Archive for year: 2021

 

How a sweetheart deal gives GameStop CEO a $179 mln goodbye gift at Reuters. “…GameStop granted him more shares linked to his tenure at the company rather than to his performance as most companies do with their CEO, said Eric Hoffmann, a vice president at compensation consultant Farient Advisors LLC.” Read more

 

America’s Best Employers for Diversity 2021 at Forbes.

• Best Buy #65, Williams-Sonoma #77, Home Depot #105, Nordstrom #141 Ranked list

 

Amazon to let Whole Foods shoppers pay with a swipe of their palm at Reuters. “The deployment stops short of introducing Amazon’s cashier-less technology at Whole Foods, which critics have said would result in job cuts. Amazon One still requires scanning items at checkout, and the company said it will not impact jobs at Whole Foods.” Read more

 

LAST NIGHT – an event featuring Target CEO Brian Cornell was postponed as the nation awaited the Derek Chauvin jury verdict at CNBC. Read more

 

Stop & Shop ‘shocked and heartbroken’ by Long Island grocery store shooting at Fox Business. “Wilson, a shopping cart wrangler at the store, went to the offices immediately after arriving for work at around 11 a.m., wounding a man and a woman in one room before going down the hall and killing a 49-year-old store manager, Ryder said.” Read more

 

Inside the booming market for buying Amazon sellers: Secrets and insights from an acquirer at GeekWire. “They quickly buy out popular mom-and-pop Amazon sellers, and then attempt to use their e-commerce expertise in marketing and logistics to drive additional revenue and profits across a wide range of brands. There are now about 40 of these aggregators — with names like Perch, Thrasio and Cap Hill Brands — operating across the e-commerce landscape.” Q&A

 

**Find the future of the candy and snacks industries at the Sweets & Snacks Expo’s Innovation Avenue! Innovation Avenue delivers the leading brands of tomorrow for retailers truly looking for something cutting-edge to wow their shoppers. Indianapolis, June 23-25 2021. Most innovative new products 2019 & 2018 | Register now

 

LVMH, Richemont and Prada unite behind a blockchain consortium at NY Times. “LVMH Moët Hennessy Louis Vuitton, which first unveiled plans for a global blockchain-based system in 2019, will be joined by Prada Group and Compagnie Financière Richemont in the Aura Blockchain Consortium, a nonprofit group that will promote the use of a single blockchain solution open to all luxury brands worldwide.” Read more

 

Amazon criticizes European soccer ‘Super League’ as anticompetitive, says Prime Video not involved at GeekWire. Read more

 

Lidl US Appoints New CEO at Virginia Views. “…its current CEO announced on April 20 that he was stepping down to spend more time with his family. Lidl’s US President and CEO Johannes Fieber is leaving the company in late May, and Michal Laguionek, a long-time Lidl manager based in Germany, will take his place.” Read more

 

The Americas’ fastest-growing companies 2021 at Financial Times. Ranked list

 

Home Depot reacts to boycott campaign over Georgia voting law at Fox Business. “One of the leaders, Pastor Jamal H. Bryant – who called notorious anti-Semite Louis Farrakhan “one of the greatest leaders of our people” – called a boycott of the Home Depot a “necessary evil” in a Tuesday New York Times article…Home Depot said in a statement to Fox News that the company would “continue to underscore our statement that all elections should be accessible, fair and secure…” Read more

 

Advance Auto Parts estimates Q1 comp sales will range from 22% to 24% Press release

 

STUCK IN THE MIDDLE – Snarled Supply Chain Trips Up Small Businesses at Wall Street Journal. “One of the biggest challenges of being a small company is we buy from billion-dollar companies and sell to billion-dollar companies,” making it difficult to fend off price increases or pass them on to customers, (Heather Chandler) said.” WSJ subs.

