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.
Ecommerce spending in the U.S. for November and December posted a new record at $142.5 billion, up 13.1%, according to data from Adobe, while Salesforce pegged worldwide ecommerce spend at $723 billion, an 8% increase. Smartphones accounted for 84% of the 2019 holiday ecommerce growth in the U.S., Adobe said.
Consumer loyalty is up for grabs in 2020, according to a Criteo study, with 73% of shoppers open to taking a chance on brands they haven’t tried but have heard positive things about. The study quantified the evolution of consumers into detectives who compare products, rely on reviews and increasingly shop across channels.
Pier 1 Imports said it plans to close up to 450 stores, nearly half of its 942 locations, reduce headcount and shutter some distribution centers along with other expense reductions as the company is reportedly weighing bankruptcy. The company reported a 11.4% drop in same-store sales and a 13.3% drop in net sales in Q3.