaurant

A law firm obtained a $1.35 million verdict for a victim after showing that Chipotle Mexican Grille was negligent in failing to repair a roof leak which, the firm said, ultimately lead to the victim's injuries.

Here is the story, according to a release by the West Palm Beach, Florida-based Steinger, Iscoe & Greene:

The store manager noticed the water pooling in the customer queuing area. He mopped and then verified the area was dry.
Home improvements drive strong sales at Home Depot

Atlanta-based Home Depot reported steady growth of transactions for its DIY and pro customers in third quarter 2015, leading the way to net sales of $21.8 billion, up 6.4% from the same quarter last year.

Net earnings for the world's largest home improvement retailer jumped 12.2% to $1.725 billion.

"During the quarter, we saw broad-based growth across our geographies and product categories, led by growth in transactions from both our DIY and pro customers," said Craig Menear, CEO and president.