Tipsheet: Brookstone Bankrupt | Target @ Vegas Strip | Blue Apron -25%
Brookstone files for bankruptcy with plans to shutter more than 100 stores in malls at CNBC. “The company said it will continue to operate its airport, e-commerce and wholesale businesses — these units are what it hopes to sell. Brookstone currently has 35 locations in airports across the U.S.” Read more
Lawsuit claims Walmart stole technology to keep produce fresh at Reuters. “In its $2 billion complaint, Zest Labs and its parent said Walmart’s “Eden” technology to preserve fruit and vegetable freshness “looks, sounds, and functions” like its own Zest Fresh technology.” Read more
Publix Q2 Comp Sales +1.7% Press release
Amazon forms U.S. Postal Service lobby group with other companies at Reuters. “…to keep the U.S. Postal Service’s package delivery services “reliable and affordable.”…Members of the new group include Columbia Sportswear, pharmacy benefits manager Express Scripts, the National Retail Federation, package shipping firm OSM Worldwide, postal service company Pitney Bowes, Publishers Clearing House and the retailer QVC.” Read more
Blue Apron Q2 Revenue -25% ““As we previously articulated, 2018 is a year of transition and building for the future,” said Brad Dickerson, Chief Executive Officer, Blue Apron Holdings, Inc.” Press release
Target’s team-up with Champion C9 athletic wear is ending by David Clarey at Minneapolis/St.Paul Business Journal. “(Hanesbrands) said it doesn’t expect the contract’s end to affect its 2019 outlook or $2 billion-plus global sales goal by 2022, but shares of Hanesbrands are down by nearly 20 percent on the news.” Read more
Wayfair Q2 Revenue +49% / Active Customers +34% Press release
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“BAG RAGE” – Australian Chain Coles Reintroduces Free Plastic Bags by Lewis Evan Fischer at NY Times. “Both Woolworths and Coles, which collectively hold a 61 percent share of the Australian grocery market, had agreed to introduce reusable plastic bags by July 1 this year to coincide with state-led bans on single-use bags…But many customers complained about having to pony up the money, prompting what some have called “bag rage.” Tiered subs.
Floor & Decor Q2 Comp Sales +11.4% Press release
Rent the Runway bet on the death of clothing ownership — and now it’s doubling down by Jason Del Rey at Recode. “…recently secured $200 million in debt — a term loan that provides the flexibility to pull portions of the funds at predetermined points in time — from Temasek…With the new funds, Rent the Runway plans to expand the selection of clothing available to subscribers and invest in its logistics operations.” Read more
Walmart Exec Joins Board of Warehouse Drone Co. PINC “Chris Sultemeier, the former Executive Vice President of Logistics for Walmart has been appointed to PINC’s board of directors.” Press release
Target & Burlington to open their first Vegas Strip stores at Las Vegas Review Journal. “Target will open a 20,000-square-foot store where the former Smith & Wollensky building stood on the Las Vegas Strip. Burlington, formerly Burlington Coat Factory, will open a 50,000-square-foot store inside a newly constructed building north of the MGM Grand.” Read more
Vitamin Shoppe hires David Mock as EVP – Chief Merchandising and Marketing Officer Press release
Kroger vs Visa: Credit card ban may spread to more stores at Fortune. ““If we have to expand that beyond Foods Co., we’re prepared to take that step,” said Chris Hjelm. “When the amount retailers pay in card fees ‘gets out of alignment,’ as we believe it is now, we don’t believe we have a choice but to use whatever mechanism possible to get it back in alignment.” Read more
Sears’ landlord just got a $2 billion vote of confidence from Buffett’s Berkshire at CNBC. Read more
Zara’s Big Ship-From-Store Push by Barbara Thau at Forbes. “Zara will convert 2,000 stores in 48 countries to fulfill online orders in an effort to reduce out of stocks on e-commerce orders, boost sales of full-priced items, and better compete with the speed and convenience of Amazon.” Read more
Tipsheet Extra Stories
Best Buy wants to teach you how to take good photos
Furniture retailer Feather lets shoppers rent high-end furniture for months at a time
Amazon takes down website for posting 3D printer plans for homemade handgun
Barnes & Noble says sales of books related to anxiety are soaring.
Blockchain Hype Starts to Fizzle
Lobbying fight heats up over sports gambling
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