News

SEATTLE — Amazon has launched its own currency, which customers will be able to use to purchase apps, games and in-app items from the Amazon Appstore and on Kindle Fire.

To celebrate the launch, existing and new Kindle Fire customers in the U.S. have had 500 free Coins — a $5 value — deposited into their Amazon accounts. 

PHOENIX — PetSmart has appointed former Sara Lee executive Carrie Teffner as the company’s new SVP and CFO.

Teffner has more than 20 years of management experience, most recently serving as EVP and CFO at Weber-Stephen Products LLC, a leading manufacturer and exporter of barbecue grills and accessories worldwide.

Reston, Va. -- E-commerce sales grew 13% year-over-year to $50.2 billion, marking the fourteenth consecutive quarter of positive year-over-year growth and tenth consecutive quarter of double-digit growth, according to comScore. It was also just the second quarter on record to surpass $50 billion in spending.

The survey also revealed that nearly half (48%) of time spent in the retail category occurred on mobile devices, with smartphones (34%) outpacing tablets (14%).

New York -- Big M, owner of the Mandee, Annie Sez and Afaze apparel chains, will be sold to YM Inc., Toronto, in a $22.5 million deal expected to be approved by a bankruptcy judge next week, The Record reported.
 
YM operates more than 600 young women’s specialty stores under a variety of banners, including Stitches, Urban Planet, Bluenotes, Siblings, and Sirens.   

Yummy Market, in the Toronto suburb of Vaughn, offers a European-styled shopping experience. The 50,000-sq.-ft. supermarket is focused on prepared foods and imported specialties, and includes a 3,050-sq.-ft. bakery/patisserie with breads, cakes and pastries baked from scratch.
     

New York -- With 25% of annual flower sales (for an estimated $1.9 billion) tied to Mother’s Day, it’s no wonder the holiday looms large for 1-800-Flowers. IBM is helping the retailer simplify Mother’s Day gift-giving for its digital customers no matter where or how they shop, including through the website, with a mobile device or via social media.

Abilene, Kan. – Discount retailer Alco Stores blamed the impact of cold weather across the Midwest for helping to produce sluggish sales performance during fiscal first quarter 2013. Alco Stores reported sales of continuing operations excluding fuel of $116 million, up 0.9% from $114.9 million during the same period in 2012. Same-store sales excluding fuel were down 2.2%.

Toronto – Continuing income growth means today’s Canadian youth will assume more spending power than their parents currently have during the course of their lifetimes, according to a new report from BMO Economics. The report cites ongoing gains in real media income and compensation, as well as expected future decreases in unemployment, in making this rosy forecast.

Vernon, Calif. -- True Religion Apparel has entered into a definitive merger agreement with New York and London-based investment management firm TowerBrook Capital Partners, in a transaction valued at approximately $835 million.

Miami, Fla. — Miami City Ballet’s Board of Trustees today elected former Macy’s executive Susan D. Kronick as its new president of the board.