Not many retailers can boast that their mascot was one of the first animals ever immortalized in wax at Madam Tussauds in New York City. But Target can. That’s just one of five suprising things about the discounter in a report by Fortune. To find out the other four, click here
J.C. Penney announced a positive development on the financial front. The department store retailer announced it has successfully completed refinancing its $2.25 billion five-year senior secured term loans, which should generate about $24 million in interest expense savings.
Source: Good news for J.C. Penney
Watch out Best Buy, the nation’s largest ecommerce retailer is on your tail. According to a report by barrons.com, Amazon has moved ahead of Walmart to take the number two spot, behind Best Buy, as the nation’s largest electronics retailer.
Nordstrom plans to shutter its location at Horton Plaza, in downtown San Diego. The store, which opened in 1985, will remain open through August 26, 2016.
Restoration Hardware Holdings Inc. (RH) has appointed Hilary Krane to its board of directors, effective immediately. Krane is the executive VP, chief administrative officer and general counsel of Nike Inc. She will also serve on the board’s audit committee. Prior to joining Nike in 2010, Krane held various roles at Levi Strauss & Co., including senior VP, general counsel and corporate affairs.
With all the attention placed on cybercrime, it is easy to overlook the threat posed by old fashioned shoplifters and dishonest employees.
Timberland announced a goal to double its footprint in five U.S. cities by 2020 — but not in the conventional year. Each year for the next five years, the brand will choose a different city with a Timberland store, and match its retail floor space with the creation or restoration of an equivalent amount of green space in that city.
The nation’s largest specialty pet supplies retailer is upping its store growth this year. PetSmart said it expects to open approximately 80 net new stores in fiscal 2016, up from 50 locations in fiscal 2015. PetSmart is on its way to meeting its goal, having opened 12 net new stores in the United States and Canada during the quarter ended May 1, 2016. The new locations average over 12,000 sq. ft., and include service offerings such as grooming and pet training.
Source: PetSmart revs up store expansion
Boots, the U.K.-based pharmacy and beauty retailer, and IBM announced that Boots has launched Sales Assist, an IBM MobileFirst for iOS app, across its U.K. stores to make it easier for customers to find the products they need. Sales Assist is one of the 100-plus enterprise-focused apps that IBM has produced in collaboration with Apple for iPhone and iPad, aimed at a range of specific industries and professions.
The National Retail Federation has some big concerns about a plan unveiled Wednesday by House Republican leadership to replace President Obama’s Affordable Care Act.