 

Tipsheet Extra

Here’s everything Apple announced at its ‘Spring Loaded’ event

Netflix reveals $17 billion in content spending in fiscal 2021

This startup helps homebuyers make all-cash offers when they don’t have enough cash

L’Oreal targets male beauty with push into new ‘growth engine’ market

Median home price in Boston-area hits record of nearly $725K

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Amazon illegally interfered in Alabama warehouse election, union alleges in complaint to federal officials at CNBC. “In its filing submitted to the NLRB, the union listed 23 objections surrounding Amazon’s behavior during the monthslong campaign, including allegations of employee intimidation and manipulation. The RWDSU said Monday it has requested a hearing before the NLRB to discuss its objections.” Read more

 

Amazon workers could soon be assembling furniture upon delivery a Fox Business. “The new assembly furniture service is slated to roll out in Virginia and two other markets, sources told Bloomberg. Customers who order big-box items such as sofas, beds or mattress sets would be able to have them put together on-demand and an Amazon employee would then take away the packaging, according to the report.” Read more

 

GameStop CEO George Sherman to step down at CNBC. “Sherman will be stepping down on July 31 or earlier upon the appointment of a successor, the company said in a statement. Its board is searching to identify chief executive officer candidates.” Read more

 

The Home Depot names BBDO its new agency of record at Ad Age. “BBDO replaces The Richards Group, with whom Home Depot parted ways in October, after 25 years. The retailer declined to name finalists in the review process; in January, Ad Age reported that the selection had been narrowed down to BBDO and Leo Burnett.” Read more

 

Target Plans To Bring Some New Life To A Downtown Pittsburgh Landmark at Forbes. “The new Target store will be a very welcome addition to downtown Pittsburgh’s streetscape. The long-empty banks of display windows at the Kaufmann’s building are a stark reminder of the city’s former glory as a retail center. Target will replace those windows with merchandise and fill its interior with local shoppers.” Read more

 

Kroger closes 2 Southern California stores over $4 per hour ‘hero pay’ ordinance at Fox Business. Read more

 

**Find the future of the candy and snacks industries at the Sweets & Snacks Expo’s Innovation Avenue! Innovation Avenue delivers the leading brands of tomorrow for retailers truly looking for something cutting-edge to wow their shoppers. Indianapolis, June 23-25 2021. Most innovative new products 2019 & 2018 | Register now

 

SupplyPike report details Walmart’s 2020 inventory issues at Talk Business. “The report analyzed data from more than 200 suppliers to Walmart throughout 2020. The report examined the rise and fall of Walmart’s suppliers’ sales and in-stocks (product on the shelf) in 2020 and created a timeline of coronavirus impacts on retail.” Read more

 

Pandemic-spurred home renovation boom would be bigger if not for 208% spike in lumber price at Fortune. “41% of U.S. homeowners say they’ve done a home project since the pandemic started, according to a Fortune-Researchscape International poll of 1,031 U.S. adults between April 2 to 5.” Register to read

 

Amazon Invests in Nine New Renewable Energy Projects Press release

 

Camping World announces appointments to leadership team ” Elizabeth Garry has joined the company as VP, Ecommerce and Jessica Wegner has joined the company as VP, Customer Loyalty and Membership.” Press release

 

Britain’s Marks & Spencer to boost online capacity with second warehouse at Reuters. “British retailer Marks & Spencer (MKS.L) will increase its online capacity by building a new automated online warehouse in its existing distribution centre in Bradford, northern England, it said on Monday.” Read more

 

Tipsheet Extra

Kanye West reveals official Yeezy x Gap logo

New Details Emerge on Meijer’s Small-Format Store in Detroit

‘Downton Abbey 2’ Hitting Theaters in December With Original Cast Returning

Pandemic good Samaritan faces hefty tax bill for his efforts

Can Alamo Drafthouse Battle Back From Bankruptcy and Lead a Moviegoing Revival?

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Eye on Retail Tipsheet is must-read material for retail execs every weekday morning. Tipsheet stories are carefully curated bright and early every morning to ensure fresh and unique content.

 

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Walmart investing in GM’s Cruise self-driving car company at CNBC. “The decision to invest comes about five months after the companies started working on a pilot program to use Cruise self-driving vehicles for deliveries in Scottsdale, Arizona.” Read more

 

Retail sales increased 9.8% last month at Reuters. “…receipts at auto dealerships surging 15.1% after falling 3.5% in February. Sales at clothing stores soared 18.3%. Consumers also boosted spending at restaurants and bars, leading to a 13.4% jump in receipts.” Read more

 

How Amazon Strong-Arms Partners Using Its Power Across Multiple Businesses at Wall Street Journal. “Amazon last year told smart-thermostat maker Ecobee it had to give the tech giant data from its voice-enabled devices even when customers weren’t using them. The Canadian company said no…Amazon responded that if Ecobee didn’t serve up its data, the refusal could affect Ecobee’s ability to sell on Amazon’s retail platform, the person said.” WSJ subs.

