It’s the end of an era for Belk Inc. The retailer announced that Tim Belk will retire as CEO of the company in July 2016. Lisa Harper, CEO of Hot Topic, will succeed Belk as CEO, effective July 5.
Retailers like to promote and capture impulse purchases, but need to think longer-term for e-commerce.
Belkin, which sells accessories for smartphones and tablets, has entered the brick-and-mortar space.
The world’s largest retailer is throwing a counterpunch to Amazon’s Prime service.
Kellogg’s is in a New York state of mind. Times Square to be more specific. On July 4, Kellogg’s will open Kellogg’s NYC, its first-ever permanent café, at 1600 Broadway.
Everyone knew Amazon Prime Day was coming, now we know when and how. Amazon will host its second annual summer sales blitz, known as Prime Day, on July 12. The online giant created the mega-shopping event, aimed at members of its Prime loyalty program, last year. It was held on July 15 and marked the retailer’s 20th anniversary. Amazon said the event broke sales records that it previously set during Black Friday 2014.
Source: It’s back …. Amazon Prime Day
Home décor retailer Pier 1 Imports swung to a loss in its first quarter amid heavy promotions caused by weak sales. The chain reported a loss of $6 million for the quarter ended May 28, compared to net income of $6.9 million in the year-ago period. Revenue fell 4.2% to $418.4 million in the quarter, also less than expected. Same-store sales were down 2.5%.
Source: Rough seas for Pier 1
Parents are increasing their back-to-school budgets, although overall spending is stagnant compared to recent years. According to a new survey of 1,830 U.S. parents of elementary through college students by Mintel, 52% of respondents plan to spend more on back-to-school (BTS) shopping than in 2015. Only 4% plan to spend less, with 44% planning to spend the same. However, overall planned BTS spending dropped to $68 billion in 2015 after ranging from $73 – $76 billion annually from 2010-2014.
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