Even before Amazon decide to purchase Whole Foods, the business was trying to adopt some of the norms in the grocery industry. But now that Jeff Bezos and his company have taken over, the push for using more mainstream tactics at stores for display, purchasing and other aspects of the day to day business has been accelerated. Heather Haddon and Annie Gasparro report: Whole Foods will change the way companies can sell and market their products in its stores beginning next year, one of the biggest moves yet in its push to operate more like a traditional market. Under the changes planned for … [Read more...]
Another Big Box Behemoth Submits to a New World of Retail
It's becoming difficult to keep track of the stores that have gone bankrupt this year and last. Now another hallmark of the big box model of retail is heading into a Chapter 11 bankruptcy. This time it's toy and game retailer Toys 'R' Us. The company will close some stores, but will likely remain in operation throughout the bankruptcy process. Lillian Rizzo and Suzanne Kapner report: The company expects most of its stores will be open for the holidays and it will use $3 billion in bankruptcy financing to continue buying merchandise and funding its operations, the people said. The company, … [Read more...]
What Will it Take to Win Amazon’s HQ2?
In the Wall Street Journal, Li Yuan tells readers of the lengths the Chinese city of Wuhan took to attract Xiaomi, a tech hardware manufacturer. Wuhan offered tax breaks, rebates, financing, R&D funding and more to Xiaomi to win its new facilities. Cities looking to attract Amazon's new headquarters will surely be forced to roll out such lavish incentives. The new facility will offer 50,000 jobs to the community that ultimately hosts it. Yuan writes that those incentives may also bring leaders under fire for criticism: Wuhan’s zeal illustrates the resources and political will that … [Read more...]
Benny’s to Close Stores
A cornerstone of New England retail, Benny's, is going out of business. After serving New England shoppers since the 1920s, the Bromberg family has decided it's time to close up shop. Emily Clark reports in the Patriot Ledger on the death of yet another brick and mortar retail institution: On Friday, the company announced that it will close all 31 of its stores in Massachusetts and Rhode Island. At the Benny’s in Raynham, shoppers crowded the aisles the day after the announcement. Customer George Cayton said the news for him was personal. He worked at the store when he was a … [Read more...]
Are Big Brands Getting Bruised By Costco’s In House Competition?
Big brand consumer products companies are facing growing competition from in-house retailer brands. Costco's Kirkland is squeezing profits from customers that would otherwise go to the brand producers themselves. Sarah Nassauer writes: Kirkland Signature, Costco’s store brand, is challenging manufacturers hoping to earn or retain a coveted spot at the warehouse retailer. Since 1995, Costco has used its Kirkland products to attract shoppers, building a reputation for quality and low prices on milk, toilet paper, men’s shirts and golf balls bearing the unassuming red logo. About a quarter of … [Read more...]
Nordstrom Uses Local To Fight Amazon Dominance
In a bid to fight against Amazon's retail dominance, Nordstrom is trying a new strategy it calls Nordstrom Local. The strategy will employ small stores, only 2% the size of its average property. The small stores will be service focused, with no dedicated inventory. Instead shoppers will be able to have merchandise brought to the store for them to try and can buy online and pick up there in the store the same day. The small stores will also offer personal stylists, alterations and tailoring, Trunk Club services and more. A statement from Nordstrom reports: The full list of services available … [Read more...]
Is the Amazon Story Wildly Inflated?
Amazon's effect on retail is an amazing story, but despite its disruptive nature, the company hasn't been generating profits or managing risk nearly as well as its retail competitors. Now Charlie O'Shea, an analyst from Moody's is attempting to deflate the Amazon bubble by poking holes in the myths surrounding the company's performance. MarketWatch reports that O'Shea believes Amazon's stock performance potential is overshadowing the on the ground operating performance advantages of its competitors. Amazon’s stock AMZN, +0.29% has outperformed rivals, but it’s mostly based on the company’s … [Read more...]
As if On Cue, Amazon Cuts Prices at Whole Foods
For months I've been outlining my Bezos Law (see here, here, here, and here), which states that any industry Amazon (and more specifically Jeff Bezos) enters, will see prices reduced. Now, as if on cue, Amazon has announced it is lowering prices at Whole Foods. Amazon will formally take control of the grocery chain on Monday. Once again, my Bezos Law persists. David Shepardson and Lisa Baertlein report for Reuters: The planned price cuts would have been a tough sell to Whole Foods’ investors, who had grown used to fat profits from the upscale chain, but are more in line with Amazon’s … [Read more...]
Where is Your Plumber Buying Parts? Increasingly Online
As with most retail, online sales of parts for plumbers, mechanics and other tradesmen is rapidly sucking up market share. Rather than heading to the local hardware store for parts, tradesmen are now turning to online retailers like Amazon and others. Brian Baskin and Laura Stevens report in The Wall Street Journal: Online sellers’ push into the market has nabbed much of the industry’s sales growth, analysts say, and sparked concern about the future of traditional suppliers. Ms. Lichtfeld said Madison’s local suppliers have stopped carrying many items easily found online. She also started … [Read more...]
Retail’s Rise of the Living Dead
Imagine the feeling you have when someone at a store you frequent remembers your name. It feels good. That’s the level of service national chains will need to bring to the table. It will have to be all about you, as it should be. I wrote about what it will take for retailers to achieve that level of customer satisfaction back in June: The relationship between company and client has never been more valuable. And Jeff Bezos understands this. In Bezos’ world, you will not be a pest. You will be that valued guest and you will be treated with the service you want. Do you want a personal … [Read more...]
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