How China Kept Its Supermarkets Stocked as Coronavirus Raged by Julie Wernau at Wall Street Journal. “By targeting soon-to-expire foods that might ordinarily have been thrown away by suppliers, Walmart was able to locate a massive batch of cucumbers in Yunnan province. Staff members worked through the night at a distribution center to test and sort the cucumbers for delivery to stores the next morning.” WSJ subs.
7-Eleven owner allegedly sold homemade hand sanitizer that burned four kids at CNN. “Let me be perfectly clear: If you try to take advantage of our residents during a public health emergency, we will hold you accountable,” New Jersey Attorney General Gurbir Grewal said. “Retailers who try to make a quick buck by exploiting others will face civil and criminal consequences.” Read more
Ulta Beauty Q4 comp sales +4.0% Press release
Canadian Tire appoints retail head Greg Hicks as new CEO at Montreal Gazette. “Hicks most recently served as president of Canadian Tire’s retail unit, the company’s largest business with about 500 stores across Canada.” Read more
Q4 comp sales: Gap Inc -1.0% / Old Navy Global Flat / Gap Global -5.0% / Banana Republic Global Flat / Athleta +2.0% Press release
…Gap’s earnings, sales beat, retailer names new CFO at CNBC. “Revenue: $4.67 billion vs. $4.55 billion expected. Same-store sales: down 1% vs. a drop of 3.8% expected.” Read more
**A message from Sweets & Snacks Expo: With more than 15,000 industry professionals in attendance, the Sweets & Snacks Expo is the largest show in North America representing the confectionery and snack industries. Register/Website
UPS picks former Home Depot exec Carol Tomé as its next CEO at Atlanta Business Chronicle. “United Parcel Service Inc. said Thursday it named Tomé as the company’s CEO effective June. She will replace David Abney, the current chairman and CEO…” Read more
Apple says reopening all its branded stores in China at Reuters. Read more
UNFI sells the real estate of 15 Cub Foods locations by John Ewoldt at Star Tribune. “Unable so far to sell the 79 Cub Foods stores it owns, United Natural Foods Inc. has found an alternative to glean cash from the supermarket chain. UNFI Chief Executive Steve Spinner announced on Wednesday that it will sell the real estate of 15 Cub stores for $170 million. The sale represents 1.1 million square feet of retail space. It is expected to close by August.” Read more
The Buckle Q4 comp sales +3.3% Press release
Amazon Buys Lord & Taylor Building On Fifth Avenue by Lisa Fickenscher at NY Post. “Amazon is shelling out $1.15 billion in cash to acquire the former Lord & Taylor flagship in Midtown Manhattan, The Post has learned. The Fifth Avenue landmark, which spans 11 stories and 660,000 square feet, will serve as Amazon’s New York City headquarters, housing several thousand employees in the coming years, a source close to the situation said.” Read more
Etsy is trying to get bigger, and it’s pushing away small sellers by Jacob Kastreanakes at The Verge. “I feel strongly that the writing is on the wall, and I need to get out before it gets worse,” Luu told The Verge. Late last month, Etsy announced that it would start automatically advertising on sellers’ behalf — and charging them when it led to a sale…” Read more
Amazon moves shareholder meeting online, cancels in-person event where investors and protestors gather in Seattle annually by Monica Nickelsburg at GeekWire. “In some ways, this could increase access to the meeting. For years, Amazon has not offered a live stream or full audio or video of the meeting online, making it accessible only to shareholders who are able to come to the meeting in Seattle…The meeting is typically held in May. The exact date and details on how to participate will be included in Amazon 2020 proxy statement.” Read more
In a California town called Cool, gentrification means a Dollar General store at LA Times. “At a meeting last month in the Holiday Market grocery store, Loomis pointed to a mural depicting the nearby American River, with gold miners clutching pans and modern-day hikers and mountain bikers. “That’s us then and us now,” she said. “I don’t see a Dollar General!” Tiered subs.
Note: Eye on Retail Tipsheet will not be published next week but will return 3/23/20!
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