News

Nordstrom hit by department store doldrums
Nordstrom joined Macy's this week in blaming weak traffic for its disappointing same store sales as the Seattle-based chain also lowered its full-year guidance.

Nordstrom Inc. said that for the third quarter ended Oct. 31 same store sales increased .9%. It posted earnings of 57 cents per share on $3.33 billion in revenue. And net sales increased 6.6 percent.
Advance Auto CEO to retire as growth slows down
Advance Auto Parts announced its CEO is stepping down as the retailer also reported a decline in third quarter profit and nearly flat same-store sales.

The auto parts retailer reported that for the third quarter ended Oct. 10, same-store sales increased .5%. Profit declined 1.4% to $120.5 million, or $1.63 per share. Revenue ticked up slightly to $2.3 billion.

Money moves PayPal in new direction

PayPal Inc. is continuing its evolution from serving as the digital payment platform for former parent company eBay Inc.

Since its July split from eBay, new PayPal initiatives have included serving as a payment option for a number of new retail partners, reversing a policy that previously excluded U.S.-based online gambling sites from accepting PayPal, and expanding a global free returns service in the U.S.
Retailers hear Amazon Echo sales potential

The Amazon Echo smart home device represents a potential threat to Amazon’s competitors, but sales are sales.

Amazon Echo will be available in more than 3,000 stores around the country in time for the holiday shopping season. Select locations of ABT, BJ’s Wholesale Club, The Home Depot, Staples, Sears, Brookstone, RadioShack, Fred Meyer, Fry’s, Hhgregg, P.C. Richard & Son, and R.C. Wiley will offer Echo.
Why Macy's is looking for a miracle on 34th street

Macy’s blamed warm weather, weak foot traffic and excessive inventory for the company's worse-than-expected third quarter results and said it is studying real estate options for some of its most iconic stores.
Macy’s posts disappointing Q3; pursuing real estate options (but no REIT) and outlet growth

Macy’s Inc. on Wednesday blamed warm weather, weak tourist traffic and excessive inventory for the company's worse-than-expected third quarter results. The company said it will not pursue spinning off its properties into a real-estate investment trust, but that it is studying real estate options for some of its most iconic stores.
Report: This U.S. retailer is the world’s fourth-richest man

Amazon has scored another coup: Its CEO and founder, Jeff Bezos, now ranks as the fourth-richest man in the world, according to Bloomberg. The report puts his fortune at $58.2 billion. [Bloomberg]
Kroger to buy Roundy’s in $800 million deal

The Kroger Co. on Wednesday announced plans to acquire Roundy's. Kroger will purchase all outstanding shares of Roundy's for $3.60 per share in cash in a deal valued at $800 million, including the assumption of debt.
True Value dives deeper into rewards

When Blake Fohl addressed the True Value Company’s retailers at the co-op’s most recent Reunion in Chicago, he let them in on a secret: The True Value Rewards program had gone “in-house.”
Instagram program zooms in on social commerce

Visual social media network Instagram is taking a new step toward becoming a platform for commerce.

Instagram has launched a new program called Instagram Partners that is designed to help companies advertise on the social network. Each certified partner must have expertise in at least one of three defined areas: ad tech (buying and selling ads at scale), community management (managing comments and gaining consumer insights), and content marketing (sourcing and delivering content at scale).