Monday Tipsheet: Target CEO Appears on CNBC | Socialists, Virtual Reality & Mary Jane
“Target CEO appears on CNBC for in-depth interview; ‘still shaken’ by the data breach, vows to ‘make it right’ “ by Becky Quick and Matthew Belvedere at CNBC. “For Target Chairman and CEO Gregg Steinhafel, December 15 started out as a normal Sunday. He was at home, having coffee with his wife. That’s when he got the first call about the cyber security breach at the retailer, which would to date put the personal information of as many as 110 million customers at risk. “My heart sunk,” Steinhafel reflected.” See the Video interview / Read more
“Target Updates Q4 Sales Expectations: Sees Same-Store Sales Down 2.5% vs. Prior Guidance of Flat” “The updated sales expectation reflects: Stronger-than-expected fourth quarter sales prior to the Company’s December 19, 2013, announcement of a payment card data breach; Meaningfully weaker-than-expected sales since the announcement, which have shown improvement in the last several days, and; A comparable sales decline of (2)% to (6)% for the remainder of the quarter.” Read more
“Colorado’s Marijuana Business: Mom & Pop for Now, But How Long Until Larger Chains Move In?” by Steve Raabe at Denver Post. “The investment and expansion climates could change dramatically, she said, if banking laws are reformed to allow marijuana businesses access to accounts and loans, and if cannabis eventually is legalized under federal law. Gehring said investment and ownership by big corporations is “pretty much a certainty” under those scenarios. “We’re approached by millionaires every day who want a piece of the action,” said Robin Hackett of BotanaCare.” Read more
“Virtual reality transforms real-life shopping in stores” by Heather Somerville at San Jose Mercury News via Charlotte Observer. “In early 2014, Matterport will start publicly selling software that can create a 3-D rendering of the inside of a house. People can view the rendering on a computer screen, explore the house as though taking a video tour and add objects to rooms. Matterport is selling the technology to home improvement and furniture retailers; Crate and Barrel founder Gordon Segal is an investor.” Read more
“Target’s profitability in Canada now ‘years away’ ” by Marina Strauss at Globe & Mail. “While Target had initially predicted it would be in the black in Canada by the fourth quarter of 2013, its latest results suggest “profitability for the chain there is years away,” Rob Wilson, president of Tiburon Research Group in San Francisco, said.” Read more
“QR Codes Are Alive and Well and Living in China” at Ad Age. “QR codes have been called many names. Ugly. Has-been. A failure. Marketing expert Scott Stratten even has a book out called “QR Codes Kill Kittens.” But not so fast: In China, those checkerboard-like codes are enjoying a renaissance. That’s thanks to WeChat…” Read more
“$15 Minimum Wage Rally in Seattle; 350-400 Show up, Sit through ‘Socialist-Movement’ Speeches” by Eric Lactis at Seattle Times. “The crowd included those with a familiar look to longtime Northwesterners — the guy with the goatee, the earnest-looking young woman passing out leaflets, the bearded older guy with a beret. The crowd contained a fair number of those middle-aged and older. “I don’t see that many young people, either,” said Dave Ortiz, a communications professor at Cascadia Community College in Bothell.” Read more
“What Insurance Company is on the Hook for Target’s Breach? None – Target is Self-Insured” by Thomas Lee at Star-Tribune. “The financial hit for credit card breach could run into hundreds of millions of dollars for the self-insured retailer.” Read more
“If You Work For Sears, Quit and Find a New Job, NOW” by Rocco Pendola at Dallas News. “Last week, I received the following message from a Vice President at a major corporation: “I refuse to go on the record, but let’s just say your work this past week has confirmed that one of my decisions last year was the right one.” Even though I can still see the turnip truck’s brake lights, I can read between the lines quite well. This person interviewed for a job at Sears Holdings and turned it down. Clearly, this person made the right choice.” Read more
“Walmart & Tractor Supply CEO’s Named to NRF Board of Directors” ‘The new board members include: Beall’s CEO Steve Knopik; J.C. Penney Corporation, Inc. CEO Myron “Mike” Ullman; SAP Senior Vice President and Head of the Global Retail Industry Business Unit Lori Mitchell-Keller; Tractor Supply Company President and CEO Greg Sandfort; Utah Retail Merchants Association President Dave Davis; Walmart U.S. President and CEO Bill Simon.” Read more
Follow @retaileyeretail