Tipsheet: Macy’s CEO/Chairman @ CNBC | Target Boosts Lobbying | Lowe’s CEO Pay Decline
Wal-Mart ordered to pay Cuker Interactive more than $12 million over trade secrets at Talk Business. “The retailer began the litigation when it filed a breach of contract complaint against Cuker in 2014 regarding a contract to build the Asda website…Cuker in 2014 filed a counterclaim against Wal-Mart alleging the retailer swiped trade secrets and did not keep their end of the deal.” Read more
Macy’s new CEO plans to take on TJ Maxx by Krystina Gustafson at CNBC. “We hope that by the end of 2017, what we’re going to exit with is a viable off-price concept that is on-mall, not off-mall like our ferocious competitors,” Gennette told CNBC’s “Power Lunch.” Video/Read more
‘The Home Depot Backyard’ coming to Georgia Dome site by Amy Wenk at Atlanta Business Chronicle. 21 pics/Read more
Target, other retailers boost lobbying in border-tax battle by Ben Brody & Matt Townsend at Washington Post via Denver Post. “Target, Best Buy and Gap spent almost $3.2 million combined on lobbying during the quarter — up from $830,000 in the same period a year ago…Wal-Mart disclosed spending almost $2.2 million in the first quarter, an increase of $140,000 over the first quarter of 2016.” Read more
How In-Home Package Delivery Could Save E-Commerce by Daniel Terdiman at Fast Company. “It’s appropriate to use an analogy like Uber,” Johnson said, “where if I told you eight years ago that you’d have some 19-year-old in a Corolla pick you up, with no training, no skills, etc., and drive you to the airport. You’d say ‘No, thank you.’ I think there’s plenty of people who would say no way.” Read more
Sears to close 50 auto centers, 92 Kmart pharmacies to cut costs by Ally Marotti at Chicago Tribune. “The company also plans to eliminate senior management roles at Sears and Kmart, though it has not said how many.” Read more
Lowe’s CEO sees pay decline by Katherine Peralta at Charlotte Observer. “Robert Niblock made $12.67 million in 2016, down from $13.16 million in 2015.” Read more
DRINKING & SHOPPING – Mixing alcohol and shopping can be costly mistake by Chris Taylor at Reuters via Star Tribune. “A third of Americans admit to having shopped while under the influence…The average price tag of those drunk shopping sprees was a whopping $206…The most common…Clothes and shoes, bought by 39 percent of drunk shoppers…And who exactly is doing the drunk shopping? Millennials, apparently, 39 percent of whom cop to the practice. They are followed by Gen X at 36 percent, and then baby boomers, at 18 percent.” Read more
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Macy’s Lundgren says ‘great valuations’ are fueling retail’s appetite for M&A by Krystina Gustafson at CNBC. “We look all the time,” Lundgren, who ended his stint as CEO last month, told CNBC’s “Squawk on the Street.” “I think there’s some great valuations in stock prices of companies that are well funded and that look like they have a runway for success in the future.” Video/Read more
How Walmart Uses Data To Drive Disaster Relief by Dan Woods at Forbes. Read more
Home food delivery is hot, Schwan’s has done it for 65 years by Kristen Leigh Painter at Star Tribune. “When we get asked, ‘What are you going to do about all the new meal kits on the market?’ we say, ‘Celebrate them.’ They are talking about getting food delivered to your home that is easy to prepare, and that makes it easier for us to sell our story.” Read more
Inside China’s $43 Billion Bid for Food Security by Geoff Colvin at Fortune. “The danger is no longer that millions will starve, but rather that millions may rise up in anger if they can’t get, or can’t afford, the diet to which they’re growing accustomed. China must somehow meet the demands of this new normal by feeding 19% of the world’s people—and feeding them better every day—with just 7% of the world’s arable land.” Read more
Luxury Retailer Jimmy Choo Puts Itself Up For Sale at Fox Business. Read more
Amazon Probably Can’t Destroy Costco Because of One Incredibly Simple Advantage by Brian Sozzi at The Street. “The survey unearthed that 81% of respondents visit Costco for groceries. Results were consistent for both millennials and baby boomers. Meanwhile, gas – another defensive product-category – was the main reason for visiting Costco for 10% of respondents, with the food court and other at 9% combined.” Read more
Mother of 7 donates kidney to young Lowe’s co-worker by Earle Kimel at Herald-Tribune. “I said, heck, he can have one of mine,” Higbee said, with a laugh. “I have seven kids — if I need one, I can borrow one of theirs.” Read more
Tipsheet Extra Stories
Ex-Walgreens CEO launches venture to commercialize new technologies
Owl nests in Lowe’s store gets Do Not Touch sign
U.S. Retailers Face Growing Hostility From Suppliers
Ralph Lauren confirms it will lay off 100+ employees
Cheerleading has evolved into a billion-dollar business
A robot-delivery startup helped write state laws that are locking out competition
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