Personnel Updates
• Best Buy Co. Inc. (54) announced it has promoted Corie Barry to be the company’s newest CEO. She succeeds Hubert Joly. Mike Mohan is being promoted to President and COO as part of the leadership transition.
• Jet.com will no longer have its own leadership, as Walmart Stores Inc. announced it will complete the integration of the two teams. Simon Belsham, Jet president, will leave in early August, and Kieran Shanahan will add Jet to his responsibilities of overseeing Walmart eCommerce.
• Walmart Stores Inc. (217) announced Suresh Kumar has joined the retailer as Chief Technology Officer and Chief Development Officer.
• Walmart Stores Inc. announced it is laying off 569 employees at its corporate office in Charlotte, NC. The layoffs will begin in September and continue into early next year.
Financial Focus
• Barnes & Noble Inc. has announced that it has been purchased by a private equity firm. The acquisition is expected to be complete by September 2019.
Mergers and Acquisitions
• Amazon.com Inc. has signed an agreement to acquire digital advertising technology provider Sizmek Inc.
• Barnes & Noble Inc. has agreed to be acquired by Elliott Advisors UK Ltd. The transaction is expected to close in the third quarter of 2019.
• Crate & Barrel has announced its acquisition of Hudson Grace, a boutique home decor, entertaining and gift brand based in San Francisco.
Industry Insight
• Apple Inc. and Best Buy Co. Inc. have extended a partnership that will allow the Best Buy’s technicians to fix iPhones at any Best Buy store in the United States.
• Dollar General Corp. is partnering with FedEx Corp. to offer drop-off and pickup services for FedEx packages at thousands of Dollar General stores. The companies plan to begin rolling out the service in more than 1,500 Dollar General stores in late summer 2019, building to a total of more than 8,000 stores by the end of 2020.
• Petland Inc. is continuing its expansion with the launch of its first store in Saudi Arabia. The new store debuts as part of a franchise agreement that includes the development of stores in the United Arab Emirates, Bahrain, Egypt, Qatar, Lebanon, Kuwait and Turkey. The company now oversees an international fleet of 135 locations in nations including Brazil, Canada, China, Mexico, El Salvador and South Africa.
• Walmart Stores Inc. has announced the launch of its new unlimited grocery delivery subscription service, named Delivery Unlimited. An annual fee of $98 allows users to forego the $9.95 fee attached to all online grocery delivery orders.
Real Estate
• Amazon.com Inc. has opened its 13th U.S. Amazon Go location in downtown Manhattan.
• Fred’s Inc. has announced it is closing an additional 49 stores.
• It’Sugar has opened a 6,000 sq. ft. flagship store on the Las Vegas Strip.
• Target Corporation announced it plans to remodel 300 stores this year nationwide.
• Williams-Sonoma, Inc. said it intends to close 30 stores during fiscal 2019.
Technology News
• Amazon.com Inc. has expanded its AmazonFresh perishables same-day delivery service to Las Vegas. AmazonFresh is now available in 15 major market areas.
• Sam’s Club has announced the rollout of a new technology. Known as “Ask Sam,” the responsive voice app serves as a digital assist when associates ask questions via mobile devices.
• Target Corporation announced an expansion of its curbside or “Drive Up” service to over 1,400 stores.
• Walmart Stores Inc. announced Walmart InHome Delivery, a new service launching this fall in which associates will deliver groceries right to a customer’s refrigerator. InHome Delivery staff wear a camera that lets customers watch the delivery remotely.
• Walmart Stores Inc. announced it is using AI-powered cameras in 1,000 stores. The computer vision technology is used to monitor checkouts and deter potential theft.
