Target's new small-format store across from Macy's New York City flagship is one of 12 slated to open in the US this week. The store will be open from 7 a.m. to midnight and offer a merchandise mix tailored to commuters and tourists.
Leaders from retailers including Costco Wholesale and Tommy Bahama discussed the disruptive changes taking place in the industry at an event this week. "Retail is simply going through a period of disruption and change akin to a renaissance -- not an apocalypse," SAP executive Lori Mitchell-Keller said.
A growing number of retailers are turning to PayPal as a payment option as they fend off competition from online players, PayPal Holdings CEO Dan Schulman said. EBay spun off PayPal into a separate payment services company two years ago.
Stitch Fix has filed to make an initial public offering of stock, the value of which could hinge on whether investors see the six-year-old online personal shopping service as a retailer or a tech firm. The company, which booked revenue of $977 million in its most recent fiscal year, uses customer data and analytics to help curate fashion selections.
Cainiao Network, the delivery subsidiary of China's Alibaba Group, will open several new automated warehouses across the country, including a flagship in Guangdong province. The logistics facilities are rolling out in advance of the Nov. 11 Singles' Day sales event.
"Sneaker Shopping," the YouTube series from Complex Networks that follows host Joe LaPuma and celebrity guests as they shop for sneakers, draws an average of 1.9 million viewers per weekly episode. "Sneakers have such a rabid fanbase. Even exclusive T-shirts and hoodies don't sell out as quickly as a new, exclusive sneaker," LaPuma said.
US-based smart lock maker August Home will be purchased by Swedish lock company Assa Abloy, with the acquisition expected to close in the fourth quarter. Assa Abloy will maintain the August Home brand in the US, and company co-founder Jason Johnson will stay on as CEO.
Ultimate Ears has released two new smart speakers, Blast and Megablast, which were designed specifically to work with Alexa's ecosystem. These speakers have been updated with a battery to increase portability, while some Bluetooth features have been removed for better Wi-Fi connectivity.
Gold sales grew in India grew during Diwali and Dhanteras this month, but overall demand was down 15% from the same period last year amid high prices, according to All Indian Gems & Jewellery Trade Federation. Prices for the precious metal in India are up almost 8% this year.
Genuine Parts said net profit declined during the third quarter, though sales increased by 3.9%. Subsidiary Motion Industries announced on Thursday it will buy Apache Hose & Belting, adding about $100 million in annual sales.