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☆ Lowe's is trying to lure rural shoppers by copying Tractor Supply and selling livestock products, Carhartt, and Wrangler
▼ + stars: | 2023-05-25 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Analyst group Jeffries says Lowe's may cut into Tractor Supply Co.'s rural-customer market share. They will roll out in up to 300 Lowe's stores by the end of the year and include new Carhartt apparel, an expanded Wrangler lineup, as well as items for pets, livestock, and trailers. Lowe's push to expand farm and ranch offerings could be troubling news for Tractor Supply Co., which has more than 2,000 stores nationwide. Per the Jeffries report, Lowe's rolled out a pilot of its rural concept in two stores in rural parts of Tennessee in 2020. Tractor Supply could face greater competition from Lowe's.

☆ Kohl's shares jump as retailer reports a surprise profit
▼ + stars: | 2023-05-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

Kohl's shares spiked Wednesday as the struggling retailer posted a surprise profit and affirmed its full-year guidance while it chases a turnaround. Kohl's surprise quarterly profit comes after multiple quarters of disappointing sales and a sinking stock price. Since then, Kohl's has tapped its new CEO Kingsbury, former chief executive of off-price retailer Burlington Stores . That contributed to a big loss in Kohl's holiday quarter and weak outlook, which the Wisconsin-based company reiterated Wednesday. During the quarter, Kohl's had its strongest sales performance in February.

☆ Target offers 1 year to return items from store brands like Cat & Jack kids' clothes. Here's everything you need to know about the unusually generous policy.
▼ + stars: | 2023-05-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +7 min

Target guarantees satisfaction for a year on owned-brand goods, including Cat & Jack kids clothes. Here's Target's policy, the strategy behind it, and what could cause it to change. Target's policy says most items must be returned within 90 days and they must be in new condition or unopened. In a way, the return policy helps Target make sales, as it incentivizes shoppers to buy its in-house brands. "These are people admitting on social media that they were actually quite satisfied, but they are just finding a loophole and this return policy," Herzog said.

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☆ 10 million Americans watched the coronation. 80% were over 55
▼ + stars: | 2023-05-10 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

IMAGE MUST NOT BE USED AFTER 00:01 TUESDAY MAY 9, 2023 WITHOUT PRIOR APPROVAL FROM BUCKINGHAM PALACE. Any questions relating to the use of the photographs should be first referred to Buckingham Palace before publication. The portrait should be used only in the context of Their Majesties' Coronation. In this handout photo dated March 2023 issued by Buckingham Palace of King Charles III taken by Hugo Burnand in the Blue Drawing Room at Buckingham Palace, London. Behind the King is the State Portrait of King George V, painted by Luke Fildes shortly after his coronation.

☆ This is what you need to know about ultra-cheap Chinese shopping app Temu, which sells a huge variety of weird things — and has some wondering if it's for real
▼ + stars: | 2023-05-08 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ Walmart names insider Latriece Watkins as US merchandising chief
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Walmart Inc (WMT.N) appointed Latriece Watkins as its U.S. chief merchandising officer, according to a memo seen by Reuters on Friday, days after Charles Redfield stepped down from the role. Watkins, who joined the company 24 years ago, has served in several roles across Walmart U.S. and Sam's Club. Last month, Walmart U.S. CEO John Furner wrote to associates that Redfield would step down and assume an advisory role supporting the U.S. business effective May 1. Watkins' appointment takes place at a time when consumer spending power has been reduced by high inflation, hurting Walmart's business and leading the company to adopt a cautious stance on 2023. "We have a rich history of strong leaders who embrace this constant change, set bold visions for our teams and best represent the humanity that is Walmart," Furner wrote in the memo.

