News Briefs

Two retailers dominate the consumer electronics market.

Best Buy and Amazon accounted for 31% and 27% of overall sales in select consumer electronics categories in the past year, respectively, according to the Numerator Consumer Electronics Tracker, which provides quarterly insight into omnichannel consumer buying behavior in select electronics categories. June saw increased consumer electronics spending at Best Buy (31.8%), Amazon (30.3%) and Walmart (13.1%), while Costco (5.2%), Target (4.6%) and Sam’s Club (1.5%) saw decreases.

Most consumer electronics categories saw a slight decline in both household penetration and buy rate in the past year, according to the report’s latest update. Categories that saw growth in household penetration were computer monitors & peripherals (36% hand-held phones) and video game consoles & accessories (29.7%).

Other highlights from the Numerator report are below.

•Gen X and millennial shoppers are the most likely to purchase electronics throughout the year.

•Across all consumers, November and December are the most popular months for electronics purchases, followed by July. 

•More than half (54.8%) of consumer electronics buyers said the price of their item was about what they anticipated ahead of purchasing, while 25.3% said it cost less than they anticipated. 

•Consumers first became aware of the electronics item they purchased through retailer websites (25.1%), in person at a store (19.9%) and from recommendations from friends or family (14.4%).

The former location of an A.C. Moore  is set to be filled with an 18,000-sq.-ft. health care center to be operated by Atlantic Health and CentraState Healthcare at Manalapan Commons in southern New Jersey, which is owned and operated by New York-based Urban Edge.

The 207,604-sq.-ft. open-air center—anchored by Nordstrom Rack, Raymour & Flanigan, Best Buy, and Five Below—is located on Route 9 next to a Wegman’s-Target power center in the township of Manalapan. Average household income within a three-mile radius of the center is $148,000.

Atlantic Health also recently opened an urgent care clinic at Urban Edge’s Greenbrook Commons in the New Jersey town of Watchung.

 “Our partnership with this growing health care system demonstrates the power of adding essential services such as health care to our retail destinations,” said Justin Lustig, Urban Edge’s VP of leasing.

The multi-specialty care center in Manalapan will offer educational programs and support groups, as well as health screenings and fitness classes. No opening date has been released for the facility.

Chain Store Age senior technology editor Dan Berthiaume will conduct a keynote fireside chat with Jatin Pahuja, group VP of app and webs, Albertsons Companies.

Pahuja will discuss how he and his team are revolutionizing retail by creating a bridge between in-store and omni-channel digital experiences for each and every customer in the keynote fireside chat “Revolutionizing Retail: From Zero Digital Presence to Unleashing Omni-Channel Customer Experiences” at eTail Boston 2024.

The opening keynote session takes place at 8 a.m. on Tuesday, Aug. 13, at the eTail Boston 2024 conference held at the Boston Marriott Copley Place in Boston. During the discussion, Pahuja will explain how he and his team at Albertsons were able to transform a retail grocery business into an omnichannel retailer and service provider.

Pahuja will also analyze how all customers, not just everyday e-commerce customers, shop and how retailers can work this way of thinking into effective omnichannel strategy and capabilities.

In addition, Pahjua will dive into how to deliver end-to-end connected experiences that seamlessly bridge the digital and physical channels in orders to both surprise and delight customers. All eTail Boston 2024 participants are encouraged to attend this informative keynote session. More information on eTail Boston 2024 is available here.

Omni Retail Enterprises continues to build its C-suite.

The parent company of Pier 1.com, DressBarn.com, Bodybuilding.com and other brands named Nancie Samet as chief merchandising officer. She will lead the portfolio’s brand management, global sourcing, strategic marketing and channel selling strategy. 

Samet joins Omni less than two months after the company named Sharon M. Leite, former CEO of The Vitamin Shoppe, as chief executive.

