Best Buy has promoted Chief Financial Officer Corie Barry to CEO, effective in June, the company said. Current CEO Hubert Joly, who led the retailer's turnaround, will become Best Buy's executive chairman and the retailer will launch a search for a new finance chief.
Dollar General booked a 9% revenue increase last year as some rival discount retailers struggled, with a strategy that includes locating stores away from competitors and creating high-quality in-store experiences. The retailer, which operates 15,432 stores, will remodel 1,000 locations and open 975 new ones this year.
Bed Bath & Beyond will close approximately 40 stores and open 15 new locations this year as it focuses on an experimental concept focused on categories including home decor, food and health and beauty, the retailer said. Some stores will close only if the retailer can't renegotiate their leases.
Sephora will expand to South Korea with the opening of its first store in the Gangnam district of Seoul this fall. The global beauty retailer plans to add six more stores and an online presence in South Korea by next year.
Retail has been on a bit of an emotional rollercoaster so far this year, from some disappointing sales reports to an overall feeling of optimism and renewal as retailers and brands really start to crack the code of channel convergence and the new era of shopping. In a new blog post, SmartBrief's retail editor looks at the most-clicked stories and biggest trends that resonated with readers in our Q1 retail "Editor's take." Read more.
A small but growing group of retailers and restaurants see benefits in going cashless, but there's also rising opposition among advocates for the more than 24 million underbanked US households. "There are a handful of retailers trying this in certain situations here and there, but it's not something the average customer would expect to see at every store at the mall any time soon," NRF's J. Craig Shearman said.
Hannaford Supermarkets is continuing to roll out its updated store design with four remodels in the Portland, Maine, area. The retailer's updates focus on shopper convenience, improving fresh offerings and expanding on prepared foods with additions like in-store sushi chefs, hot bars and stir-fry bars.
Los Angeles and San Francisco have banned sales of fur, with New York City, California and New York state possibly next, even as retailers tout growing demand. Some brands including Gucci, Michael Kors and Ralph Lauren have stopped using fur in their fashions and accessories, while it's a selling point for others including Canada Goose.
Retailers are experimenting more frequently with in-store technology like interactive mirrors, facial recognition and Bluetooth beacons to personalize the shopping experience and stay competitive in the digital age. The advancement of the technology raises concerns about privacy and the ownership and use of consumer data.
As director of global retail strategy and international systems for URBN, Chris Silver is in charge of helping Urban Outfitters, Anthropologie and Free People reach the goal of a single selling system for an omnichannel environment. On this episode of NRF's Retail Gets Real podcast, Silver discusses how URBN is empowering associates to engage with customers. Listen and subscribe.
The option to buy online and pick up those purchases in-store has stopped being a nice-if-you-have-time-for-it frill and has become all but a competitive necessity. But in-store pickup does come with its challenges, which is why retailers including Express and Little Caesars are testing out self-service order-pickup lockers. Read more from NRF's STORES magazine.
Noodles & Company will debut redesigned menu boards next month that will be arranged more intuitively based on the way customers typically place their orders, instead of the current system of grouping items based on global flavor profiles. The menus will reflect higher prices on some dishes, and a new pricing system aims to be more transparent.