Here are some interesting stories from the world of retail for Thursday, April 11:
🏬 Macy's settles proxy fight with activist Arkhouse, adds two of the firm’s nominees as directors. Arkhouse is also in the middle of negotiating with the department store about a possible sale that would take Macy’s private.
🔌 Best Buy laid off Geek Squad field agents, home-theater repair technicians and phone support specialists last week, according to current and former employees. The layoffs come amid a restructuring that includes new uses for AI.
📈 Stubborn US inflation dents hopes for imminent Fed interest rate cut. The consumer-price index, driven by fuel and housing costs, rose 0.4% from February, higher than the 0.3% expected.
👚 Lands' End’ End is on track to swing to an annual profit for the first time in three years, following a pandemic slump, by nudging customers who love a good discount to pay full price.
👔 Ted Baker’s American licensing partner is reportedly the lead contender to take control of the business’s embattled British arm. OSL is eyeing up a deal which could see the business take over dozens of shops.
👗 After several years of financial struggles, clothing-rental platform Rent The Runway on Wednesday said it expected breakeven free cash flow this year, following cost cuts and signs of a revival in shoppers’ enthusiasm.
💳 Department stores and other retailers will feel the impact of a new federal rule, which caps credit card late fees at $8. Analysts say department stores will get squeezed more by the rule, since their revenue is already under pressure.
🧴 Jessica Alba to step down as chief creative officer of The Honest Company
The founder, who remains a board member, moves on as the brand’s leadership says recent turnaround efforts are working.
💰 Costco Wholesale saw a 9.4% sales boost in the five weeks through April 7, driven by a surge in e-commerce activity. March sales amounted to $23.5 billion, up from $21.5 billion a year before.
😔 Gen Z is full of financial angst despite inheriting a golden job market. Gen Z is coming into the workforce and they’re complaining about how much easier older generations had it.
🥗 Maison Solutions buys Arizona grocer for $22 million. The acquisition of Lee Lee Oriental Supermart will add $70 million in annual revenue to Maison, effectively doubling its sales.
✉️ The US Postal Service is proposing another increase in stamp prices. The agency has laid out a slew of price hikes it aims to implement in July, saying they would amount to roughly 7.8% increases across mailing services.
📱 Sam's Club is launching a new partnership with T-Mobile, which will become the club’s exclusive wireless provider. T-Mobile is expanding its retail presence by launching in nearly all Sam’s Club locations.
#retail #retailnews #economy #DailyRetailNews
Regional Sales Manager, TexMex
2moCongratulations to Shape Products Team and to all the A-Team!