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☆ Don't trash your Bed Bath & Beyond coupons — you can now use them at Big Lots, The Container Store, and Boscov's
▼ + stars: | 2023-04-28 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

The Container Store, Big Lots, and Boscov's are accepting "expired" Bed Bath & Beyond coupons. Wednesday was the last day to use coupons at Bed Bath & Beyond stores following the company's bankruptcy filing. Discount furniture and home decor retailer Big Lots said Thursday it would also accept Bed Bath & Beyond's expired coupons through May 7. Pennsylvania-based Boscov's, which operates 50 department stores mostly on the East Coast, said that it, too, would accept Bed Bath & Beyond coupons. Bed Bath & Beyond said it would stop accepting coupons by April 26, and it began liquidation sales this week at the remaining 360 Bed Bath & Beyond and 120 Buybuy Baby locations.

☆ Nazi Cloud Hangs Over One of the Largest Jewelry Sales in History
▼ + stars: | 2023-04-27 | by ( Zachary Small | ) www.nytimes.com time to read: +1 min

One standout piece, the “Briolette of India,” includes a 90-carat diamond and carries a high estimate of $7.8 million. They are among the 700 jewels from the estate of an Austrian heiress that will go on sale at Christie’s on May 3 as part of one of the largest jewelry sales in history. The proceeds are to benefit a charitable foundation established by Horten, whose husband, Helmut, was a German retailing billionaire whose specialty was department stores. “It’s one of the most beautifully curated collections that will ever come up in the jewelry world,” said Anthea Peers, president of Christie’s Europe, Middle East and Africa. That’s important for the estate and for us.”

April 26 (Reuters) - Mattel Inc (MAT.O) reported a bigger-than-expected loss for the first quarter on Wednesday as the toymaker grappled with higher costs and retailers cutting back on orders. "Retailers are working through this inventory and expect that to be corrected by the end of the first half." Price increases have also discouraged consumers from spending more on its products, leading to a 21% drop in net sales for Mattel to $815 million after adjusting for currency fluctuations. Worldwide gross billings for Barbie, which represents amounts invoiced to customers, fell 41%, while Hot Wheels' billings rose only 1%. The company, however, stuck to its full-year net sales and adjusted profit forecasts and said it expects inflation to moderate in 2023.

The Citi Premier® Card and Chase Sapphire Preferred® Card are both mid-tier credit cards that offer generous rewards, impressive (and overlapping) transfer partners, and travel perks. Here's a look at how the Citi Premier® and Sapphire Preferred stack up against each other. Compare the Chase Sapphire Preferred and Citi Premier Chase Sapphire Preferred® CardCiti Premier® Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Winner: TieShopping and travel benefitsAs mid-tier cards, the Citi Premier® and Sapphire Preferred offer standard benefits like no foreign transaction fees. Winner: TieTravel and purchase protectionsTravel and purchase protections are essential benefits you should consider when deciding between the Citi Premier® and Sapphire Preferred.

BARCELONA, April 25 (Reuters) - Europe's cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Although price rises are slowing, retailers globally are still worried inflation will dampen consumer spending and are looking for new ways to attract customers. In Europe especially, some have seen sales slow as high energy bills lead customers to buy less or cheaper food and clothes. And passing higher costs on to shoppers is likely to become harder: 72% of respondents said they expected consumers to be more price-sensitive this year. "It's a very positive moment," said Ying Xu, president of Chinese supermarket chain Wumart, referring to the reopening.

☆ Bed Bath & Beyond files for bankruptcy
▼ + stars: | 2023-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Chris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. Discount chains such as HomeGoods and TJ Maxx have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. And Bed Bath & Beyond is the latest retail chain to file for bankruptcy this year.

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☆ Levi Strauss CFO on Navigating Excess Inventory, His Expanded Role and Slower Hiring
▼ + stars: | 2023-04-22 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

High inventory levels have prompted Levi Strauss to discount certain products. Photo: Justin Sullivan/Getty ImagesLevi Strauss & Co. has kicked off a U.S. rollout of a system aimed at gaining better visibility into where its inventory is located and how well its branded stores are stocked, as the jeans maker continues to navigate excess supply and weaker spending from cost-conscious customers. The San Francisco-based company last week launched its new enterprise-resource-planning, or ERP, system in the U.S. after using it in Mexico and Canada, taking another step toward expanding its direct-to-consumer operation. At Levi Strauss, direct-to-consumer involves selling apparel through channels including the company’s roughly 240 U.S. stores under the Levi’s, Dockers and Beyond Yoga brands; its own e-commerce sites; and select “shop-in-shops” inside department stores.

