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Business Leaders from Finance, Technology, Retail and Hospitality Call For Civility and Patience Ahead of The 2020 Election | News

October 14, 2020

WASHINGTON, Oct. 14, 2020 /PRNewswire/ — In partnership with the Leadership Now Project, more than 50 of our nation’s business leaders released a statement: “America Has Held Successful Elections Amid Crises Before. We Can and Must Do So Again,” which underscores the importance of maintaining confidence in an election held during an unprecedented health crisis. Signatories include Greylock Partner and LinkedIn Co-Founder Reid Hoffman, D. E. Shaw & Co. Managing Director Eddie Fishman, The Baupost Group CEO Seth Klarman, Lumi Labs Co-Founder and former Yahoo CEO Marissa Mayer, Harvard Business School Professor Michael Porter, General Assembly CEO Lisa Lewin, KIND Snacks Executive Chairman Daniel Lubetzky and K1 Capital Management CEO Neil Malik, among other leaders.

With an unprecedented number of Americans voting by mail because of the pandemic, officials have consistently stressed that we may not know the outcome

How 2020 Paved the Way for $5-and-Under Retail

October 9, 2020

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Popshelf, Dollar General’s new $5-and-under retail outlet, is brushing aside any notion that brick-and-mortar chains are on the way out. In fact, analysts Adweek spoke with say the store concept comes at the right moment in these uncertain economic times.

The first two Popshelf stores will open outside of Nashville. Tenn., this fall. Goodlettsville, Tenn.-based Dollar General plans to have approximately 30 Popshelf locations by the end of fiscal year 2021. A spokesperson declined to comment on additional markets.

Focused on categories like décor, health, beauty, cleaning and entertaining, 95% of the items Popshelf carries will be priced at $5 or less with “a complement of extreme value items priced above $5.” Popshelf stores will be around 9,000 square feet, slightly larger than most dollar stores, but one-tenth the size of the average Walmart at 107,000 square feet.

This makes Popshelf a close retail parallel to Five Below, another value

GameStop and Microsoft team up to sell Xbox All Access at more than 5K GameStop retail locations

October 8, 2020

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GameStop announced today a multi-year strategic partnership agreement with Microsoft. Under the terms of the deal, GameStop is now an authorized dealer for the Xbox All Access program, which provides an Xbox console and a 24-month pass for Xbox Game Pass Ultimate for no cost upfront.

The agreement further involves what GameStop refers to as a “transformation,” where its individual stores will upgrade to take advantage of Microsoft’s suite of business applications and portable devices.

Now, when you walk into a GameStop store, the sales associates will be equipped with Surface tablets for searching purposes, working with Microsoft Teams, and running the back end with Microsoft’s cloud-based Dynamics 365 suite of applications. In fact, by the terms of the deal as written in GameStop’s press release, it looks less like a partnership and more like Microsoft is sponsoring GameStop as one would a softball team.

“For many years

How The City’s Retail Witnessed A ‘Christmas’ Miracle, And Why Shopping Malls Aren’t Dying

October 6, 2020

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Throng of masked crowds fervently shopping at Harbour City, the largest mall of Hong Kong.

Harbour City

Amid Hong Kong’s retail sales slump since last year’s social unrest, statistics have not shown favor to the city’s economic conditions, owing to the lack of tourism and continued political economy divide. The Census and Statistics Department revealed the total retail sales for August 2020 declined by 13.1% year-on-year, whereby the first eight months of the year saw a 30.2% negative in sales.

The largest category affected was of food and alcoholic drinks due to the third wave’s social distancing measures and dining regulations, which in effect spurred supermarket sales by 10.8% inspiring an additional uplift of 10.1% in electrical and other consumer durable goods for stay-at-home cooking.

Yet, retailers and landlords have shown resilience as they had become well accustomed to the inevitable waves of Coronavirus cases causing suspension in several trades.

Retail Demand for BTS’ Label Shares Strong but Falls Short of Expectations | Investing News

October 6, 2020

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SEOUL (Reuters) – Big Hit Entertainment, the management label for K-pop sensation BTS, saw robust but not spectacular demand in the first of two days of share offerings for retail investors, with sentiment hurt by increasing talk that the band’s members may have to complete military service.

In South Korea, all able-bodied men aged 18 or above are obliged at some point to serve in the military for about 20 months.

But there has also been discussion within parliament that the band, which has just become the first South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with the song “Dynamite”, could be granted an exemption as it has successfully promoted the country’s image abroad.

