Tipsheet: B.Buy +2.7% | EEOC Hits Target for $2.8M | Amazon’s ‘Brutal’ 401k | WinCo #6 in TX
Target to pay $2.8M in EEOC settlement by Paul Walsh at Star Tribune. ““The tests were not sufficiently job-related,” Schmid said. “The tests on their face were neutral…They disproportionately screened out people in particular groups,” namely blacks, Asians and women…Target spokeswoman Molly Snyder said the company has and continues “to firmly believe that no improper behavior occurred regarding these assessments.” Read more
Best Buy Q2 Comp +2.7% “Online comparable sales increased 17.0%.” Read the release
CNBC: Best Buy Shares Soar 11% After Earnings Easily Beat by Fred Imbert. “Still, Best Buy said its international revenue dropped by 25.6 percent year-over year due to consolidation of its Canadian brand, currency headwinds and “softness in the Canadian consumer electronics industry.” Read more
Amazon’s 401(k) Plan Is Pretty Brutal, Too by Suzanne Woolley, Margaret Collins & Spencer Soper at Bloomberg. “The match of employee contributions into their 401(k) plans is below average and made entirely in Amazon stock, which leaves employees dangerously exposed to the company’s fortunes.1 In fact, Amazon’s 401(k) came last in Bloomberg’s ranking of the plans offered by the top 50 companies in the S&P 500.” Read more
Best Buy hires new agency for holidays, Super Bowl season by Mark Reilly at Minneapolis/St.Paul Business Journal Read more
Macy’s CEO Terry Lundgren celebrates 10 years of marriage by Emily Smith at Page Six/NY Post. “Guests at the NOMO hotel included Tommy and Dee Hilfiger, AmEx CEO Ken Chenault and wife Kathryn,Tommy Mottola and wife Thalía, John Varvatos and Vera Wang, Home Depot mogul Ken Langone, Leonard Lauder and new wife Judy Glickman, and real estate king Jerry Speyer. Terry and Tina stood and did a lighthearted review of each year of their marriage.” Read more
51 Companies That are Changing the World via Fortune (Walmart #4, CVS #31, Costco #47) See the full list
***A message from Pro-Chlor Septic Tabs – Homeowners with aerobic septic systems must properly chlorinate them or face fines upon mandated county inspections. Flushable tabs don’t work here …only chlorine tabs made specifically for aerobic systems. Contact info@shiftmarketinggroup.net for program information or go to gwtcinc.com
Amazon employee’s ‘manifesto’ calls for 3 reforms to improve company by Todd Bishop at GeekWire. “1) abolish the Feedback Tool that enables criticism of colleagues behind their backs; 2) abolish the Levels system that classifies employees by letter and number; and 3) abolish the “Rank and Yank” forced curve employee ranking system.” Read more
Target ups Dustee Jenkins to exec team as communications SVP at PR Week. “Colleagues and contemporaries wrote on Jenkins’ Twitter wall last week to congratulate her about the appointment.” Read more
Korea: Newly Opened Costco Store Attracts Waves of Customers at The Korea Bizwire. “Although it officially opened at 10am, customers had lined up in front of the store even at 8am, causing delays and inconvenience to commuters during rush hour. The store’s parking lots, with 800 parking spaces on the third and fourth floors and 500 additional spaces near the store were full all day.” Read more
Winco Opens #6 in Texas Read the release
Sears Names Lynn Pendergrass As New Hardlines President Read the release
A&P to lay off 8,500 in New Jersey by Alison Burdo at Philadelphia Business Journal. “The total number of layoffs is a big jump from Friday when the state Department of Labor said 3,781 employees would be let go, according to a NJ.Com.” Read more
Ex-Starbucks CEO to sell Seattle mansion for $3.7M by Patti Payne at Puget Sound Business Journal. See the 22 pics
Tipsheet Extra
A top device exec at Amazon has left again, this time for Google’s advanced products division
Instacart launches grocery delivery service in Indy
Home Depot’s Teresa Wynn Roseborough Sells 6,000 Shares
Belk to be acquired by Sycamore Partners at $3 billion valuation
Dan Gilbert, Home Depot to rehab 65 Detroit homes
***
Eye-on-Retail Tipsheet is created early every weekday morning and read by retail merchants and executives worldwide. We love data, earnings reports, executive presentations and stories off the beaten path that get at what’s really happening in the world of retail. See our website at www.eyeonretail.net