Tipsheet: McMillon @ Conf. | Macy’s CEO Wants 5 Changes | Cabela’s Cuts | Gordmans Delisted
Walgreens Said Poised to Sell More Assets to Win Rite Aid Nod by Robert Langreth & David McLaughlin at Bloomberg. “Walgreens is nearing an agreement to sell more assets to Tennessee-based discount chain Fred’s Inc. — boosting the number of stores and adding distribution centers, software and personnel, according to one of the people. Walgreens could present the beefed-up package to the U.S. Federal Trade Commission within weeks, the person said, in hopes of satisfying the agency’s concerns after an initial proposal fell short.” Read more
Here’s What Walmart’s CEO Looks For In a Takeover Target by Phil Wahba at Fortune. “Assortment is driving a lot of these acquisitions,” McMillon said at an investor conference in New York on Tuesday.” Read more | Transcript via Seeking Alpha
…Wal-Mart’s McMillon says digital transformation is key by Kim Souza at The City Wire. “He said the company must be thoughtful about what areas to expand reach and not get too far from “the core DNA.” “But there are things that are closer to the core of what we do,” McMillon concluded. “Financial services would be one, health and wellness is an area where we think we have an opportunity that we probably need to be more aggressive.” Read more
Saks Owner Hudson’s Bay in Talks to Buy Neiman Marcus by Suzanne Kapner & Dana Cimilluca at Wall Street Journal. “Hudson’s Bay is seeking a complex and unusual deal that would give it control of Neiman Marcus without assuming the company’s debt, the people said. The discussions are moving quickly, though it is far from certain that a deal will be reached.” Read more (subscription) | Fox Business article
Walmart.com hiring hundreds of tech workers in San Bruno, Sunnyvale to challenge Amazon Prime by George Avalos at Mercury News. “We are in the process of hiring hundreds of merchandise and category specialists for Walmart.com,” said Ravi Jariwala, a spokesman for Walmart.com…At present, Walmart.com employs about 2,300 people in the Bay Area, primarily on the Peninsula.” Read more
What day is it at Amazon? Jeff Bezos knows in this photo from inside the company’s all-hands event by Kurt Schlosser at GeekWire. “Other images on Twitter showed folks in attendance and some idea of the crowd size. Even actor Tom Skerritt, who played Viper in the film “Top Gun,” made an appearance with the Amazon Military Recruiting Team.” Pics/Read more
Macy’s next CEO wants to make these 5 big changes at the store by Krystina Gustafson at CNBC. “Speaking at the Bank of America Merrill Lynch Consumer & Retail Technology Conference in New York City Tuesday, Gennette walked investors through five tests Macy’s is conducting that could eventually be rolled out across its fleet…” See the list/Read more
Prime Now Adds Alcohol to the Mix “Starting today, Prime members in Cincinnati and Columbus can add beer and wine to their Prime Now order for delivery in one hour or less.” Press release
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DSW Q4 Comp Sales -7.0% Press release
Wal-Mart de Mexico to Invest 17 Billion Pesos in 2017 by Anthony Harrup at Wall Street Journal via MarketWatch. “Around 38% of the investment will be in store remodeling and maintenance, and 31% will be in new stores, which the company expects will contribute between 2 and 2.2 percentage points of sales growth.” Read more
Amazon plans to open store on Ohio State campus via WCMH TV Columbus. Read more
No, the rest of America is not online shopping like you are by Sarah Halzack at Washington Post. “Meanwhile, online spending actually retreated or held steady in a handful states, including Idaho and South Dakota. But things get especially interesting is when you look at per-person online spending in relationship to the state’s affluence.” Charts/Read more
Cabela’s lays off undisclosed number of workers at its Sidney headquarters by Paige Yowell at Omaha World-Herald. “Borowski said the layoffs were not part of Cabela’s proposed acquisition by Bass Pro Shops, which is pending regulatory and shareholder approval, but rather to make the company “more efficient and streamlined.” Read more
Gap Appoints Mark Breitbard as New Global Head of Banana Republic Press release
1 day after declaring bankruptcy, Gordmans learns it will be delisted from Nasdaq by Paige Yowell at Omaha World-Herald. “Shares of the company are most likely worthless now, said Erik Gordon, a professor at the Ross School of Business at the University of Michigan who focuses on corporate governance.” Read more
Inside Amazon’s Spheres: Official Instagram account launches to chronicle plant life and views by Kurt Schlosser at GeekWire. “Under the name @seattlespheres, the account went live on Monday and so far features nine posts and has attracted 277 followers. The description says the three glass domes, located between Sixth and Seventh Avenues at Lenora Street, will be “blossoming” in early 2018.” Read more
Tipsheet Extra Stories
Mark Zuckerberg wants to understand Nascar – takes spin with Dale Earnhardt Jr.
Cramer: Walmart Could Be One of Few Survivors of a Border Tax
Mother arrested after intentionally abandoning her two-year-old daughter in grocery store
Amazon patents drones with telescoping landing legs and foldable propellers
Bruce Springsteen’s mansion sells for $3.2M in hush-hush deal
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