☆ Bed Bath & Beyond’s potential bankruptcy would create long-term growth for off-price retailer and Club holding TJX
▼ + stars: | 2023-04-20 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Existential troubles facing Bed Bath & Beyond (BBBY) are creating an opportunity for Club holding TJX Companies (TJX) to take market share, which could lead to sustainable long-term growth at the off-price retailer behind the T.J. Maxx, Marshalls and HomeGoods. Shares of Bed Bath & Beyond traded for less than 30 cents each Thursday. "The assortment of goods, the categories they can extend into, and the strength of the balance sheet ... allows for them to be a solid beneficiary" of Bed Bath & Beyond's misfortunes. TJX 1Y mountain TJX Companies (TJX) 1-year performance That inventory glut isn't just a Bed Bath & Beyond problem; it's industry-wide. More Bed Bath & Beyond store closures "can only enhance conversion," said Telsey, whose firm Telsey Advisory Group likes TJX stock.

☆ Tax refunds are getting smaller, and fit into the picture of a slowing economy
▼ + stars: | 2023-04-12 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

But as pandemic-related tailwinds run their course, another example becoming a thing of the recent past is bigger than typical tax refunds. "Earlier in the quarter, we were seeing taxes, your tax refunds higher year-over-year, during the last probably five or six weeks we've seen that decline. As pandemic-era benefits and tax credit wane, the tax refund data factors into the broader economic picture and the consumer as a source of strength. watch nowAll spending, not just retail spending, will be impacted by lower tax refunds, and that will continue into next quarter. The smaller tax refunds should not be a surprise to businesses — the data has been mounting over the past four to six weeks.

☆ Leon Levine, Family Dollar founder, dies at 85
▼ + stars: | 2023-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Leon Levine, who built Family Dollar into a discount retail giant catering to America’s lower-income and middle-class shoppers, has died at 85. Three dollar store chains — Dollar General, Dollar Tree and Family Dollar — are now the fastest-growing US retailers. Levine opened the first Family Dollar store in 1959 at age 22 in Charlotte, North Carolina, with his cousin. “We’re just the opposite of a Wal-Mart,” Family Dollar president George Mahoney told the Associated Press in 1993. (Today, there are more than 8,000 Family Dollar stores.

☆ Starbucks new CEO wants senior leaders to work in stores. Every leader should follow suit.
▼ + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. Others went through management-training programs operated by department stores. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

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☆ JPMorgan says this retailer is a buy as it nears an 'inflection point'
▼ + stars: | 2023-04-03 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Matthew Boss upgraded the retail stock to overweight from neutral and increased his price target by $1 to $29. His price target implies the stock will rally 65.8% over the next year from where shares ended Friday's session. He said the retailer should be able to see multiyear EBITDA margins in the low double digits due to five "self-help" growth vectors. Boss said the stock has an attractive risk-to-reward ratio and is at an attractive entry point following recent underperformance. Macy's trades at around two times its 2024 EBITDA, he said, which places it around 50% below the average of stocks in the department stores/mall-based specialty category.

☆ Starbucks' new CEO plans to spend time working at his company's coffee shops. Here's why every retail leader should take a shift on the sales floor.
▼ + stars: | 2023-04-03 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. David Swanson/ReutersOf course, times have changed — in the past, many retail CEOs got their start at the store level. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

While factory output rebounded in February, some analysts warn of mounting downside risks as slumping global demand for technology goods hits the country's exports. Inflation will probably stay elevated at least during the first half of this year," said Yoshiki Shike, chief economist at Dai-ichi Life Research Institute. Separately, factory output rose 4.5% in February from January, better than a forecast 2.7% gain and rebounding from a revised 5.3% drop in January, on easing supply bottlenecks for carmakers. "There's a bigger risk of a downgrade in manufacturers' output plans due to weaknesses in the information-technology (IT) sector. Global demand is shifting away from goods towards services, which is bad news for Japan's export-reliant economy," Shinke of Dai-ichi Life Research said.

☆ The rise and fall of Macy's, the beloved American retailer which just announced a new CEO to lead its revival efforts
▼ + stars: | 2023-03-31 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

As one of the oldest and largest department stores in the nation, Macy's is an icon of American retail. Despite its dominance, Macy's has struggled in recent years to overcome slumping sales and continues to shutter stores. Here's the story of Macy's rise to iconic American retailer and a look at its recent stumbles. Since its humble beginnings as a small dry goods store in New York City, Macy's has pioneered several components of the modern department store, including onsite tailoring, dining, and elaborate window dressings. While the fate of the retailer remains unknown, we took a look at Macy's meteoric rise and recent struggles.

