News

IHL: EMV costly, time consuming, out of date for most retailers
Franklin, Tenn. - The new EMV card payment mandate may not provide financial ROI for retailers. According to new research from IHL Group, most retailers will never recoup the expense that EMV imposes.
End of an era: Rob Walton cedes chairman title
Rob Walton relinquished the position of chairman of the board of directors of Wal-Mart Stores, Inc., to his son-in-law, Greg Penner, at the company annual meeting on June 5.

The move to elevate Penner to the new role didn’t come as huge shock since the stage had been set for the move at Walmart’s annual meeting last year when Walton, 70, announced Penner had been named the board’s vice chairman. Walton has served as chairman of the board since 1992 the same year that his father and company founder Sam Walton died. He will continue to serve on the board.

Execs with Amazon and Nike experience join Razorfish

Digital design and marketing consultancy Razorfish made two key hires to bolster the capabilities of its rapidly growing commerce practice led by Commerce Strategy head Jason Goldberg.

Jon Reily and Steve White were named vice presidents of commerce strategy and both will report to Goldberg. The hire are said to help the agency meet the increasing demand from clients looking for partners able to combine commerce strategy with world-class delivery to reinvent and digitize their retail channels.
Dick’s names ex-Kraft, P&G exec CFO

Dick’s Sporting Goods named veteran consumer packaged goods finance executive Teri List executive vice president and CFO to oversee the retailer’s finance and legal organizations.
Target to go mad for plaid

Target has quietly announced its next Lilly Pulitzer: a collaboration with another U.S. designer who will create a collection of new apparel, accessories, pet goods and home furnishings for the retailer.

Target announced on its Bullseye blog this week that it has chosen Adam Lippes to create more than 50 items inspired by buffalo plaid for the Adam Lippes for Target.
Profit drops at Sears Hometown and Outlet Stores

Sears Hometown and Outlet Stores Inc.
Profit drops at Sears Hometown and Outlet Stores

Lower sales and a fall in commissions led Sears Hometown and Outlet Stores Inc. to post falling profit in the first quarter.
Kroger shuffles Harris Teeter executives

The Kroger Co. has named Fred Morganthall, currently president of Harris Teeter Supermarkets, as senior vice president of retail divisions for the Kroger Co.

Rod Antolock, currently Harris Teeter's executive vice president, has been named president of Harris Teeter.
Why Walmart isn’t worried about competitors

The retail industry is more competitive than ever, but Walmart CEO Doug McMillon told a gathering of more than 14,000 associates and shareholders that he is more worried about the enemy within the company than competitors.

“The truth is the real villains are lurking within the company,” said McMillon. “Our real villains are things like bureaucracy, complacency, a lack of speed, or a lack of passion.”
Same-store sales show modest growth in May

New York – Same-store sales generally showed modest growth in May 2015, on the whole meeting Wall Street analyst expectations. The apparel vertical in particular generally outperformed analyst predictions, although Gap, Banana Republic and Zumiez all reported negative same-store sales growth.

Following is a review of May same-store sales by vertical:

Apparel
Banana Republic: – 5%
The Buckle: 2.4%
Gap: – 6%
L Brands: 5%
Old Navy: 6%
Stein Mart: 1.9%
J. Crew preps for down 2015

New York – J. Crew Group is prepping for a down fiscal 2015 after a disappointing first quarter. Non-cash goodwill impairment charges and rising selling, general and administrative (SG&A) expenses helped significantly increase the retailer’s net loss to $462.4 million, compared to $30.1 million the first quarter of fiscal 2014.
eBay expands Valet selling service

San Jose, Calif. – The eBay Valet professional selling service will now accept high-end clothing in addition to shoes, handbags, electronics and other popular household items. eBay Valet provides features such as price estimates for potential buyers, taking professional pictures, and shipping.

eBay partnered with fashion blogger Garance Doré to officially debut the expansion of eBay Valet. Dore provided tips and tricks on what to sell and how to sell fashion items.