 

Target is testing a new approach to get packages to customers’ doors even faster at CNBC. “Target is testing a new way to deliver online orders in the Minneapolis area with a special facility that sorts packages and contract workers from Shipt that help drop them off at customers’ homes.” Read more

 

CORPORATE REPUTATION – 2021 Global RepTrak® 100 (Ikea #36, Aldi #65, Costco #78, Amazon #92) Top 100 list

 

Walmart to convert majority of US hourly jobs to full-time positions at The Hill. “Drew Holler, senior vice president of Walmart’s U.S. People Operations, outlined the plans in a blog post, writing that two-thirds of the Walmart roles that are currently hourly will eventually be “full-time with consistent schedules from week to week.” Read more

 

Tapestry, Inc. appoints Todd Kahn CEO and Brand President of Coach “…reporting to Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc. Mr. Kahn joined the Company in January 2008 and has held a number of leadership roles within the organization…” Press release

 

**Find the future of the candy and snacks industries at the Sweets & Snacks Expo’s Innovation Avenue! Innovation Avenue delivers the leading brands of tomorrow for retailers truly looking for something cutting-edge to wow their shoppers. Indianapolis, June 23-25 2021. Most innovative new products 2019 & 2018 | Register now

 

American Eagle Outfitters says its business is exceeding expectations with Q1 revenue on track to over $1 billion, a mid-teens increase compared to pre-COVID 2019 first quarter reported revenue Press release

 

Here’s Kroger’s big bet to fight Amazon at CNN. “Kroger this spring is opening a $55 million, 375,000 square-foot fully automated distribution center outside Cincinnati in partnership with Ocado…It’s the first of 10 such facilities that Kroger, the largest US supermarket chain, plans to complete over the next two years.” Read more

 

Dollar Tree builds its own media network “The Company’s Family Dollar brand also announced its partnerships with Swiftly and Aki Technologies to support the new digital platform…” Press release

 

Amazon sets 2021 diversity goals and releases new workforce data on gender and race at GeekWire. “As of Dec. 31, women make up 31.4% of U.S. corporate employees, up 1.4% from 2019. Black employees make up 7.2%, up from 5.4%. White employees make up 47%, down from 48.4%; Asian employees make up 34.8%, down from 36.2%; and LatinX workers make up 7.5%, up from 6.6%.” Read more

 

REI releases its 2020 financials and annual impact report Press release

 

U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand at Wall Street Journal. “The estimate represents a 52% rise in the nation’s home shortage compared with 2018, the first time Freddie Mac quantified the shortfall…“We should have almost four million more housing units if we had kept up with demand the last few years,” Mr. Khater (Freddie Mac) said. “This is what you get when you underbuild for 10 years.” WSJ subs.

 

The Home Depot Opens Three New Florida Distribution Centers Press release

 

Mike Lindell says Costco has stopped selling My Pillow products at NY Post. “The decision will cost My Pillow between $4 million and $10 million in annual sales, according to Lindell. It will also affect some 40 salespeople who would travel to Costco stores to hawk the company’s products, he said.” Read more

 

Almost half of Shopify’s top execs to depart company: CEO at Fox Business. Read more

 

Flipkart to acquire online travel firm Cleartrip at TechCrunch. “Flipkart has been rumored to be working on introducing flight tickets purchase feature on its marketplace for over a year.” Read more

 

Walmart ordered to pay startup $115 million for trade secret infringement at Talk Business. “Ecoark sued Walmart in August 2018 after Walmart filed two patents on technology to improvement the freshness of produce. Ecoark claimed it shared information with Walmart between 2014 and 2017 during a pilot of Zest Labs, a subsidiary of Ecoark.” Read more

 

Tipsheet Extra

Jeff Bezos shows off NS-15 rocket on social media

Hy-Vee names data head

Why Some Grocers Say Amazon Fresh Isn’t a Competitive Threat

Gucci heirs worry over family depiction in Ridley Scott film

Walmart Moves to Protect Pollinators From Pesticides

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Eye on Retail Tipsheet is must-read material for retail execs every weekday morning. Tipsheet stories are carefully curated bright and early every morning to ensure fresh and unique content.

