Tipsheet: BJ’s IPO | Retail Tax Law Typo | JCP Jets For Sale | WM +100 @ Open Call
BJ’s Wholesale sees IPO at $15-$17/share at Reuters. “…giving the warehouse club operator a market capitalization of up to $2.15 billion. At the top end of that range, the offering of 37.5 million shares would raise $637.5 million.” Read more
Retailers Fume Over Tax Law Typo That Makes Renovations Pricier by Laura Davison & Matthew Townsend. “Under the previous tax code, 84 percent of the cost of some store improvements could be depreciated over 15 years with half coming in the first year…Republican tax writers intended to offer 100 percent right away through 2022, but because they didn’t specify a recovery period for “qualified improvement property,” those expenses will only be able to be written off over 39 years. That equates to just 42 percent of the total cost being written off.” Read more (Tiered subs.)
Walmart green lights 100 new products during Open Call by Kim Souza at Talk Business. “(Cindi Marsiglio WM VP) said one her favorite items presented Wednesday was the “Treatie,” a small device that attaches to a smart phone and holds a dog treat to allow pet owners to capture the dog’s attention long enough to take their photo – a selfie – with the family pet….“I can see a couple of (Walmart) buyers competing hard to get this unique item.” Read more
CHICAGO – Walgreens to move 1,800 workers to Old Post Office, including 1,300 from Deerfield HQ by Ryan Ori at Chicago Tribune. “In addition…about 500 employees working in a downtown office in the Sullivan Center — the former Carson Pirie Scott building on State Street — will move to the new space. Walgreens will maintain its headquarters in Deerfield, which will house 3,200 employees.” Read more (Tiered subs.)
DALLAS – Sam’s Club is opening a mysterious new tech-focused grocery store by Hayley Peterson at Business Insider. “…focused almost entirely on fresh food and grab-and-go meals. The name of the new concept is still in the works, but it will carry Sam’s Club branding…It’s opening in Dallas in the fall, and it will be about 32,000 square feet…will carry 1,000 to 2,000 items.” Read more
Costco to launch e-commerce business in Japan in 2019 at The Japan Times. Read more
See inside: Sam’s Club first e-commerce fulfillment center by Elle Perry at Memphis Business Journal. “Mohan Akella, vice president of Samsclub.com, said the Memphis facility will become sort of an experiment for the company, where it perfects the process and strategy for its future e-commerce centers.” Pics/Read more
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JCPenney is selling its three private jets to cut costs by Mary Hanbury at Business Insider. “Unbeknown to some, the retailer has a fleet of private jets, consisting of a 2001 Gulfstream IV-SP, a 2009 Gulfstream 450, and a 2010 Gulfstream 450, Dallas News reported.” Read more
Google places a $550 million bet on China’s JD.com at CNBC. “The two tech companies said they would work together to develop retail infrastructure that can better personalize the shopping experience and reduce friction in a number of markets, including Southeast Asia.” Read more
BAD TIPPERS – 10% of millennials said they don’t leave a tip when dining out at a restaurant compared to 3% of those that are older at Fox Business. Read more
New Jersey arts festival shooting leaves 22 injured at Fox Business. “The event was billed as a showcase for more than 1,500 pieces of art. Authorities said that about 1,000 people were in the area when the shooting started and people stampeded.” Read more
Tobacco companies’ websites to post court-ordered warnings at CNBC. “The number of cigarette smokers has declined to 15.5 percent of adult Americans in 2016, down from 23.5 percent in 1999.” Read more
Shopper thwarts potential mass shooting by killing gunman after he opened fire at a busy Walmart at Daily Mail. “Darren Gossler, an eyewitness to the shooting, tweeted: ‘I was in the dairy section. ‘Heard about 5 or 6 pops. Ran out a side emergency exit and attempted to run to my car in the parking lot but heard 4 more pops in the lot.” Read more
Tipsheet Extra Stories
Man charged with making $1.3 million in fraudulent returns to Walmart
A Macy’s goes from mall mainstay to homeless shelter
Seizure warning about ‘Incredibles 2’ for fans with epilepsy
Unilever says it won’t work with social media stars who buy followers
Lowe’s names new general merchandise manager for home décor
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