Terry Lundgren will step down as Macy's executive chairman on Jan. 31, completing the retirement process started last year that included handing the CEO reins to Jeff Gennette in March. Gennette will become board chairman when Lundgren leaves.
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Planning for India's first IKEA store, which is set to open next year, started six years ago and involved customizing aspects of the store to fit the market, IKEA India CEO Juvencio Maeztu says. The in-store restaurant's menu will be designed to fit Indian tastes, he says.
Belk department stores will start selling fashions from The Limited, giving the brand its first brick-and-mortar retail presence since it filed for bankruptcy and shuttered its namesake stores early this year. The Limited has also launched a revamped e-commerce site, and both the Belk line and online offerings will include plus-size styles.
The digital revolution isn't doing away with paper greeting cards, says Lindsey Roy, Hallmark's chief marketing officer. US consumers buy 6.5 billion greeting cards each year, according to the Greeting Card Association, and millennials used to texting and digital communication appreciate the lasting nature of paper cards, Roy said.
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Imports at US ports are on track to rise 1.5% in December, as retailers replenish holiday merchandise, according to an NRF report. "Retailers are doing last-minute restocking as consumers head toward the finish line of the shopping season," NRF Vice President Jonathan Gold said.
Retailers including Macy's, J.C. Penney and Kohl's are making their promotional programs easier for consumers to understand, after years of layering discounts and deals. "You shouldn't need a Ph.D. in math to figure out our prices," said Greg Revelle, Kohl's chief marketing officer.
Amazon still leads in L2's Digital IQ ranking, but brick-mortar-retail chains are catching up with improvements in areas including personalization and the store experience. Home Depot, Walmart, Target and Best Buy round out the ranking's top five, and Lowe's, REI and Staples also made the top 10.
The growth of e-commerce and demand for speedy delivery has made inventory management even more complicated for fashion brands and retailers. High-end brands are increasingly turning to high-tech tools and data to track products through the supply chain and avoid excess inventory.
As the largest external driver of consumer need, weather is more than just a conversation-starter for retailers. In the latest episode of NRF's Retail Gets Real podcast, the team chats with Planalytics Executive Vice President of Global Services Evan Gold about how weather changes affect holiday-season retail. Listen to the episode here.
Plated Chief Strategy Officer Nick Taranto has always believed that retail would be a critical component for the meal-kit company. Although he says customers will continue to want elevated culinary experiences, he is predicting the death of standalone meal-kit companies by 2020. Here's why.
A new breed of New York City quickserve is serving generous portions of affordably priced, chef-created pasta dishes such as fusilli with basil pesto and whole grain rigatoni with meat ragu. "Everything up until where you order is cooked like a very traditional restaurant. It's just that the service is lightning-fast," said Pasta Flyer chef Mark Ladner.