 

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100 Best Companies to Work For (Wegmans #4, Target #14, Publix #42) Top 100 list

 

Gap to Replace Longtime Credit-Card Issuer Synchrony With Barclays at Wall Street Journal. “Barclays will take over Gap’s private-label and co-branded credit cards, including Athleta, Banana Republic and Old Navy, the people said. The portfolio includes some 11 million open card accounts, some of the people said, with total balances of roughly $3.8 billion at the end of March.” WSJ subs. | MarketWatch

 

GameStop initiates search for new CEO – sources at Reuters. “GameStop Corp is looking for a new chief executive to replace George Sherman…Sherman’s 25 years of experience have been largely with brick-and-mortar retailers, such as Advance Auto Parts Inc and Home Depot Inc, and his experience is seen as less relevant to the digital transformation, two of the sources said.” Read more

 

As retailers like Walmart, Macy’s woo customers back, some have to clean up shop at CNBC. “Walmart shares were downgraded by a research firm earlier this year because of its sloppy stores, and Macy’s has been criticized for its poor presentation. Neil Saunders, managing director of GlobalData Retail, said it’s time for retailers to clean up their act — or risk losing customers.” Read more

 

China’s March exports rise 30.6% as global demand revives at AP News. Read more

 

Retailers look to innovate and tempt customers back to physical stores at CNBC. “For some time now, retailers have tried to attract customers by creating experiences in store, but they now need to get creative as shopping habits change and customers become more demanding.” Read more

 

Bed Bath And Beyond Launches “Home, Happier” Brand Campaign “The fully integrated campaign will be anchored by a :30 anthem TV spot airing nationally beginning April 14 and features a suite of creative assets supported by an omni-channel paid media plan…” Press release

 

**Find the future of the candy and snacks industries at the Sweets & Snacks Expo’s Innovation Avenue! Innovation Avenue delivers the leading brands of tomorrow for retailers truly looking for something cutting-edge to wow their shoppers. Indianapolis, June 23-25 2021. Most innovative new products 2019 & 2018 | Register now

 

Walmart Owes $115M For Stealing Startup’s Food Tech Law 360 subs.

 

Nike launches shoe refurbishment program with focus on saving the environment at Fox Business. “The company released videos on its website illustrating how it was going to clean, repair and resell shoes if a consumer returns their product within 60 days…The campaign will launch in 15 Nike stores in the U.S. with plans to expand to retail-based destinations through the year.” Read more

 

How Ace Hardware beat Covid-19 – and Amazon at Fast Company. “(CEO) Venhuizen is brutally honest about the crisis of motivation that afflicts so many organizations…“The vast majority of the people who do the heavy lifting in business are aimless, purposeless, bored, and disengaged,” he says. “They hate their job; they hate their boss; they hate their pay. It breaks your heart, but that’s where leaders have to begin their quest.” Read more

 

Retailers urged to re-think police calls for low-level crimes after George Floyd’s death at Star Tribune. “I think maybe years ago when companies started implementing diversity programs, it was because maybe there was a reaction to incidents, [but] now the frame of mind is that we have to be proactive to implement programs,” said Leon Buck, (NRF’s) vice president for banking and financial services. Buck chairs a group of about 90 major retail brands that meets virtually once a month to talk about diversity and inclusion including recruiting and retaining diverse employees as well as retail racism and implicit bias.” Read more

 

Signet Jewelers raises Q1 and full year guidance – Updated Q1 comp sales guidance +97% – 99% vs. prior guidance of +80% – 84% Press release

 

Amazon data center targeted in Texas man’s foiled bomb plot, FBI says at Fox Business. “Authorities said Pendley targeted an Amazon web service data center in Ashburn, Va., according to a criminal complaint. In conversations with a confidential source, Pendley said he planned to attack the servers and that his goal was to overthrow “the oligarchy” in the United States, authorities said.” Read more

 

Tipsheet Extra

MyPillow’s products have disappeared from Costco’s site

A former Target exec is transforming Banner into the ’employer of the future’

Short-seller hits Porch Group, questions its accounting for Lowe’s stock sale

Kraft Heinz ‘Mayochup’ dispute revived by US appeals court

Electric vertical aircraft maker Beta expands to passenger flights in a deal with Blade

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Eye on Retail Tipsheet is must-read material for retail execs every weekday morning. Tipsheet stories are carefully curated bright and early every morning to ensure fresh and unique content.

 

Subscribe to Eye on Retail Tipsheet here

 

Contact us: Put your product or service in front of the most powerful retail execs in the world, send advertising inquiries to info@eyeonretail.net

 

Website: eyeonretail.net