☆ Google Cloud boss Kurian's rocky path to profit: 'We were not in a very good situation'
▼ + stars: | 2023-04-29 | by ( Jordan Novet | ) www.cnbc.com time to read: +10 min

Google Cloud CEO Thomas Kurian, right, arrives on stage as Alphabet CEO Sundar Pichai exits during the Google Cloud Next event in San Francisco on April 9, 2019. Earlier this week, Alphabet said Google's cloud unit generated $191 million in operating profit, after losing a total of $4 billion in 2021 and 2022. Under Kurian's predecessor, VMware co-founder Diane Greene, critics said Google's cloud business hadn't matured enough to handle enterprises even as it was investing heavily to do so. The cloud division includes the Google Cloud Platform, which competes with Amazon Web Services and Microsoft Azure, and the Google Workspace productivity software bundle that goes head-to-head with Microsoft Office. Google Cloud technology chief Will Grannis said Kurian's commitment to improving the division's offerings was evident right away.

☆ 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.

☆ Stew Leonard Sr. Dies at 93; Founded ‘Disneyland of Dairy Stores’
▼ + stars: | 2023-04-27 | by ( Sam Roberts | ) www.nytimes.com time to read: +1 min

Stew Leonard Sr., a folkloric retailer who expanded his namesake stores into merchandising meccas replete with petting zoos and mechanical singing farm animals, died on Wednesday at a hospital in Manhattan. Mr. Leonard opened his original store in Norwalk, Conn., in 1969 as a destination that promised fresh milk because it was built around a bottling plant. “You’d have to own a cow to get it sooner,” his advertisements proclaimed. Bryan Miller described it in The New York Times as the “Disneyland of Dairy Stores”; “Ripley’s Believe It or Not” called it the “World’s Largest Dairy Store”; and it earned a place in the Guinness World Records for having the highest dollar sales per square foot of selling space. In 2015, Business Insider praised Kroger’s customer loyalty program and Wegmans’s walk-in beer locker, but it concluded that anyone who had ever set foot in Stew Leonard’s “knows it is miles above the rest.”

☆ Don't trash your Bed Bath & Beyond coupons — you can now use them at The Container Store
▼ + stars: | 2023-04-26 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +2 min

The Container Store will accept "expired" Bed Bath & Beyond coupons until the end of May. Wednesday is the last day to use coupons at Bed Bath & Beyond stores following the company's bankruptcy filing. Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after months of uncertainty over its survival. Bed Bath & Beyond's ubiquitous and oversized coupons — known as Big Blue — may have played a role in the company's slow demise. Liquidation sales will begin Thursday at the remaining 360 Bed Bath & Beyond and 120 Buybuy Baby locations.

☆ Gap will cut more than 500 workers in latest layoffs, as struggling retailer tries to reduce costs
▼ + stars: | 2023-04-25 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

A clearance sale sign is seen at the Gap retail store on September 20, 2022 in Los Angeles, California. Gap is laying off more than 500 employees in an attempt to cut costs and become more efficient, as the company tries to move back to profitability, CNBC has learned. The cuts come after Martin told investors during a March earnings call that the apparel retailer's staff has been "dampened by a complicated organizational structure, bureaucracy, and outdated processes." It managed to turn an annual net profit in 2021, but reported net losses in both 2020 and 2022. As of Jan. 28, Gap employed about 95,000 staff members, 81% of which work in retail locations.

☆ Bed Bath & Beyond files for bankruptcy protection after long struggle, begins liquidation sale
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

April 23 - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. In February, the embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. But Bed Bath terminated the deal in late March and announced plans to sell $300 million worth of its shares, warning it might have to file for bankruptcy if it could not secure the funds. In February, according to a court filing, Bed Bath & Beyond's Canadian operations were going out of business. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed.

Whole Foods plans to reorganize certain global and regional support teams over the next two months, the company's executive team wrote in a memo to employees on Thursday. Creating a unified, companywide Operations team by transitioning category-specific store operations support from regions to a single Field Support team within our Global Operations team. by transitioning category-specific store operations support from regions to a single Field Support team within our Global Operations team. Enhancing Team Member Services (TMS) support for Team Members and Leaders across the company by realigning TMS team structures. Adjusting structures and improving processes of several other Global Support teams to provide more effective, timely, and consistent support to stores and ensure support teams can focus on priority initiatives.

