indiaretailing | April 20, 2020
Walmart is committed to helping the fellow Americans seeking work, while serving customers during this unprecedented time. The brand recently committed to hiring more than 150,000 new associates by the end of May. Since then, it has had over 1 million applicants, hiring an average of 5,000 people per day. Walmart reached its goal in less than a month – more than six weeks ahead of schedule and announced a new commitment to hire an additional 50,000 associates.
retaildive | April 16, 2020
During a call with analysts on Wednesday discussing fourth quarter results, Bed Bath & Beyond CEO Mark Tritton announced the home goods brand sold off its One Kings Lane banner to an unnamed third party. Bed Bath & Beyond, which acquired the home decor site in 2016, did not disclose how much it sold the banner for. Tritton on the call also said that a deal to sell off its PersonalizationMall.com unit to 1-800-Flowers for $252 million had not closed on March 30 as planned. The company earlier this month filed a lawsuit against 1-800-Flowers in regards to the deal.
pymnts | April 16, 2020
Wednesday’s Commerce Department retail sales figures showed in no uncertain terms that consumer spending for non-essential goods has taken a huge hit. While the overall drop was in the neighborhood of 8 percent, the plunge in non-essential goods like apparel (down 50.5 percent) and furniture (26.8 percent) represented a deep ditch for those businesses to climb out of. However, new data from PYMNTS shows that some non-essential items are moving online. Data from the PYMNTS COVID-19 Tracker shows that the non-essential plunge occurred between March 6 and 17. The research sweep of March 6 showed that only 29.5 percent had cut back shopping for non-essential goods. In just 10 days, as coronavirus numbers climbed and stores were ordered to shut down, that 29.5 percent spiked to 77.6 percent, to be followed by another 10-point increase in the March 27 survey.
vox | April 15, 2020
Retail sales fell 8.7 percent in March, the largest-ever decline on record, according to Census Bureau data released Wednesday morning. In dollar terms, the decline was nearly triple the previous worst month on record, from the fall of 2008.This joins the past several weeks worth of surging unemployment claims to clarify that the economy really is collapsing at an unprecedented pace. Indeed, given that most of the country wasn’t really reacting strongly to coronavirus in the first week or two of March, the real pace of decline is likely even worse than this number suggests. But the basic story is clear people bought way less stuff in March than they normally do. One important thing to keep in mind is that the broad trend masks significant variation from sector to secto