News

Report: Jet.com shoppers get a taste of Walmart’s private label lines
Walmart’s house brands are getting a new audience — millennials. Jet.com, which caters to the cost-conscious Gen Y segment, has started offering private label brands — Great Value, Equate and Sam’s Choice — from its parent company, Walmart, according to Bloomberg.
Connected devices: The new point-of-sale?
Visa and IBM have a vision — that any device connected to the Internet of Things can securely process payments. And this means “any device.”

RCG acquires Flint center for $14.2 million

RCG Ventures has purchased Oak Brook Square in Flint, Michigan, for $14.2 million. Anchored by TJ Maxx and Hobby Lobby, the 152,073-sq.-ft. center is located across the street from the Genesee Valley Mall in Flint’s largest trade zone.
NRF and retailers to U.S. Supreme Court: Let swipe card fees ruling stand

Payment card fees is a sore subject for the retail industry — especially with the possibility that a settlement is being revisited by parties seeking an appeal. The National Retail Federation and the Retail Industry Leaders Associa-tion requested that the U.S. Supreme Court let stand an appeals court rul-ing that struck down a controversial 2012 settlement of a class action lawsuit over Visa and MasterCard’s swipe card fees.
HSN’s sluggish fourth quarter still beats analyst estimates

A disruptive retail climate and underperforming categories took their toll on HSN during the fourth quarter. HSN’s net income was $43.5 million for the quarter, or 82 cents per share, ended December 31, 2016, compared to $59.7 million for the same period last year. This exceeded analysts’ estimates of 74 cents per share.
TJX continues its amazing winning streak

It’s a record that most retailers are envious of, particularly in today’s competitive and disrupted marketplace. TJX Cos. on Wednesday posted its 21st consecutive year of same-store sales increases, as well as better-than-expected income and revenue results for its fourth quarter. The off-price retailer also raised its quarterly dividend and announced a share repurchase program.
Report: Lowe’s terminates more than 500 employees

Lowe’s is the latest retailer making job cuts. The home improvement retailer has laid off more than 500 full-time corporate employees company-wide — its latest effort to streamline the company and boost profitability, the Charlotte Observer reported.
Chico’s turns a profit in Q4

Better inventory management and reduced promotions are helping to keep Chico’s FAS on the right financial path. For the 13 weeks ended January 28, 2017, Chico’s reported net income of $13.5 million compared to a net loss of $21.1 million for the same period last year.
Bankrupt women’s apparel chain gets a buyer

The Limited is in line to get a new lease on life. Sycamore Partners has won the auction for the e-commerce business and intellectual property of the bankrupt women's apparel retailer with a bid of $26.8 million, according to Reuters.
NRF: Consumers are tightly holding on to their tax refunds

Retailers shouldn’t expect consumer tax refunds to equate into a sales boom anytime soon. A record low number of Americans will spend their tax returns this year, while the second-highest number on record will put the money into savings, according to the annual tax return survey released by the National Retail Federation and Prosper Insights & Analytics. The study, which is based on responses from 7,609 consumers, was conducted Feb. 1 - Feb. 8.