Best Buy books its best spring quarter in a decade | Target to court teens with 3 new brands | Victoria's Secret takes steps to win back younger shoppers
May 25, 2018
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Best Buy books its best spring quarter in a decade
Best Buy books its best spring quarter in a decade
(Sandy Huffaker/AFP/Getty Images)
Best Buy booked a 7.1% rise in same-store sales, giving the electronics retailer its biggest spring sales increase in more than 10 years. Personal services and tech support designed to make consumers more comfortable with fast-changing mobile and in-home technology have kept the retailer top-of-mind with shoppers, analysts said.
The Washington Post (tiered subscription model) (5/24),  Star Tribune (Minneapolis-St. Paul, Minn.) (tiered subscription model) (5/24) 
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Industry Watch
Target to court teens with 3 new brands
Target to court teens with 3 new brands
(Mike Mozart/Flickr)
Target is taking aim at Gen Z and millennials with three new private-label brands launching this summer, including an electronics accessories brand dubbed Heyday. The retailer will also roll out men's streetwear line Original Use that includes big and tall sizes and women's fashion line Wild Fable that will include sizes 0 to 26W.
Star Tribune (Minneapolis-St. Paul, Minn.) (tiered subscription model) (5/24),  Glossy (5/25) 
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Victoria's Secret takes steps to win back younger shoppers
Victoria's Secret will focus on comfort over style to appeal to younger shoppers and expand its offerings in categories including sportswear and sleepwear to boost sales amid growing competition, the company said Thursday. First-quarter sales at parent L Brands rose 8%, but Victoria's Secret's same-store sales were down 14%.
CNBC (5/24) 
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Deep discounts defined Gap's Q1
Deep discounts defined Gap's Q1
(Joe Raedle/Getty Images)
Gap used deep discounts in the first quarter to sell apparel overstocks that were piling up amid operational glitches that disrupted the product assortment, the company said Thursday. Same-store sales across the company rose 1% as gains at Old Navy and Banana Republic were offset by a 4% decline at Gap stores.
The Wall Street Journal (tiered subscription model) (5/24) 
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Retail Trends
Real estate industry continues to believe in grocery anchors
Shopping centers with a grocery anchor continue to be attractive to the commercial real estate sector even as grocers look to online sales, according to a report from Real Capital Markets. Centers with a major anchor such as a grocery were rated higher than malls and other shopping sites in a survey of real estate investors.
Supermarket News (free registration) (5/24) 
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Whole Foods delays implementation of GMO rules
Whole Foods delays implementation of GMO rules
(Spencer Platt/Getty Images)
Whole Foods Market has called a halt to its implementation of a requirement that all products it carries be labeled for GMOs. The grocer told suppliers last week that it would pause the requirement, set to take effect in September, as the USDA works on national rules.
Organic Authority (5/22) 
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Retail Technology
Ocado approaches online grocery with a high-tech answer
Ocado approaches online grocery with a high-tech answer
(WPA Pool/Getty Images)
Britain's Ocado is part online grocer and part tech startup thanks to the hundreds of robots that move items in its system of fulfillment centers, speeding the completion of online orders. Now Ocado's business model has received a major endorsement in the form of a partnership for US warehouses with Kroger.
The Economist (tiered subscription model) (5/24) 
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NRF News
Why leaders need to overcome their fear of failure
As the retail industry undergoes massive transformation, being creative, open and agile are more important than ever. Ahead of his appearance at the NRF PROTECT loss prevention conference in Dallas, bestselling author Jay Samit, one of the world's leading experts on disruption and innovation, talked with NRF about why leaders need to disrupt themselves. Read more.
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NRF SmartStat: May 25, 2018
Of retailers surveyed this year, 61% plan to spend more on employee training. Source: NRF's State of Retailing Online study.
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Rent the Runway boosts the in-store experience with self-service technology
Rent the Runway began as a high-touch, stylist-focused business that gave customers a chance to enjoy quality apparel without the hefty prices. New rental options and recent technology additions have allowed the couture company to meet customers' evolving needs without losing its reputation for one-on-one service. Read more in STORES.
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Chain Restaurant News
Summer brings the return of Mister Softee
Summer brings the return of Mister Softee
(Alexis Lamster/Flickr)
Second-generation Mister Softee driver Heli Vasquez has been selling soft-serve ice cream around New York City for more than three decades. Vasquez is among about 200 drivers who work seven days a week from March to October to feed demand for the iconic hot-weather treat.
The New York Times (tiered subscription model) (5/22) 
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Editor's Note
SmartBrief will not publish Monday
In observance of Memorial Day in the US, SmartBrief will not publish Monday. Publication will resume Tuesday.
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