Activists at Bed Bath & Beyond are trying to replace its entire 12-person board – stock soars 20% at CNBC. Read more
Dick’s to develop software in house by Sara Castlellanos at Wall Street Journal. “CTO Paul Gaffney is spearheading the effort after taking a similar approach at his previous employer, Home Depot. “In a lot of retail, there’s been a tradition that tools were designed at headquarters and inflicted on the store [employees]. We’ve been trying to turn that around,” said Mr. Gaffney, who joined Dick’s in late 2017.” WSJ subs.
Lenders give Neiman Marcus three years to grow out from overwhelming debt by Maria Halkias at Dallas Morning News. “The next hard chapter now begins as Neiman Marcus tries to fix its balance sheet by growing the company. Two leveraged buyouts within 10 years left the company with what credit analysts call an unsustainable level of debt. The retailer’s almost $5 billion in debt equals its annual revenue.” Tiered subs.
CVS and Walmart poised to cut back on greeting cards by Nathan Bomey at USA Today. “It’s not all bad news for greeting cards. For example, it’s a myth that young people aren’t buying them…Lovepop has sold more than five million of its handmade luxury pop-up cards since launching in 2014…The cards typically cost more than $10, but recipients often view them as a keepsake…” Read more
Wayfair Expands to Physical Retail with First Brick & Mortar Store “To be located in the Natick Mall in Natick, Massachusetts…will open four pop-up shops later this summer.” Press release
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Petco pledges to remove artificial ingredients from its cat and dog food in new ad campaign by Adrienne Pasquarelli at Ad Age. “You’re going to see a very different voice and posture for the brand,” says Tariq Hassan (chief marketing officer)…he was tasked with “the need to really establish how we differentiate ourselves, not only from other big-box competitors, but also to start to define ourselves as the true national independent player that we are.” Tiered subs.
Amazon to Whole Foods Online Delivery Customers: We’re Out of Celery, How’s Kale? by Heather Haddon at Wall Street Journal. “Some of the problems customers like Ms. Hills have experienced are often amplified because daily operations at the two companies are still largely separate…Technology that tracks Whole Foods’s inventory is old, and officials have discussed updating it for years.” WSJ subs.
Supreme Court rejects Zappos’ appeal in long-running data breach dispute by Nat Levy at GeeiWire. “The case has major implications across the business world…Significant data breaches are becoming common occurrence, and the Zappos case will go a long way toward deciding how much liability corporations will have if customer data is exposed, regardless of how it is used.” Read more
Charlotte Harris Teeter store is dropping traditional checkout lines by Katherine Peralta at Charlotte Observer. “The average transaction in the grocer’s uptown store is “significantly smaller than our traditional stores,” spokeswoman Danna Robinson said.” Read more
Apple’s new credit card will feature a one-time unique dynamic security code by Zack Whittaker at TechCrunch. Read more
…The Apple Card is Apple’s thinnest and lightest status symbol ever by Vlad Savov at The Verge. “People around you at the supermarket or restaurant don’t need to know the particular credit rating requirements you had to pass to get an Apple Card, they just see the debossed Apple logo and the minimalist design and immediately recognize that you’re a person with disposable income.” Read more
Men Ditch Suits, and Retailers Struggle to Adapt by Suzanne Kapner at Wall Street Journal. “Oliver Chen…wears stretchy pants from Lululemon to the office. He pairs them with a blazer, button-down dress shirt and sneakers…adding that he can wear the pants not only in the office but also to his boot camp class. “They are a man’s fantasy,” he said.” WSJ subs.
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