American Eagle Outfitters has teamed with private-equity firm Cerberus Capital Management to assemble a bid to buy Abercrombie & Fitch, sources said. Several other parties, including fashion retailer Express, are also considering offers to buy the chain, the sources said.
J.Crew was late to adopt new technology and misjudged the rapid pace at which digital tech would transform the retail industry, Chairman and CEO Millard "Mickey" Drexler said. "You cannot be successful without being obsessed with the product, obsessed with social media, and obsessed with digital," he said.
New England-based family-owned grocer Roche Bros. Supermarkets has surpassed the 5 million mark in its branded Ecograde recyclable shopping bag initiative. The retailer teamed with GXT Green to offer the environmentally friendly bags, which are made of minerals and organic materials, degrade in about 240 days and are comparable in cost to traditional plastic bags.
Wal-Mart has increased its share of the $800 billion US grocery market and the retailer now commands 21.5% of the total market, said Andrew Wolf, an analyst at Loop Capital. Wal-Mart cut prices recently in markets where it competes with chains including Kroger and ALDI, he said.
Sales of organic food and goods rose 8% last year, topping $47 billion, with food accounting for $43 billion, according to a study by the Organic Trade Association. Most consumers buy organic food for health and environmental reasons, the study found, and fresh produce, meat and poultry were strong categories in the organic market last year.
Verizon Communications will release the SmartHub, an integrated smart home interface and Wi-Fi hot spot, today for $200. The SmartHub includes its own LTE line, allowing connectivity to a range of devices, including laptops and phones, and offers an HD Voice call feature.
Sales in Lenovo's global PC segment helped the company recover from a poor first quarter, in which it saw a 41% decline in net income, per industry data. Industry shipments of PCs were up 0.6% for the period, and the company was able to increase its market share in the segment.
Best Buy drives customer traffic to its brick-and-mortar stores with click-and-collect programs, and about one-third of customers now opt to pick up their online purchases at stores, per Fitch Ratings. Once customers arrive, the store has the chance to sell them additional items.
Coach has opened new travel retail stores at airports in Singapore and Indonesia, as well as on board the Princess Cruise Majestic Ship. The stores reflect the brand's Modern Luxury format, and Coach has also renovated more than half of its Asian Pacific travel shops with the new concept, said executive Paulo Colino.
Lowe's will continue to invest in augmented reality and virtual reality tech as part of its omnichannel strategy, the company said. The home improvement retailer recently rolled out the Lowe's Vision app, which lets users measure and style a room on a smartphone screen.
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