‘The Daily Wrap’: Gap, Dollar General, Borders
“The Daily Wrap” offers a roundup of the day’s biggest retail industry headlines. Following are some news items you may be interested in checking out.
Gap Q3 Earnings Rise 25% [pdf]
Specialty apparel retailer Gap Inc. increased quarterly net earnings by 25% in the third quarter of fiscal 2009. Net sales rose 8.4% and comparable store sales were flat for the quarter. Source: Gap Inc.
Dollar General Expands Board
Following its successful November 13 IPO, discount retailer Dollar General Corporation has appointed two retail veterans to its board. Former Longs Drugs president/CEO Warren F. Bryant and AutoZone chairman William C. Rhodes III are now members of the Dollar General Board of Directors, which has expanded to six members. Source: Dollar General Corporation
Borders Names Bill Dandy SVP, Marketing
Book retailer Borders Group, Inc. has named Bill Dandy SVP of marketing effective today. Dandy has more than 20 years of retail experience, most recently serving as EVP of marketing for Mattress Firm, Inc. Source: Borders Group, Inc.
WHSmith Pulls Out of Borders UK Bid
U.K. book retailer WHSmith has terminated talks to purchase troubled book retailer Borders UK (which is not affiliated with its former U.S. parent company Borders Group). Reportedly Borders UK has received interest from other potential buyers. Source: RetailWeek
Private Label CPG Dollar Results Lag CPG Unit Growth
Although private label CPG goods are growing both in terms of dollar and unit sales, unit sales are growing quicker than dollar sales. Source: Retailer Daily
Many Retailers Target States with High Unemployment
Although the official U.S. unemployment rate jumped from 9.8% to 10.2% in October 2009, Bureau of Labor Statistics figures indicate state unemployment rates experienced little change during the month. Source: Retailer Daily
Toys R Us Mobilizes Holiday Shoppers
Starting the weekend of November 21-22, 2009, toy retailer Toys R Us will offer mobile shopping capabilities to consumers. In addition to the mobile informational services offered by an increasing number of retailers, Toys R Us will offer actual transactional capability via mobile device. Source: Retailer Daily
Penn Traffic Can Keep Operating for Now
Regional supermarket retailer Penn Traffic has received bankruptcy court approval on a number of first day motions that will allow it to at least temporarily continue most operations as usual while it begins Chapter 11 restructuring activities. Source: Retailer Daily
GGP Restructures $8.9B in Mortgage Debt
General Growth Properties, Inc. (GGP) which filed for bankruptcy, along with 158 regional shopping centers it owns, in April 2009, has reached agreements in principle to restructure approximately $8.9 billion worth of secured mortgage loans. Source: Retailer Daily
