Walgreens Reports Surprise Drop in 1Q Sales at Fox Business. “Sales fell to $28.50 billion from $29.03 billion.” Read more | Press release

 

Macy’s to shutter 68 stores and cut 10,000 jobs in massive restructuring by Alexander Coolidge at Cincinnati Enquirer. “The store closures will impact about 3,900 retail associates. But the company also plans to slash 6,200 mostly back office employees.” Read more | Press release

 

Costco December Comp Sales +3.0% (US +3.0% / Canada +7.0%) “Costco reported net sales of $13.07 billion for the month of December…an increase of five percent from $12.46 billion during the similar period last year.” Press release

 

Amazon is opening a bookstore in the middle of Manhattan by Jason Del Rey at Recode. “Amazon is opening a brick-and-mortar bookstore inside Manhattan’s Time Warner Center at some point in 2017, a spokesperson said. The store will join retailers such as J. Crew, Diesel and Microsoft inside the Shops at Columbus Circle, an indoor mall that also features high-end restaurants. Defunct bookstore chain Borders once operated a location in the same mall.” Read more

 

Nordstrom CTO leaving retailer in latest departure for digital team by Kurt Schlosser at GeekWire. “Kumar Srinivasan, who has been with the company for less than a year, is leaving the company as CTO, effective Friday, to return to India later this month.” Read more

 

Online sales rake in a record $91.7 billion over the holidays, rising 11% by Krystina Gustafson at CNBC. “…the season’s sales came in $115 million ahead of expectations, 0.13 percent better than expected. Mobile devices raked in $28.4 billion, an increase of 23 percent over the prior year. The majority of that value came from smartphones, which generated $19.3 billion in revenue.” Read more

 

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Amazon’s holiday dominance solidified by last-minute shoppers by Krystina Gustafson at CNBC. “Amazon accounted for 38 percent of online sales from Nov. 1 to Dec. 29. That’s in line with the same period in 2015, when 37.9 percent of online revenue went to Amazon, according to Slice.” Read more

 

Kohl’s reports awful holiday season sales by Phil Wahba at Fortune. “For Kohl’s, a 2.1% drop in comparable sales, which includes e-commerce and stores open for at least a year, was a large disappointment, coming off of several initiatives that had been aimed at getting the retailer’s turnaround back on track.” Read more | Press release

 

NRF Foundation Announces The List of People Shaping Retail’s Future 2017 “Power Player: Kevin Hofmann – President, Online and Chief Marketing Officer, The Home Depot…Toni M. Miller – Boscov’s Department Store, LLC.” Press release

 

Target teams up with Nate Berkus again for new baby collection by Dan DeBaun at Minneapolis/St.Paul Business Journal. “The nearly 40-piece nursery and layette collection includes romper sets and crib sheets, wall decor and night lights.” Read more | A Bullseye View

 

Amazon may be among those looking to acquire bankrupt American Apparel by Kurt Schlosser at GeekWire. “Reuters reported Wednesday that sources familiar with talks put Amazon and teen chain Forever 21 in the mix when it comes to those who may make offers for the Los Angeles-based company at a bankruptcy auction.” Read more

 

…American Apparel employees fear massive layoffs loom by Lisa Fickenscher at NY Post. “It feels like there will be a massive layoff,” said one longtime employee who did not want to be identified. “Every time there is a layoff, they increase security here.” Read more

 

Coach Appoints Ex-Saks CFO as CFO Press release

 

Amazon appears ready to produce its own line of workout clothes by Nat Levy at GeekWire. “Amazon posted a trio of job listings in late December for brand managers and senior brand managers working on “Amazon Active Apparel.” The listings, first spotted by Recode, indicate that Amazon is just getting started in this business as most of the duties relate to creating strategies for a stable of private label activewear brands to succeed.” Read more

 

Macy’s CEO Terry Lundgren talks to The Street “I have said this before, but America is still over-stored,” Macy’s long-time Chairman and CEO Terry Lundgren told TheStreet in an interview Wednesday evening. “My guess is that some rationalization of retail space needs to occur, and I think we were at the forefront of acknowledging that” Read more

 

Teen apparel chain rue21 promotes its chief digital officer to chief marketing officer by Matt Linder at Internet Retailer. Read more

 

Sears CEO lends retailer another $500M amid ongoing losses by Lisa Fickenscher at NY Post. “…on top of a $200 million credit line ESL extended to Sears Holding last week.” Read more

 

Amazon is granted a patent for using a subterranean network to deliver packages by Alan Boyle at GeekWire. “The 33-page application lays out the specifications for a network that could transport packages via conveyor belts or rails, or even through pneumatic tubes. (Hyperloop fans, take note.)” Patent pics/Read more

 

Stanley Black & Decker to Buy Craftsman Brand From Sears For $900M at Fox Business. Read more

 

Gap employee refunds a customer for a 17-year-old shirt by Alice Johnston at Daily Mail. “Naturally the store manager was not impressed when the error was discovered and hung the shirt with a note, saying: ‘Who on earth accepted this as a return?!?!?! This item is from the summer of 2000! That was almost 17 years ago!'” Pic/Read more

 

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