Just a month into the job from Target, new Bed Bath & Beyond CEO Mark Tritton has let go six executives as part of a major shakeup at the struggling home goods retailer after years of negative results. Tritton saw great success as chief merchandising officer at Target, launching private label brands, some now north of $1 billion.
Accel Robotics, a startup using AI and computer vision to enable checkout-free stores, has raised $30 million in a Series A round led by SoftBank. The system lets shoppers in grocery and convenience stores, quick service restaurants and drugstore chains grab items and go, getting a receipt sent via text or app to their phone.
Shopping fulfillment center venture ShopFulfill will give digitally native DTC brands a physical presence by Q2 2020 in two prime East Coast locations, downtown Philadelphia and a mall in Moorestown, NJ. Its Anchor Shops will integrate retail storefronts with distribution networks for multiple brands.
Total ecommerce sales hit $26.93 billion over Cyber Weekend, according to data from Adobe Analytics, as stores went in the opposite direction. Cyber Monday’s online spending reached a record $9.4 billion, up 19.7%, making it the largest online shopping day of all time in the U.S. Store sales dipped nearly 1%, according to RetailNext.
Twenty-nine percent of holiday shoppers in the U.S. aged 18-34 plan to spend the most in physical stores this season, a number that rises to 39% for all age groups, according to a new study from Capgemini. The survey showed 37% of younger consumers overall would spend on retailers giving them access to multiple brands.
Children are making their holiday toy lists, and this year it goes beyond the traditional buying experience. Major retailers like Target, Walmart and Disney are reimagining ways to showcase popular toys and provide a more interactive experience than stores of the past, and Toys R Us is looking for an experiential comeback.
After months of speculation, apparel retailer Forever 21 announced it is filing for Chapter 11 bankruptcy protection. The company had been exploring restructuring options to avoid liquidation as its business struggles continue.
Overall holiday retail sales are expected to increase between 4.5% to 5% this holiday season, according to Deloitte’s annual forecast, passing $1.1 trillion in sales from November through January. Deloitte predicts ecommerce sales will increase 14%-18% during this period to between $144 and $149 billion.
Target reported strong Q2 performance, with 34% growth in ecommerce sales, nearly 75% of which was attributable to its same-day order fulfillment strategy including buy online pickup in store, curbside pickup and local delivery. The retailer beat expectations on earnings, comp growth and revenue, and raised 2019 guidance.
Luxury retailer Barneys is filing for bankruptcy and closing 15 stores, but will keep a number of doors in major markets open, including its flagship Madison Avenue location even though the rent nearly doubled.