‘The Daily Wrap’: CVS, Toys R Us, Yum Brands
“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.
CVS/pharmacy Enters Memphis
Drugstore retailer CVS/pharmacy has opened its first store in Memphis, TN. CVS will open two more Memphis stores later this year and plans additional stores in the market during the next several years. Source: CVS/pharmacy
Toys R Us Introduces Private Label Baby Assortment
Toy retailer Toys R Us, Inc. has introduced an exclusive line of baby products marketed under its Babies R Us brand name. The line, which is sold in Babies R Us stores, includes infant formula, diapers, wipes, laundry detergent and purified water. Source: Toys R Us
Foreign Currency Impacts Yum Revenue
Fast food conglomerate Yum Brands Inc. received a negative impact from foreign currency translation in 2009. Yum’s worldwide revenue dropped 4%, although the company’s worldwide operating profit still rose 6% after taking foreign currency into account. Source: Yum Brands Inc.
Amazon Buys Touchscreen Vendor
Online retailer Amazon.com has reportedly purchased Toucho, a provider of touchscreen technology. The move is seen as an attempt by Amazon to beef up its Kindle e-reader in anticipation of the March 2010 release of the Apple iPad mobile internet device. Source: New York Times
99 Cents Only Boosts Quarterly Profit
Dollar store retailer 99 Cents Only Stores reduced cost of sales and overhead in Q3 fiscal 2009, resulting in a 2% sales increase and 100% increase in profit. 99 Cents Only expects same-store sales to grow in the low single digits during Q4 fiscal 2009. Source: BusinessWeek
U.S. Seizes Unsanitary Food
At the request of the U.S. Food and Drug Administration, this week U.S. Marshals seized more than 1,500 cases of human and animal food products stored in unsanitary conditions at Mid-States Closeouts, a distribution warehouse in Ellsworth, WI. The food was subject to rodent and pest contamination and filth. Source: U.S. Food and Drug Administration
Crossroads Establishes Online Communities
Specialty apparel retailer Crossroads Trading Company is using Facebook and Twitter as major components of its marketing strategy. Crossroad is running special promotions and announcing in-store events to its communities of social media fans.
Source: Crossroads Trading Company
Online Product Recommendations Miss Mark
The quality of product recommendations on retailer websites significantly declined in 2009, according to a new study from ChoiceStream. Source: Retailer Daily
Q2 Looks Up for BK
Fast food retailer Burger King Holdings Inc. rebounded from a disappointing Q1 fiscal 2010 by improving worldwide revenue, net income and margin during Q2 2010 (ended December 31, 2009). Source: Retailer Daily
Movie Gallery Files Chapter 11
Movie Gallery, Inc., parent company of the Movie Gallery, Hollywood Video and Game Crazy media entertainment chains, has voluntarily filed for Chapter 11 bankruptcy reorganization. The restructuring will include the immediate liquidation and closure of approximately 760 stores in the U.S.
GGP Obtains 'Historic' Development Opportunity
General Growth Properties, Inc. (GGP) which filed for bankruptcy, along with 158 regional shopping centers it owns, in April 2009, has obtained what it says is one of the “largest development opportunities” in company history. Source: Retailer Daily
