Here are some interesting stories from the world of retail for Thursday, June 13:
👕 Shares of Oxford Industries fell after the owner of the Tommy Bahama and Lilly Pulitzer clothing lines cut its full-year sales and profit outlook, saying that consumers have become more cautious than originally anticipated.
👟 Nike suffered a setback in its bid to trademark the capitalized version of the word “footware” for tech-related products after a European Union court upheld a complaint from German rival PUMA Group.
🛠️ Lowe's Companies, Inc. names chief marketing officer: Jennifer Wilson was promoted to the role and oversees a number of initiatives including the company’s retail media network.
🍋 Amazon Fresh is trying to remind customers it's not just a fancy returns point. The stores are offering a series of grocery coupons for patrons who use the stores to drop off items that they ordered on Amazon.
💍 Kohl's plans to boost sales by expanding its jewelry options.The retailer had previously reduced space for jewelry to make room for Sephora, but now aims to re-establish its presence.
🎯 In an interview with the WSJ, Gretchen McCarthy - Target's supply chain chief - said that a focus on using consumer aisles as fulfillment centers for same-day delivery helped streamline the flow of consumer goods.
🥫 Grocery prices stayed flat in May, after ticking down the month before. But menu prices, a source of frustration for budget-conscious consumers, are still going up — even as restaurants brag about their discounted meals.
🏭 Nordstrom expects to complete the transition of operations from its fulfillment center in San Bernardino, California, to its West Coast omnichannel center in Riverside, California, during its second fiscal quarter.
🍟 California’s new $20-an-hour minimum wage law for fast food workers plunged visits to popular chains as restaurants like McDonald's, Wendy's and Burger King hiked prices to offset higher costs, according to a study.
🇨🇦 Canadian discount retailer Dollarama L.P. reported lower-than-expected first-quarter sales growth as consumer demand begins to level off. Rrevenue for the three months reached C$1.4bn ($1bn), up from C$1.29bn a year earlier.
📉 The chairman of the Federal Reserve Board has warned the battle to tame inflation is not over as policymakers signalled the central bank would cut rates only once this year.
🎮 A selloff in GameStop shares on Wednesday corresponded with a surge in volume for call options believed to be owned by Keith Gill, better known by his online handle Roaring Kitty.
📸 Creating another artificial intelligence tool for its sellers, eBay has introduced a photo background enhancement feature to improve product images, the e-commerce veteran announced.
🪧 About 6,000 grocery store workers are set to vote on strike action after the expiration of their union contract with the Kroger-owned Food 4 Less chain.
#retail #retailnews #economy #DailyRetailNews
Teaching Assistant at Winchester Public School
1moDoes that mean pay increase for the labor???