☆ Macy's CEO Gennette to retire next year, insider Spring to succeed
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

March 29 (Reuters) - Macy's Inc (M.N) on Wednesday said its Chief Executive Officer Jeff Gennette will retire in February, after serving the U.S. department store chain for 40 years and will be succeeded by insider Tony Spring. Spring, who is the chairman and CEO of Macy's unit Bloomingdale's, has been with the company for 36 years. He was named as a successor to Gennette after an internal and external search, Macy's said. Macy's said as part of the leadership transition, Chief Financial Officer Adrian Mitchell's responsibilities have been expanded to include the role of chief operating officer. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's CEO Jeff Gennette, who's led the company's turnaround effort, will retire next year
▼ + stars: | 2023-03-29 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Macy's CEO Jeff Gennette will retire early next year after a four-decade career at the company, the department store chain announced Wednesday morning. He will be succeeded by Tony Spring, CEO of the company's higher-end department store banner, Bloomingdale's. In addition to the CEO change, Macy's Chief Financial Officer Adrian Mitchell will take on an expanded role and also serve as the company's chief operating officer. In a news release, Macy's said Spring, 58, was tapped as its next leader after an internal and external search. Gennette called Spring and Mitchell "an ideal team to build on our momentum and propel Macy's, Inc. into the future."

☆ Macy's CEO to step down. Here's what the future of the brand looks like and the strategy to engage younger consumers
▼ + stars: | 2023-03-29 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Macy's CEO Jeff Gennette will retire in February, the company announced on Wednesday. Tony Spring will take his place and continue shifting Macy's strategy based on consumer changes. Here's how Macy's "Polaris Strategy" is preparing the brand for the future. A shift in supply chain proceduresJeff Gennette spoke about the future of Macy's. Astrid Stawiarz/Getty ImagesThe supply chain has been a pain point for many businesses over the last three years.

☆ Foot Locker is closing 400 stores. They may become an eyesore
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Foot Locker will close 400 stores by 2026 in malls. Anchor vacancies in malls hurt neighbors like Foot Locker and reduce traffic to their stores as well. Eventually, stores like Foot Locker go dark and it becomes harder for the mall to survive. Finding tenants for the 400 Foot Locker spaces will be challenging as big retailers look to stay away from weaker malls. Bed Bath & Beyond will be “much easier to fill than in-mall spaces.”So what happens to all the indoor malls with empty Foot Locker stores and other vacant spaces?

☆ Australia retail sales level off in Feb as shoppers rein in spending
▼ + stars: | 2023-03-28 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

SYDNEY, March 28 (Reuters) - Australian retail sales levelled off in February after wild swings around the year-end holidays, suggesting consumers are reining in spending in the face of higher living costs and rising interest rates. Data from the Australian Bureau of Statistics (ABS) on Tuesday showed retail sales rose just 0.2% in February, compared to a revised 1.8% rise in January. Sales of A$35.14 billion ($23.48 billion) were 6.4% higher than a year earlier. The figure beat median forecasts of a 0.1% rise, pushing the local dollar higher to $0.6674 , up 0.4% for the day. Australia employment rebounded strongly in February, the jobless rate eased back to near 50-year lows, and business conditions remained resilient.

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☆ Britain's John Lewis has lost its soul, says Mary Portas
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 25 (Reuters) - British retail consultant and television personality Mary Portas has written an open letter to the John Lewis Partnership accusing the group of losing its soul for considering a change to its longstanding model of employee ownership. "Somehow, in recent years, you've let go of the soul," wrote Portas, known as the "Queen of Shops" due to her efforts to save the UK high street. She accused John Lewis of "chasing the new. But here's the thing: that's not what we really want from John Lewis". John Lewis' Chairman Sharon White wrote back to Portas insisting she would ensure the partnership not only survives, but thrives.

☆ British retail sales rebound unexpectedly in February
▼ + stars: | 2023-03-24 | by ( David Milliken | ) www.reuters.com time to read: +1 min

LONDON, March 24 (Reuters) - British retail sales unexpectedly rebounded by 1.2% in February from the month before, returning sales volumes to their pre-pandemic level, figures from the Office for National Statistics showed on Friday. Economists polled by Reuters had forecast that retail sales volumes in February would be 0.2% higher than in January. January sales growth was also revised up to 0.9% from 0.5%. However, Friday's data showed that retail sales volumes in February were still 3.5% lower than a year earlier. British consumers have been squeezed by inflation which hit a 41-year high of 11.1% in October and has remained in double digits since.

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