‘The Daily Wrap: Home Depot, Lowe’s, TJ Maxx
The Home Depot has launched
a new “do-it-yourself” online home improvement community where do-it-yourselfers can discuss home improvement projects and share their expertise with other members.
The how-to community features a number of tenured Home Depot store associates from around the country who are trained and equipped with multimedia technologies.
E-commerce & Multichannel Retailing
- Home improvement retailer Lowe’s Cos. Inc. plans to enhance its e-commerce site next year with a feature that will let customers track their transaction histories, check extended protection plan information, and share project information with Lowe’s employees and others.
- In a move that several industry analysts say is a first, Karmaloop.com, which produces video for its shopping portal, expects to launch the new “KTV’’ channel by the middle of next year.
- Being able to tailor creative and offerings to online shoppers is a big reason why e-commerce will continue to steal retail market share, according to eBags co-founder Peter Cobb.
Store Openings & Closings
- TJX Cos. plans to cut 4,400 jobs as it converts 91 A.J. Wright stores into T.J. Maxx, Marshalls or HomeGoods stores and closes the brand’s remaining 71 locations.
- Hot Topic, which operates 680 Hot Topic stores and 156 Torrid stores, will close 40 to 50 underperforming locations by the end of Q1 2011; while Duckwall-ALCO will close 44 Duckwall stores as part of a reallocation of resources toward its 214 broad-line ALCO stores.
Stats & Research
- For the holiday season-to-date, more than $21.95 billion has been spent online, marking a 12% increase compared to the corresponding days last year.
- Overall self-reported daily consumer spending in stores, restaurants, gas stations, and online averaged $66 per day in November 2010, up slightly from $63 in October and $59 in September 2010, and essentially matching the $67 of November 2009, according to new tracking data from Gallup.
- A 2010 Harris Interactive study reveals U.S. youth spend a projected $239 billion annually, up $19.5 billion since last year [pdf].
- Overwhelmed by the clutter of competing holiday messages and displays, the brain tunes out all but the most clear and relevant ideas.
- Top online retailers sent each of their subscribers an all-time high of 4.6 promotional emails on average during the week ending Dec. 10, 2010.
Legal & Regulatory
- The New York City Council was supposed to hold a hearing this Tuesday about a renewed campaign by Wal-Mart to open its stores in the city, but it had to be rescheduled for January.
Business & Finance
- Credit card offers are surging again after a three-year slowdown, as banks seek to revive a business that brought them huge profits before the financial crisis wrecked the credit scores of so many Americans.
Promotions, Appointments & Names
- Papa John's International, Inc. has promoted Tony Thompson to Executive Vice President, responsible for overseeing Papa John’s North American operations.