Individual investors on Monday submitted orders for 89.6 times the amount of stock made available to them worth some 8.6 trillion won ($7.4 billion), said lead arranger NH Investment &

Singapore’s GIC and TPG to invest over $1 billion in Reliance Retail

October 2, 2020

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GIC, Singapore’s sovereign wealth fund, will invest $752 million in Mukesh Ambani’s Reliance Retail, and TPG will invest $250 million in the Indian firm, they all said Saturday midnight (local time).

The Government of Singapore Investment Corp and TPG are the latest high-profile investors to back Reliance Retail, India’s largest retail chain, in the past four weeks. Reliance Retail — like its sister sibling Jio Platforms — is a subsidiary of Reliance Industries, India’s most valuable firm.

GIC’s andd TPG’s investments give Reliance Retail a pre-money valuation of $58.5 billion, the Indian firm said. GIC, which has backed firms in over 40 nations, will get a 1.22% equity stake in the retail giant, while TPG will secure 0.41% stake, they said.

The announcement today caps a busy week for Reliance Retail, which in the past three days has revealed that Mubadala ($855 million for a 1.4% stake), Silver Lake ($254

Texas’ sales tax haul dips 6.1% in September, with retail trade a rare bright spot

October 1, 2020

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AUSTIN — Texas collected 6.1% less in sales tax in September than a year earlier, Comptroller Glenn Hegar said Thursday.

Retail trade was a rare bright spot, he said.

The state’s oil and gas sector, though, continued to get hammered. So did all other major sectors except retail.

A pre-pandemic bolstering of sales-tax collections on e-commerce has helped offset what would otherwise be even bigger setbacks to the state’s revenue workhorse, Hegar said.

“The COVID-19 pandemic and low price of crude oil continue to weigh on the Texas economy and sales tax revenue,” he said in a written statement.

In five of six months since the pandemic struck, the state’s sales tax haul is down from 2019. A 4.3% increase in July, based on Gov. Greg Abbott’s full reopening of the economy in June, was the only exception. Otherwise the trend has been down: By 9.3% in April, 13.2% in

It Took 17 Years, But American Dream Mall Is Finally Opening Some Retail Stores

September 30, 2020

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An artist's rendering of what the long-delayed American Dream mall will look like when it is completed. — The American Dream still have a long way to go before it matches the vision presented in this … [+] artist’s rendering, but it is finally opening its first group of retail stores.

American Dream

It took 17 years to get there, and many stops and starts, but the American Dream mega-mall project is scheduled to open its first group of retail stores tomorrow.

But the project in the New Jersey Meadowlands still has a long way to go before it achieves its stated dream of being “the world’s greatest shopping, entertainment, and dining destination.”

When the mall reopens, only a tiny fraction of the space built to house more than 300 retail stores will be occupied.

The delay-plagued project is still being mysterious about releasing the full list of tenants that will be operational when the mall reopens Thursday after a six-and-a-half month shutdown caused by the COVID-19 pandemic.

Top Retail Stocks for Q4 2020

September 26, 2020

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The retail industry provides a variety of finished goods, both durable and non-durable, to individual consumers and households. The industry also sells services. Products sold by retail companies include apparel, electronics, furniture, kitchenware, sporting goods, books, and toys. Some even sell groceries, pharmaceutical products, auto parts, and gardening supplies. The industry includes traditional brick-and-mortar retailers as well as emerging e-commerce companies. Some of the biggest retail companies include Walmart Inc. (WMT), Amazon.com Inc. (AMZN), and Costco Wholesale Corp. (COST).

Retail stocks, as represented by the SPDR S&P Retail ETF (XRT), have outperformed the broader market. XRT has provided a total return of 23.1% over the past 12 months, above the Russell 1000’s total return of 13.7%, as of September 22, 2020. All statistics in the tables below are as of September 23.

Here are the top 3 retail stocks with the best value, the fastest earnings growth, and

What’s The Future Of Retail? Macy’s Thinking Outside The Mall To Recover From Coronavirus Sales Slump

September 26, 2020

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KEY POINTS

Some malls are expected to close as a result of the coronavirus while others plan to convert retail space to more experiential venues
Macy’s already had planned to close 125 stores through 2022 and slash its corporate ranks
It’s mall traffic is down as much as 48% compared to last year

Macy’s is thinking outside the mall to recover from the coronavirus pandemic, opening standalone stores and focusing on the vacuum created by the bankruptcies of Neiman Marcus, Barney’s and Lord & Taylor.

During its quarterly earnings call earlier this month, Macy’s CEO Jeff Gennette said the chain, which anchors numerous malls across the country and is in the midst of a three-year turnaround plan, is going to test small-format stores and it’s taking Bloomingdale’s with it.

Macy’s Inc., which has a total of 771 locations, lost $431 million in the second quarter compared to an $86 million