‘The Daily Wrap: Home Depot, Lowe’s, TJ Maxx

Published on December 13, 2010 | Comments: 0
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.

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