Tipsheet: Macy’s to Shutter 100 | Winn-Dixie Mansion Sold (Pics) | Costco’s Columbia Open | Kohl’s -1.8% | Lore for 5
Macy’s to Close 100 Stores via Fox Business. “Sales in stores open at least a year, including sales in departments licensed to third parties, fell 2 percent, smaller than the 4.6 percent expected by analysts polled by research firm Consensus Metrix.” Read more | Press release
…Most of these stores will close early in 2017…The locations of the 100 stores to be closed will be announced at a later date…Press release
Kohl’s Q2 Comp Sales -1.8% “Kevin Mansell, Kohl’s chairman, chief executive officer and president, said, “Our sales improved over our first quarter results, but were below our expectations. We are encouraged by the
performance of juniors and young men’s as we enter the Back-to-School season.” Press release
…Kohl’s quarterly sales beat estimates via CNBC. “Excluding items, the company earned $1.22 per share. Net sales fell 2 percent to $4.18 billion. Analysts on average had expected earnings of $1.03 per share.” Read more
Costco patrons line-up hundreds deep for new Columbia, SC store by Roddie Burris at The State. “At least 350 people with membership cards passed through the doors at opening time, said store manager Nash Myers…The store said about 7,000 new memberships had been sold through Wednesday.” Read more / See in-store video
Winn-Dixie family mansion, plantation sold at Jacksonville Business Journal. “…was originally listed for $15.5 million…The land includes a 7,000-square-foot main house overlooking the Cody Lake, a dogtrot style guest house adjacent to main house with four separate bed/bath suites, a newly built manager’s house, three additional employee houses, a plantation office, equipment barn and three grain bins.” See the 15 pics
Wal-Mart Deal Could Jeopardize Jet.com’s Sales-Tax Advantage by Rolfe Winkler & Sarah Nassauer at Wall Street Journal. “Wal-Mart has a physical presence in every state, according to a spokesman, so it does collect sales taxes for items it sells on Walmart.com in all states that impose them. Once the acquisition is closed, it isn’t clear how Wal-Mart will handle tax collections on Jet.com. Tax experts say it will depend on how ownership and operational integrations are structured.” Read more (subscription)
Wendy’s says cheaper groceries keeping people at home via Denver Post. “(CEO Todd) Penegor responded that it was “some gut, and some science,” illustrating the difficulty for companies to diagnose what may be holding back their sales.” Read more
…McDonald’s has also blamed falling grocery prices for the company’s recent sales slowdown “If I’m not mistaken, it’s the biggest gap we’ve seen [between food at home and food away from home] in the last 10 years,”McDonald’s USA President Mike Andres said last week.” Read more @ Business Insider
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Analyst not sold on Bass Pro buying Cabela’s by Matt Olberding at Lincoln Journal Star. “He said one complicating factor is a significant overlap of stores in several markets. Another is the personalities of the owners — the Cabelas on one side and Bass Pro owner Johnny Morris. “There’s a decent probability of one of them backing away” from a deal, Burns said.” Read more
Report: Marc Lore’s agreement with Walmart requires him to stay for an unusually long five years by Jason Del Rey at Recode. Read more
Saks Offers Wardrobe Advice for Men as Office Fashion Returns to Casual by Ray A. Smith at Wall Street Journal. “Saks Fifth Avenue has stepped in with a six-page how-to manual updating business casual, which the luxury retailer will start handing out to customers next week. “A guy can put on a navy suit, a white shirt and a tie and it’s very easy for him. It becomes his work uniform,” said Tom Ott, senior vice president and general merchandise manager at Saks Fifth Avenue. But “dressing business casual really takes a lot of skill to put together.” Read more (subscription)
Back-to-school sales disrupted by Amazon Prime Day by Nicholas Wells at CNBC. “(Prime Day) was the peak of back to school in 2015, according to Cardlytics, a firm that tracks purchasing data. No other week of shopping during July and August came close last year.” Read more
World Trade Center shopping center will finally open to the public starting at noon on Tuesday by Lois Weiss at NY Post. “The WTC retail hub will be home to big names including Apple, Daniel Boulud, H&M, Hugo Boss, Lacoste, Kate Spade and Cole Haan.” Read more
Wal-Mart’s Mexico Unit Is Selling Its Apparel Chain for $852 Million via Fortune. Read more
Self-checkout theft double the average by Christopher Mele at NY Times via Star Tribune. “Given that the profit margin among European grocers is 3 percent, the technology is practically a nonprofit venture, according to the study, which was released this month.” Read more
Canada: Giant Tiger ready to expand retail footprint after making its mark in small towns by Linda Nguyen at The Canadian Press via Financial Post. “The Ottawa-based retailer, with its trademark yellow branding, currently operates 220 stores and has a goal of opening 10 to 15 new stores every year for the next three to five years.” Read more
Tipsheet Extra Stories
Protester that rushed Hillary Clinton on stage rants against Costco in Facebook post
Adidas to open its first U.S. plant in metro Atlanta
Health group hammers Dollar Tree in press release
How a quiet Kansas home wound up with 600 million IP addresses
PetSmart rolls out playlists for pets and owners
Polaris Looks to Costco to Help Rev Slingshot Sales
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