At Modell’s Sporting Goods it’s game day, every day. So says the Facebook page banner video, but Chapter 11 bankruptcy day is looming for the nation’s oldest family-owned and operated sporting goods retailer. CEO Mitch Modell confirmed the retailer stopped searching for a rescue investor, and a bankruptcy filing is imminent.
Target CEO Brian Cornell piled on superlatives when discussing Q4 and 2019 results, including six consecutive years of 25%+ growth in ecommerce sales. Same-day (order pickup, drive up and Shipt delivery) accounted for more than 80% of Target’s Q4 comparable digital sales growth of 20%, compared to 1.5% overall comp growth.
In this latest MCM CommerceChat podcast, we spoke with Willis Weirich, Senior Vice President, Supply Chain and Operations at Neiman Marcus, about how the customer experience informs supply channel priorities. Willis is one of our keynote speakers on this subject at Ecommerce Operations Summit 2020, April 14-16 in Orlando, FL.
Escalating concerns over the spread of the coronavirus are affecting every industry and sector, and retail and ecommerce are certainly no exception. This includes not only challenged supply chains in Asia and other affected countries but also things like runs on certain products in supermarkets and price clubs as consumers panic.
Footwear and lifestyle accessories brand Cole Haan’s plans to raise a reported $100 million in an IPO are on hold due to market volatility related to coronavirus concerns, several media outlets reported. Reuters said Cole Haan declined comment on the news, adding Warner Music Group Corp. also delayed its IPO plans for the same reason.
Calling out Amazon for destroying brand differentiation and citing customers’ demands that brands be wherever they want them, real estate venture firm Fifth Wall closed a $100 million fund to help digital natives add stores. The fund is backed by some of the largest retail real estate owners and service providers in the U.S. and abroad.
1-800-Flowers is acquiring PersonalizationMall.com from troubled retailer Bed, Bath and Beyond, which has been in the midst of a major turnaround effort, for $252 million. The deal includes a newly renovated 360,000-square-foot production/distribution center, a database of B2B and B2C customers and its website and mobile platform.
Free On-Demand Webinar: Oracle NetSuite has conducted a survey of shopper expectations and retailer planning, surveying 2,000 consumers and 400 retail execs. Join Art Wittmann, editor of Brainyard and Chris Benner both of Oracle NetSuite for high-level findings and recommendations for retail businesses over the next decade.
Macy’s Inc. announced plans to close 125 stores within three years in an effort to find profitability amid an ongoing shopper flight from malls and department stores, while consolidating its headquarters in New York and cutting 2,000 corporate jobs. This will leave 400 Macy’s stores in place; about 30 will close in 2020.
The value of global retail industry mergers and acquisitions (M&A) soared in Q4 2019 to a total of $25.66 billion, according to UK-based data and analytics company GlobalData. That total value represents a 38.4% increase over Q3 and was up 160.7% compared with the average of $9.93 billion over the last four quarters.