Tipsheet: Jet Ends Costco | Neiman -4.9% | Best Buy Try | Yumi
Jet.com Will Phase Out Costco Products After Wal-Mart Acquisition by Matthew Boyle at Bloomberg. “A recent search for “Kirkland Signature” on Jet’s site yielded 229 results, ranging from 40-ounce jars of Kirkland cashews for $20.99 to 40-packs of organic roasted seaweed for $67.63. That’s about to change.” Read more
Mills Fleet Farm names new CEO by David Schuyler at Milwaukee Business Journal. “Derick Prelle has been appointed president and CEO of the Midwest retailer, succeeding Wayne Sales…Prelle joins Mills Fleet Farm from KKR Capstone.” Read more
Neiman Marcus Group Q3 Comp Sales -4.9% Press release
Gymboree files bankruptcy, closing up to 450 stores by Nathan Bomey at USA Today. “Gymboree said it plans to remain in business but will close 375 to 450 of its 1,281 stores in filing for a Chapter 11 bankruptcy reorganization.” Read more
Sears Canada says it’s running out of cash and reveals ‘significant doubt’ it can stay in business by Hayley Peterson at Business Insider. “Sears Canada said Tuesday it has “significant doubt” about its ability to stay in business, and is looking at a possible restructuring or sale.” Read more
Mindy Grossman has joined the board of Fanatics — the $3 billion online sports retailer by Jason Del Rey at Recode. “Fanatics is the $3 billion privately-held sports licensing company that sells professional sports team apparel through its own website and via the online storefronts of the major U.S. sports leagues.” Read more
Amazon’s plan to sell cars makes Auto Trader shares swerve at Bloomberg via Toronto Star. “Amazon, which has been testing European waters with a limited offer of Fiat Chrysler Automobiles NV models in Italy, is now in talks to start sales in the U.K. before potentially adding other countries, German trade magazine Automobilwoche reported.” Read more
Best Buy’s new weapon against Amazon: A try-before-you-buy option by Jason Del Rey at Recode. “Best Buy will feature the try-before-you-buy option on BestBuy.com and then send interested customers to Lumoid’s website to make the rental. Customers earn about 20 percentage of the rental price back in Lumoid credits and can use them if they go on to buy the item outright.” Read more
Enso: The brands that do the most good for the world, ranked by people not shareholders (Amazon #3, Home Depot #11, CVS #27, Target #35) Top 50 list
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Retailers Curb Their Ambitions in Africa by Alexandra Wexler at Wall Street Journal. “They sort of go [into Africa] thinking, ‘We’re God’s gift to the retail industry,’” said Nicholas Corbishley, head of Africa investments at Old Mutual Property, a South African real-estate developer. “And they got hammered.” Read more (subs.)
Taiwan will finally get its first Apple Store by Catherine Shu at TechCrunch. Read more
Conde Nast closes its first major experiment in online fashion retail by Elizabeth Paton & Vanessa Friedman at NY Times. Read more
Baby food delivery service Yumi launches with $4.1 million in seed funding by Sarah Buhr at TechCrunch. “Yumi, the Los Angeles-based baby food delivery service co-created by former TechCrunch and Wall Street Journal reporter Evelyn Rusli and Angela Sutherland is finally open for business, with $4.1 million in seed investment from VC firms Brand Foundry, August Capital and NEA, as well as several angels, including early Dropbox investor Ali Partovi, WordPress’s Matt Mullenweg, and Philip Krim, co-founder of mattress company Casper.” Read more
Wal-Mart Stores executive Ben Hasan to deliver keynote address at August 22nd luncheon at Talk Business. “Hasan is the chief culture, diversity and inclusion officer for Wal-Mart.” Read more
Hudson’s Bay will likely pay for digital efforts with job cuts, analysts say by Tonya Garcia at MarketWatch. Read more
This tiny grocery store is mobile, self-driving and run by AI by Adele Peters at Fast Company. “A hologram-like AI greets you, and, as you shop, you scan what you want to buy or place it in a smart basket that tracks your purchases. Then you walk out the door; instead of waiting in line, the store automatically charges your card when you leave…” Pics/Video/Read more
Tipsheet Extra Stories
Movement to let fans pour their own beers at sports venues goes flat
Imax lays off 100 employees
Jessica Alba’s Honest Co Settles Second Labeling Lawsuit
FedEx may get involved with Trump’s push to privatize airports
Walmart, Costco Among ‘Charity Checkout Champions’
Woman Claims She Bought an Avocado With a Bullet Inside It
Could Phubbing Be Secretly Ruining Your Relationship?
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