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.
Ecommerce holiday sales rose 18.8% over 2018, driving 3.4% overall growth in seasonal retail, delivering a very merry season for merchants, according to the Mastercard SpendingPulse holiday report. Ecommerce growth was up slightly from an 18.4% gain in 2018, accounting for 14.6% of total retail, according to Mastercard.
With historically low unemployment, the competition for reliable hourly workers has never been so stiff. Traditional employers are further hampered by gig companies luring workers with promises of flexible schedules. Here are some hiring and workforce trends to watch out for in 2020 that can impact your business.
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.