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‘The Daily Wrap:’ Blockbuster, Kroger, Borders
Blockbuster Bankruptcy in Works Could Shut 800 Stores
According to several published reports quoting sources familiar with the situation, struggling media entertainment chain Blockbuster will enter a “pre-planned” bankruptcy in mid-September 2010 that will allow it to restructure a debt load of nearly $1 billion, as well as escape leases on 500 to 800 of its worst-performing brick-and-mortar...
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‘The Daily Wrap:’ Ikea, Best Buy, Johnny Rockets
Ikea Expands in China
Home furnishing retailer Ikea, which is speeding up its expansion in China, plans to open four new stores across the country during the next two years. Ikea will open its second store in Shanghai next year and open locations in Tianjin and Wuxi, as well as its second store in Beijing, in 2012. Source: China Daily
Best Buy Names Chief Design Officer
Consumer electronics...
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Store Openings and Closings Update - August 2010
A comparison of store openings and closings by leading retailers in several major verticals shows that the recession has had a varying impact on retail store growth strategies.
Discounters Slow Down Domestic Store ExpansionIn a plan issued April 2010, discount retailer Wal-Mart said it intends to grow in major metropolitan markets domestically, with new formats while making existing formats...
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Retailers Discuss 3-D TV
Although the proportion of salespeople who discuss 3-D television technology with shoppers at major electronics retailers has increased substantially during the first six months of 2010, the rates of growth vary widely by retailer, according to the J.D. Power and Associates 2010 Television Mystery Shopping Report.
For example, while salespeople at PRO Group mentioned 3-D TV technology to...
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Retailers Target Urban Northeast, Mid-Atlantic - Update
A look at new store openings and announcements in July 2010 shows retailers targeting states in the Northeast and Mid-Atlantic regions of the U.S., where unemployment rates are equal to or better than the national average of 9.5%, for the second straight month. Unlike June 2010, in July retailers specifically targeted urban areas of these states.
For example, discount retailer Target opened its...
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‘The Daily Wrap:’ Wal-Mart, Target, Nordstrom
Wal-Mart Grows Net Sales 3%
Discount retailer Wal-Mart Stores, Inc. increased net sales 2.8% to $103 billion in its Q2 fiscal 2011. Other quarterly results include growth in consolidated operating income and decline in U.S. comparable store sales. Source: Wal-Mart Stores, Inc.
Target Uproots Garden Centers
Discount retailer Target Corp. is closing all of its 262 garden centers due to lack of...
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‘The Daily Wrap:’ Netflix, Meijer, Levi’s
Netflix Plans Android App
Online movie rental retailer Netflix is reportedly hiring Android developers for the development of an official Android app. The app will allow users to steam Netflix Watch Instantly content. Source: TheNextWeb
Meijer Opens Replacement for Original Store
Midwestern discount retailer Meijer has opened a replacement for its original location in Grand Rapids, MI. The new...
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‘The Daily Wrap:’ McDonald’s, SmartCo, KaBloom
McDonald’s Will Upgrade Wal-Mart Locations
Fast food retailer McDonald’s plans to upgrade 939 of its restaurants located inside Wal-Mart stores to boost lagging sales and profits. McDonald’s proposal would add fruit smoothies and frappes to these stores, as well as upgrade store technology. Source: Dow Jones
SmartCo Eyes CA, AZ Expansion
Non-membership warehouse grocery retailer Smart &...
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‘The Daily Wrap:’ Wal-Mart, Herrell’s, Frugal Shopping
Top 5 Social Retailers: Wal-Mart, Best Buy Lead List
It’s probably no surprise that Wal-Mart, the world’s largest retailer, is also a big player in the world of social retailing. The Bentonville-based giant leads the Top Five list of Social Retailing All-Stars compiled by RIS News. Source: RIS News
Herrell’s Plans Boston Return
Herrell’s, the ice cream chain that shuttered its Boston-area...
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‘The Daily Wrap:’ 7-Eleven, Best Buy, Kroger
7-11 Buys 14 VA Stores
Convenience retailer 7-Eleven will purchase 14 stores in Virginia. The stores, owned by Quarles Petroleum, will be rebranded as 7-Eleven. Source: Chain Store Age
Best Buy Reduces Consumer Energy Consumption
Consumer electronics retailer Best Buy said it has reduced consumer energy consumption by 796 KwH through partnerships with the EPA and DOE. Best Buy’s new...
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