New Best Buy CEO takes the helm Tuesday at CNBC. “Corie Barry is a former chief financial officer for Best Buy, and she has also played key roles in overseeing strategy and operations…Joly will take on a newly created role, executive chairman, and will continue to advise Barry and other executives in an array of areas, including strategy and mergers and acquisitions.” Read more
Neiman Marcus Q3 comp sales -1.5% “During the quarter, the Company reported a net loss of $31.2 million compared with a net loss of $19.9 million for the third quarter of fiscal year 2018.” Press release
…Neiman Marcus posts a bigger loss and CEO Geoffroy van Raemdonck ‘not satisfied’ with results by Maria Halkias at Dallas Morning News. “Luxury retailing continued to be promotional, both in stores and by online competitors, CEO Geoffroy van Raemdonck said during a conference call with analysts. And some fashion trends may have peaked, such as streetwear and sneakers, he said.” Tiered subs.
Busy IPO Market Offers Lifeline to Troubled Retailers by Soma Biswas & Sam Goldfarb at Wall Street Journal. “In recent months, both (Neiman Marcus & PetSmart) have resolved disputes with creditors in large part by promising to pay them with proceeds from initial public offerings or sales of their online businesses.” WSJ subs.
Kohl’s to close its Off/Aisle discount stores after four years in operation by Rick Romell at Milwaukee Journal Sentinel via USA Today. “The four Off/Aisle locations – three in Wisconsin and one in New Jersey – will close on Aug. 3…”…our strength and ongoing improvements in inventory management across the company do not allow us to appropriately stock Off/Aisle stores at scale,” Gross wrote in the memo.” Read more
Walmart China invites U.S. entrepreneurs to innovate for food safety pipeline by Kim Souza at Talk Business. “For more information about the Innovation Pipeline Round 3, including a complete timeline, requirements, and application forms, visit the website of the Walmart Food Safety Collaboration Center.” Read more
Target Leads Retailer Revolt Against Virginia Electric Utility at Bloomberg. “Target Corp. is joining with other retailers that are customers of Dominion Energy Inc. in asking Virginia state regulators for permission to negotiate with wind and solar farms and other power providers.” 1:30 video
Amazon Scores U.K. Rights to Women’s Tennis by Henry Chu at Variety. Read more
US consumer prices edged up 0.1% in May at AP. “U.S. consumer prices increased a slight 0.1% in May, as inflation was tempered by lower costs for gasoline, electricity and used cars.” Read more
Forget Your Reusable Bags? This Grocer’s Embarrassing Plastic Sacks Will Help You Remember by David Griner at Adweek. “There’s a new “walk of shame” these days—when you’re leaving the grocery store without your reusable bags and have to use up yet another plastic sack destined for the landfill (or, even worse, a body of water).” Adweek subs.
Albertsons completely phases out freshwater eel from its sushi products at SeafoodSource. “Over the next three-and-a-half years, the company will work closely with FishWise and its sushi vendors to transition shrimp, salmon, surimi, and tuna to all responsible sources, according to Albertsons.” Read more
U.S. pet doctors get ready for online pharmacy challenge by Manas Mishra & Tamara Mathias at Reuters. “…until now veterinary practices, which both prescribe and sell drugs, have been a major source of prescription medication. While Amazon so far has shown no interest in that market, Chewy’s and Walmart’s forays into the online pet pharmacy business threaten to change that, prompting veterinary clinics to seek help in defending their turf.” Read more
Home Depot co-founder Bernie Marcus raises $117 million for nonprofits by Matt Kempner at AJC. “I was never meant to be,” (Marcus) said. His mother had planned to stop having children, but a doctor suggested having a baby could help with her rheumatoid arthritis. Marcus said when he and Blank came to Atlanta in 1978, “we had nothing.” “Home Depot made us,” he said.” Read more
Supporters defend Nike’s plus-size mannequin after it becomes target for ‘fat-shaming’ remarks by Michael Bartiromo at Fox Business. “Writing in The Telegraph, Tanya Gold described the mannequin as “immense, gargantuan, vast” and [heaving] with fat” in an article suggesting Nike had given up on the “war on obesity” by debuting the inclusive mannequin.” Read more
Kroger to sell CBD-infused products at Fox Business. “…will be selling topical products in 945 stores across 17 states, a spokeswoman told Fox Business in a statement.” Read more
The Race to Become the Beyond Meat of Fish by Lydia Mulvany & Josh Petri at Bloomberg. “Wild Type can produce only small pieces of salmon, which become too flaky if heated above 212 degrees Fahrenheit. As a result, all the preparations were either raw or cooked in natural acids, such as citrus juice.” Tiered subs.
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