News

Online retailer Wayfair narrows loss on growing sales
Boston -- Online home furnishings retailer Wayfair is losing less money than before and gaining new customers at a rapid pace.

The retailer reported a loss of $19.3 million for the second quarter, ended June 30, down from a loss of $28 million, in the year-ago period.

Revenue increased to $491.8 million, up 66.4% year over year. Direct retail revenue, consisting of sales generated primarily through the sites of Wayfair’s five brands, increased to $440.3 million, up 80.8% year over year.
Report: Impulsive, thrifty millennials a tricky group to court
Seattle — A new report from MSLGROUP and the Hartman Group is underscoring grocers’ need to appeal to millennial shoppers in unique ways. The report, Food Shopping in America found that one of the youngest and constantly connected consumer groups is also a tough nut to crack — simultaneously impulsive, thrifty and wary of inauthentic marketing.

Consumers rate the most helpful in-store technology

Pittsburgh -- Consumers love their smartphones, but retailers shouldn’t count out the “old tech” yet in terms of customer appeal. And merchants will have to put some effort into getting consumers to accept some of the new high-tech bells and whistles.
Why Macy’s got rid of Trump’s menswear line

New York -- Macy’s CEO and chairman Terry Lundgren is talking about why the department store giant decided to stop carrying Donald Trump’s menswear collection.

In a report on CNBC, Lundgren said the decision was a business one.
A Five-Point Checklist for Retailers Making the Move to EMV Before the October Deadline

Credit card fraud is in the United States is at epidemic levels. Last year, the U.S. accounted for more fraud than the rest of the world combined. And the fraud rates are accelerating. EMV technology, which has shown to greatly reduce in-store fraud in the Europe, is finally being rolled out in the United States with an impending deadline in October 2015 when retailers will be liable for in-store fraud for cards that have chips on them.
Survey shows how smartphones changing retail landscape

Austin, Texas -- Smartphones are quickly becoming the first screen for consumers — even in retail stores. But while consumers overwhelmingly prefer to access the Internet on their mobile devices, only 30% use retailer applications to purchase products.

Those are two of the key takeaways of a study RetailMeNot, which commissioned Forrester Consulting to look at how smartphones and apps are changing the retail landscape and how retailers should respond to engage shoppers.
Macy’s Q2 falls short; announces new omnichannel, global initiatives

Cincinnati -- Macy’s on Wednesday announced several key initiatives to drive its growth going forward, ranging from new store ventures to digital efforts to an international foray.
Why Macy's is looking forward to the holidays

Macy’s may be counting on key growth initiatives to generate sales during the holidays after reporting another disappointing quarter of financial results.

The company says same store sales declined 2.1% in the second quarter ended Aug. 1. Profit fell to $217 million, or 64 cents a share, from $292 million, or 80 cents a share, a year earlier. Total sales fell 2.6% to $6.1 billion, missing analysts’ estimates for $6.23 billion. Gross margin narrowed to 40.9% from 41.4% a year earlier.
Wayfair investors say ‘way to go’

Online home furnishings retailer Wayfair is losing less money than before and gaining new customers at a rapid pace.
Will Macy's get caught up in a currency war?

At a time when the Chinese currency is being devalued and Macy’s financial results are disappointing investors, the company is forming an exclusive partnership with Alibaba.
These brands are tops with students

Barnes & Noble is tops when it comes to the most powerful “Back-to-School” retail brands, according to a new survey.
Lowe's builds a new strategy with N.Y. stores

Lowe’s is giving an overhaul to its store format strategy when it opens in New York City this week.