☆ Bed Bath & Beyond revives bankruptcy preparations - Bloomberg Law
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 - Bed Bath & Beyond Inc (BBBY.O) is talking with advisers and lenders ahead of a bankruptcy filing that could come in the next few weeks, Bloomberg Law reported on Wednesday, citing people with knowledge of the conversations. The company is also looking at financing options to help fund itself during bankruptcy, according to the report. A Chapter 11 bankruptcy filing could come before April 26, the deadline by which Bed Bath seeks to raise the funds, Bloomberg reported on Wednesday. Bed Bath said last month it was seeking shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10 ratio. Earlier in April, its board urged shareholders to approve the split, and said that if the plan fails, bankruptcy would be imminent.

☆ Goldman has an options strategy that pays off if these three giants move big in either direction on earnings
▼ + stars: | 2023-04-19 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Goldman thinks all three companies could face strong volatility on earnings day, especially since mutual funds are underweight on the stocks. Goldman also charted each company's implied earnings day move against its eight-quarter average. META YTD mountain META is among the slate of tech stocks that made the Goldman list, and the company has an implied earnings day move of 9.8%. The firm said the implied earnings day move for Meta shares is 9.8%, and the stock has an eight-quarter average move of 14%. Walmart shares have an implied move of 1.4% on earnings day, compared to the eight-quarter average swing of 4%.

☆ Walmart’s US chief marketing officer stepping down as retailer warns of tough year
▼ + stars: | 2023-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Walmart’s chief merchandising officer for its US operations is stepping down from the job as the retailer faces a tougher year ahead, an internal memo shared to US associates Friday said. In a memo viewed by CNN Business, Walmart U.S. CEO John Furner said Redfield wants to spend more time with his family. Redfield held his position at the retailer for a little more than a year, beginning in January 2022. Its strong holiday sales were fueled by groceries. “There are merchants, and then there’s our Chief Merchandising Officer Charles Redfield,” CEO John Furner said in a memo viewed by CNN Business.

☆ Walmart US merchandising chief Redfield to step down
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - Walmart Inc (WMT.N) U.S. chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time the retailer is navigating a tightening spending environment. Redfield will assume an advisory role supporting the U.S. business effective May 1, Walmart U.S. CEO John Furner wrote in a memo to US-based associates on Friday, without naming a successor. Data from the Commerce Department on Friday also showed U.S. retail sales fell more than expected in March. Redfield started his Walmart career as a cashier at Sam's Club and has been with the company for 32 years. He had led the U.S. food and grocery business since 2015 prior to taking up his role as chief merchandising officer.

☆ Walmart Shakes Up U.S. Leadership Ranks
▼ + stars: | 2023-04-14 | by ( Sarah Nassauer | ) www.wsj.com time to read: 1 min

Walmart is the country’s largest retailer by revenue. Walmart Inc. is shuffling the leadership of its merchandising ranks, according to a document viewed by The Wall Street Journal, a shift at the country’s largest retailer as it works to navigate an unpredictable consumer landscape. Charles Redfield , who became chief merchandising officer last year, will leave the role May 1 and stay on as an adviser, said John Furner , who leads Walmart ’s U.S. operations, in a memo to staff Friday.

☆ Walmart's chief merchandising officer to depart as retailer navigates tough sales environment
▼ + stars: | 2023-04-14 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: 1 min

Walmart Chief Merchandising Officer Charles Redfield is stepping down next month. Walmart U.S. CEO John Furner said in an employee memo on Friday that Redfield will leave the role on May 1. He will stay on as an advisor for the business. The Wall Street Journal first reported Redfield's departure. Redfield's replacement has not yet been announced, a company spokesman said.

