News

Lumber Liquidators has hired a new executive to help it fight off an avalanche of legal troubles that has hammered the flooring retailer.

Reagan era appointee David Stockman is no fan of the current administration or the Federal Reserve’s long-running easy money policy and to make his case against the flawed strategy he singles out four of the biggest names in department store retailing.

Stockman is the Reagan era director of the Office of Management and Budget who became a Wall Street executive and now regularly opines on the troubled state of the economy and looming dangers caused by nearly eight years of zero interest rates he contends have produced all manner of distortions in the economy.

Palo Alto, Calif. – In science fiction and horror films, the arrival of pods is rarely a good development. But omnichannel consumers will likely be pleased by the arrival of the first Curbside Pickup Pod at the Glendale Galleria mall (a GGP property) in Southern California.

New York – At least a few shoppers reportedly received a substantial windfall as a result of a computer glitch at Bloomingdale’s. According to BuzzFeed, some members of the upscale chain’s loyalty program were accidentally issued as much as $25,000 in store credit last week, and at least one customer used the unintentionally generous offer to obtain free diamond earrings.

San Diego – The ranks of publicly traded retailers are going to have a new member. Petco Holdings Inc. has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock.

New York – Ever wondered what is really going on in the minds and lives of today’s college students? Barnes & Noble College, an operator of campus bookstores with more than 720 stores at college and universities nationwide, is accelerating its market research platform.

Expanded research access is intended to help the company’s partners, including colleges and universities, consumer brands and publishers, better understand the thinking, behaviors and expectations of current and future college students and faculty.

Franklin, Tenn. – Although mobile POS software installations by North American retailers grew 41% year-to-year, this rate did not meet expectations of analysts and industry experts. According to a new study from IHL Group, “Mobile POS Software Market Share,” the enterprise market of retailers with more than 50 stores only delivered 59% year-over-year growth, well below the expected 100% increase.

Minneapolis – Target Corp. has reportedly reached a settlement with Visa Inc. that will reimburse issuers of Visa cards for costs related to the retailer’s 2013 data breach. According to the Wall Street Journal, the agreement will reimburse thousands of card issuers for potentially up to $67 million.

Woonsocket, R.I. – CVS Health Corp. is entering a new pharmacy dispensing channel with the completion of an approximately $12.9 billion acquisition of Omnicare, a provider of pharmacy services to long-term care facilities. CVS initially announced the deal in May 2015.

CVS expects the deal to significantly expand its ability to dispense prescriptions in assisted living and long term care facilities, as well as expand its presence in the specialty pharmacy business.

Jericho, N.Y. - Online shoppers in the U.S. and Canada are willing to sacrifice delivery speed for a lower shipping cost. According to a survey of U.S. and Canadian shoppers conducted by Purolator International, the cost of shipping was identified most often as the single most important concern in terms of the delivery of their purchases.