News

Arlington, Va. -- The Retail Industry Leaders Association on Tuesday issued a statement in response to Bank of America’s decision to abandon its plan to charge new fees on debit card users.

Chicago -- True Value Co. reported Tuesday that profit for the third quarter increased 3.4% to $18.1 million, compared with $17.5 million in the year-ago period.

Revenue rose 3.6% to $445.7 million, from $430.2 million.

According to the cooperative, 788,000 sq. ft. of retail space has been covered to its recommended Destination True Value prototype so far this fiscal year, up 13.5 % from 694,000 sq. ft. last year.
 

San Jose, Calif. -- VeriFone Systems said Tuesday it has acquired mobile retail solution-provider Global Bay Mobile Technologies. According to VeriFone, the acquisition is part of its strategy to integrate mobile with retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations.

Terms of the transaction, which closed effective Tuesday, were not disclosed.

Has anyone else noticed that the Christmas holiday “season” starts earlier and earlier each year? This year, Walmart had their Christmas displays out by mid-September and many retailers were touting holiday sales in October! I still remember when Black Friday was the “official” kick-off to the holiday shopping season and it was surprising to see Christmas decorations up in mid-November. I keep wondering what the real-world implications of this calendar shift might mean – if anything – for retailers’ overall holiday and end-of-year sales?

Jacksonville, Fla. -- Winn-Dixie Stores reported Monday a loss of $24.1 million in the fiscal first quarter, compared with a loss of $76.8 million in the year-ago period.

Revenue rose 3.1% to $1.59 billion, from $1.54 billion last year, helped by success from its gas-related reward program. Sales just missed Wall Street’s expected $1.6 billion in revenue.

Same-store sales rose 3.3%. During the quarter, the company opened two additional transformational remodeled stores that Winn-Dixie continues to monitor for additional roll-out.

Jacksonville, Fla. -- Stein Mart said Monday it has completed a new $100 million senior secured revolving credit facility with Wells Fargo Bank, N.A. to replace an existing $150 million revolving credit facility, which was maturing in early 2012.

The new facility can be increased to $150 million and matures in February 2017. The revolving credit is for general corporate purposes, including issuing standby and commercial letters of credit, and provides an additional source of liquidity, according to Stein Mart.

Wayne, N.J. -- Toys “R” Us announced Tuesday a joint venture with Li & Fung Retailing that will expand Toys “R” Us in Southeast Asia and Greater China.

With the new agreement, the existing Toys “R” Us licensed operations throughout Asia, consisting of more than 100 stores and offices across nine markets, will become 70% majority owned and controlled by Toys “R” Us and 30% owned by Li & Fung Retailing.

By Chris Blees, amaaonline.com

It has been proven in past economic downturns that companies that invest heavily in the right kinds of marketing and strategic planning are the ones that will capitalize the most on the situation and likely thrive when the market turns around.

NEW YORK — Macy's announced that, for the first time ever, it will open its stores at 12 a.m. on Friday, Nov. 25, the day after Thanksgiving, to give shoppers a jump on Black Friday.

According to the company, its Black Friday sale will include door-buster deals on hundreds of items from electronics to jewelry, and even a limited-edition fragrance gift set from Justin Bieber featuring his holiday CD and an exclusive bonus track. 

Any given week Target’s circular is filled with various offers of free gift cards designed to incent shoppers to purchase key items.  Some of the offers can be quite generous, as was the case this week with a $50 gift card available to those who purchase an Xbox 360 bundle or a $20 gift card with the purchase of KitchenAid appliances priced at $99.99. The most common gift card denomination is $5, and it tends to be offered on multiple items from the same manufacturer or brand family such as two Gillette razors or three Dial products.