Competition for toy shoppers is heating up at Target, Walmart and other retailers as the second holiday season without Toys R Us stores approaches. Target has joined with Disney for in-store and online toy promotions and signed a deal to manage part of the online presence for Toys R Us, and Walmart has created the Walmart Toy Lab site where kids can try products virtually.
Authentic Brands Group and B. Riley Financial have struck a deal to buy the assets of Barneys New York in a $271.4 million cash deal, court documents show. The deal is considered a stalking horse bid, and an auction could still be held later this month if higher bids are received by Oct. 22.
Abercrombie & Fitch began switching its strategy from exclusivity to inclusivity after CEO Mike Jeffries left amid slumping sales in 2014. CEO Fran Horowitz took the reins in 2017 and launched a plan last year that has included remodeling stores, creating a more seamless shopping experience and improving a loyalty program that has since more than doubled to 30 million members.
Under Armour has joined with Virgin Galactic to design and make new spacesuits that stress performance over trendy style, Under Armour CEO Kevin Plank said. The 600 people on Virgin Galactic's waiting list for its first commercial space flights will get the full suits, and Under Armour will make T-shirts and other pieces of gear available to the public.
IKEA will shift its focus in India to smaller cities and small store formats after it opens its fourth large-format store in the country, IKEA India CEO Peter Betzel said. The Sweden-based retailer operates stores in Hyderabad and Mumbai and plans to open locations in Bengaluru and Delhi before beginning to focus on second-tier cities.
Sneaker and streetwear reseller Stadium Goods is gaining a bigger brick-and-mortar retail presence in partnership with Fred Segal. The brand, which does 95% of its sales online, will host an in-store shop at Fred Segal's store in West Hollywood, Calif., with a series of collections based on different brands and themes.
Grocers have surpassed the restaurant, entertainment and nongrocery retail categories when it comes to superior customer experience, according to KPMG research. H.E. Butt Grocery took second place for top individual brands, Amazon placed sixth and Costco ranked eighth.
Grocery sales in the UK rose 1.3% in the 12-week period ending Oct. 6, fueled by 7.3% and 8.2% growth at ALDI and Lidl, respectively, according to Kantar Worldpanel. Sales at Big Four supermarket Sainsbury's only showed a 0.6% increase, as consumers held off on Brexit stockpiling.
Walmart-backed Flipkart has launched a new food retail division in India called Flipkart Farmermart, which will compete with Amazon and other players, including BigBasket and Grofers. Walmart operates wholesale stores in India, and Flipkart is expected to use the retailer's expertise to grow its online grocery sales.
The striking United Auto Workers union and General Motors have agreed on a tentative contract that would close three already idled domestic plants and a distribution site, as well as pay a bonus to many union and temporary workers. The deal requires ratification from UAW members.
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