☆ The most-wanted clothing brands at resale are probably hanging in your closet
▼ + stars: | 2023-04-11 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Resale clothing shoppers are bypassing previously-owned luxury brands at discounted prices in favor of scoring secondhand mid-tier brands for less. As many as 75% of consumers have shopped, or are open to shopping, for secondhand clothing – and demand has only grown during the pandemic. Mid-tier brands like Zara, Levi's and Abercrombie & Fitch have emerged as some of the most popular clothing brands among resale shoppers. In this environment, he said secondhand shoppers are hyper-focused on value, especially when buying clothes, and mid-tier brands are sitting in this sweetspot. ThredUp competitor Poshmark said mid-tier brands like Nike, Free People, Zara and J.

☆ US sports giant Fanatics acquires top Italian football club merchandiser
▼ + stars: | 2023-04-05 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Fanatics has acquired Italian sports merchandise company Epi for an undisclosed amount and will rebrand the Milan-based company as Fanatics Italy. The company operates the ecommerce, in-venue, physical retail store and third-party logistics for several of the top football clubs in Italy including AC Milan, Inter Milan and Juventus, as well as the Italian Football Federation, which oversees the Italian national team. The deal builds upon Fanatics' existing presence in Europe and across the globe, which totals more than 60 offices, and manufacturing and distribution facilities. Roughly a "low double-digit" percentage of Fanatics' revenue comes from outside North America, Mack said, declining to comment further as Fanatics is a private company. Revenue for Fanatics will be approximately $8 billion in 2023, according to previous company estimates seen by CNBC.

☆ Bed Bath & Beyond gets $120 million lifeline to help it stock near barren shelves
▼ + stars: | 2023-04-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Cash-starved Bed, Bath & Beyond, which is scrambling to avoid bankruptcy, announced a $120 million lifeline to help it stock near-empty shelves. One reason that the chain’s sales have fallen and losses have mounted is that the company doesn’t have the funds needed to buy inventory in order to stock shelves. The money comes from ReStore Capital, which will purchase up to $120 million of merchandise from Bed, Bath & Beyond’s suppliers in order to supplement stock at Bed Bath & Beyond and buybuy BABY. “This … solution can allow us to strengthen merchandise availability and better fulfill demand.”Shelves are seen empty inside of a closed Bed Bath and Beyond store on February 08, 2023 in Larkspur, California. Last week, the company disclosed in a filing plans to sell $300 million worth of its stock to raise much-needed cash.

☆ 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.

☆ Bed Bath & Beyond's ousted CEO says he's not to blame for the company's failed turnaround and demands his $6.7 million severance
▼ + stars: | 2023-04-03 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Former Bed Bath & Beyond CEO Mark Tritton is suing the company, alleging non-payment of his severance agreement. Bed Bath & Beyond said Thursday it needs to raise up to $300 million in new funding to avoid bankruptcy. A representative for Bed Bath & Beyond told Insider the company does not comment on legal matters. One of Bed Bath & Beyond's biggest problems in 2019, the suit says, was its failure to have a serious private-label strategy and Tritton was specifically hired to give it one. If you are a current or former employee of Bed Bath & Beyond or Harmon who would like to share your story, please get in touch with Dominick via email.

☆ Walmart is rolling out a new perk to its $98 annual Walmart+ membership — early access to a new Oreo flavor
▼ + stars: | 2023-03-29 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Oreo unveiled a new flavor, the Blackout Cake cookie, this week that will hit shelves on April 3. Walmart+ members will get to try the cookie starting today, per a Walmart merchandising director. Oreo unveiled Tuesday the Oreo Blackout Cake cookie, a new limited-edition flavor that will hit shelves nationwide next week. "We've teamed up with Mondelez to give you exclusive early access to the new Oreo flavor, Blackout Cake! Walmart does not publicly disclose how many members Walmart+ has.

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