JC Penney's loss is Lowe's gain, as the department store's boss leaves to join the home improvement retailer. Best Buy has rolled out a subscription service featuring unlimited tech support. Across the Atlantic, Tesco is ramping up its war on plastic, and over in Asia, Softbank is selling its entire stake in Flipkart to Walmart. Enjoy the read, and don't forget to share.




Thursday, 24 May 2018





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JC Penney's loss is Lowe's gain, as the department store's boss leaves to join the home improvement retailer. Best Buy has rolled out a subscription service featuring unlimited tech support. Across the Atlantic, Tesco is ramping up its war on plastic, and over in Asia, Softbank is selling its entire stake in Flipkart to Walmart. Enjoy the read, and don't forget to share.




US & Canada


Jumping ship ▪ Marvin Ellison, CEO of J.C. Penney, is leaving the company to join Lowe's, an announcement that sent shares of the US department store down to an all-time low. Meanwhile, Lowe's missed Wall Street estimates for same store quarterly sales, but managed to maintain its annual financial targets.



Full support ▪ After an initial pilot run, consumer electronics retailer Best Buy has rolled out a new subscription service America-wide. For a USD 199.99 annual fee, members will have access to benefits including unlimited in-store, phone, and online tech support, regardless of when and where their product was purchased.



Department store results ▪ Kohl's experienced a strong first quarter performance, with sales up 3.5% over the same quarter a year ago, following initiatives to boost traffic and court millennial consumers. Rival Target, however, saw a smaller than expected increase in profit for the quarter, despite a rise in sales.




Europe


War on waste ▪ Tesco has announced to suppliers that it will ban all packaging unsuitable for recycling from next year, as part of a move to a "closed loop" system. The grocer is also to stop labelling over 70 fresh fruit and vegetable products with best before dates, in a bid to stop edible food from being thrown away.



Polish expansion ▪ Ikea is to open a new store in Warsaw, its third in Poland's capital. The new store, which will be its first in a central location rather than on the outskirts of the city, will represent a new, smaller format.



Apparel outcomes ▪ Topshop made a GBP 10.9 million loss for the year ending August 2017, a sharp dive compared to its GBP 59.4 million profit the year before. Primark is set to overtake Marks & Spencer as the UK's top clothing retailer, news that comes as the market leader announced a 62% drop in its annual profits.




Asia & Australia


Softbank sells ▪ The Japanese tech and investment giant is selling its entire 22% stake in Flipkart to Walmart, the first public divestment by its Vision Fund. Softbank did not disclose the terms of the sale, but its CEO said this month that its investment in the Indian e-commerce firm was around USD 4 billion.



Meeting needs ▪ Woolworths is altering how it stocks products, in an attempt to match each of its outlets to the social and cultural profile of its local customer base. Australia's biggest supermarket chain also hopes to grow the total number of products in its range from 45,000 to between 60,000 or 70,000.




Weird & Wonderful


Camels from Canberra ▪ Demand for camel milk has grown in the US and Asia due to its purported health benefits, but supply is vastly outpacing demand. Australian dairy producers are seeking to fill the gap, as the country is home to the biggest herd of wild camels in the world.



Inclusive beauty ▪ Sephora has announced in-store beauty classes for those identifying as transgender or non-binary. The 90 minute interactive classes will be taught by the retailer's store instructors, and for those unable to attend in person, Sephora will offer how-to videos on its Youtube channel.