Tiffany says same-store sales fell 44%, LVMH deal clearing regulatory hurdles at CNBC. “In China, same-store sales were down about 85% and 15% during the first and second months of the quarter, but have picked up again in April and May….sales jumped by 30% during April and about 90% in May, compared to the same period a year prior.” Read more
Bankrupt Retailers Stand to Pocket Millions From Unused Gift Cards at Wall Street Journal. “A number of bankrupt retailers—Pier 1, Modell’s Sporting Goods Inc. and Art Van Furniture Inc.—are closing their doors. In total, the three had about $64 million in gift cards outstanding at the time of their bankruptcy filings, court records show.” WSJ subs.
RBC Capital Markets survey: 67% are Prime members, up from 59% last year at GeekWire. Read more
Reopened Macy’s stores are performing better than expected at CNN. “The department store previously forecast up to a $1.1 billion operating loss in its first quarter. But, as stores reopen — 450 at last count — customers are returning in much larger numbers than Macy’s had believed possible. Macy’s now expects an operating loss of “only” $969 million between February and May…” Read more
Signet Jewelers Permanently Closing About 400 Stores This Year at WWD/Yahoo. “…more than 1,100 of the company’s 3,200 stores in North America and the U.K. have reopened, with store sales improving each week.” Read more
Casey’s Q4 comp sales: Grocery & other Merch -2.0% / Prepared food & fountain -13.5% Press release
Walmart’s Flipkart rolls out voice assistant to make shopping easier at TechCrunch. “The assistant, which supports Hindi and English, will also understand more languages in the future, said the company, which competes with Amazon in India.” Read more
**A message from SPS Commerce. Are you leaving unused open-to-buy dollars on the table? When you’re constantly calling and emailing vendors to check on orders, it’s impossible to accurately determine order status or how much outstanding budget you have. Video overview | Website
Stitch Fix sales fell 9% as coronavirus delayed orders, sees sales growth ahead as backlog clears at CNBC. “It also gained new customers, with its active client base growing 9% year over year, to 3.4 million users. Net revenue per active user rose 6% to $498.” Read more
81% Rise in May Retail eCommerce Sales: ACI “…sportswear and sporting goods (216%), retail specific to housewares and DIY supplies (190%), and gaming (84%).” Press release
Fastest-Rising Food Prices in Decades Drive Consumers to Hunt for Value at Wall Street Journal. “Mondelez International Inc. said it is considering smaller packages of some products like its Oreos and other snacks that cost less overall. Campbell Soup Co. said it might add more family-size packs that will cost less per ounce.” WSJ subs.
U.S. retailers could announce between 20,000 and 25,000 closures this year, according to Coresight Research, with 55% to 60% of those situated in America’s malls at CNBC. Read more
eMarketer: U.S. e-commerce sales will jump 18% this year due to the impact of the coronavirus pandemic at TechCrunch. Read more
Guardian Angels defend Manhattan Foot Locker from looters, video shows at NY Post. “New video has emerged of Guardian Angels founder Curtis Sliwa and a handful of his group members going toe to toe with crowds of people in lower Manhattan — one even throwing a bicycle at him — amid a night of looting.” Video/Read more
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