Samet spent most of her career in senior management positions at Macy’s and Saks Fifth Avenue covering a range of categories from ready-to-wear, accessories and jewelry to intimate apparel and home goods. She has also worked with luxury firms such as Lagos Jewelry and with 1Concier, a hospitality B2B firm. She has a track record of driving substantial growth through reinventing business models, building and rebranding businesses, according to a release by Omni.

Omni Retail Enterprises is a new company that acquired most of the assets from Retail Ecommerce Ventures. (REV is no longer an operating entity.) It is the parent company of Bodybuilding.com, Pier 1.com, DressBarn.com and Mentorbox.com, and also owns the intellectual property of Modell’s Sporting Goods, Franklin Mint, SteinMart, Linens-N-Things and Ralph & Russo.  

“Nancie brings to Omni a breadth of knowledge and experience that’s critical to our transformation strategy,’ said Leite. “She has vast experience in brand building, product development, innovation and driving revenue growth in multi-channel environments. Her talents in forging vibrant vendor relationships and strategic partnerships will be crucial to the revitalization of our product assortments and consumer experience.”

Gap Inc. is making a change on the day that marks its 55th anniversary. 

The apparel retailer, whose brands include Gap, Old Navy, Banana Republic and Athleta, said it is changing its ticker symbol from "GPS" to "GAP". Effective on Thursday, Aug. 22, 2024,  the company's common shares will trade on the New York Stock Exchange under the new symbol "GAP".

On Aug. 22, the same day that the original Gap store opened in San Francisco in 1969, company team members will mark the occasion by ringing the NYSE opening bell. In another nod to its heritage, the company will dress the trading floor in Gap denim and 1969 sweatshirts, reminiscent of 1987, when Gap Inc. took over the NYSE for its first casual Friday, dressing traders in khakis and casual button-down shirts provided by Gap.

"Updating our NYSE ticker symbol to GAP on our 55th anniversary recognizes both an important milestone and the reinvigoration journey we're on — inspired by our past, engaged in the present, and eager to shape the exciting evolution of our house of iconic American brands," said Richard Dickson, who took the reins as president and CEO in August 2023.

[READ MORE: Gap Inc. names toy executive as its next CEO]

No action by the company's shareholders is required regarding the ticker symbol change. The company's common stock will continue to be listed on the NYSE and its CUSIP number will remain unchanged.

In addition, the company will host a conference call to review its second quarter fiscal 2024 results on Thursday, Aug. 29, 2024, beginning at approximately 2:00 p.m. Pacific Time.

Gap’s fiscal year 2023 net sales were $14.9 billion.  

Boot Barn Holdings reported an upbeat first quarter during which it exceeded the high end of its guidance across every metric.

The lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children reported that its net income rose to $38.9 million, or $1.26 earnings per share, for the quarter ended June 29, up from $34.3 million, or $1.13 per diluted share in the year-ago quarter.

Net sales rose 10.3% to $423.4 million from $383.7 million. Same-store sales increased 1.4%, with an increase of 0.8% in retail store same store sales and an increase of 6.7% in e-commerce same store sales.

“The sequential improvement we have seen in consolidated same store sales growth not only continued into the first quarter but grew consistently from month to month within the quarter itself,” stated Jim Conroy, president and CEO, Boot Barn. “We are encouraged by the building sales momentum we have seen, particularly while maintaining our low promotional posture.”

Boot Barn opened 11 stores during the quarter, bringing its total store count to 411 locations in 46 states. It expects to open 60 new stores for the year.

The company raised its full-year outlook. It now expects total sales for fiscal 2025 between $1.816 billion to $1.850 billion, representing growth of 8.9% to 11% over the prior year. This is up from its previous guidance of total sales for the year of $1.766 billion to $1.800 billion, representing growth of 5.9% to 8% over the prior year.

“Looking forward, despite the potential macroeconomic challenges, we remain steadfast in maintaining our focus on our strategic initiatives and feel that we are well-positioned for long-term success,” Conroy said.