Dick's Sporting Goods absorbs Golfsmith, 60 US stores will close. Watch and accessories retailer Fossil will close some of its 610 international stores the numbers have not yet been released. Office Depot continues plans to close 300 stores over five years including 65 in 2016 Q4. American Apparel may be planning a second bankruptcy after missing a $2.5 million payment to creditors. Performance Sports Group, maker of Bauer hockey and Easton baseball gear, announced bankruptcy plans.
Leading into the critical US holiday shopping season, we've got our latest look at the e-commerce and retail news roundup. It starts with Adobe's 2016 Digital Insights Shopping Predictions for $91.6 billion in total sales and $1 billion online. According to McKinsey, 39% of US and 42% of UK shoppers will do the majority or all their shopping online this year.
The National Retail Federation said US e-gift card sales reached $7.1 billion in 2015, up 26%. Retail Gift Card Association said 45% of consumers will spend more than the value of their gift card.
National Retail Federation forecasts 3.6% US retail sales growth to $655.8 billion — significantly higher than the 10-year average of 2.5%. E-commerce sales will grow between 7%-10%. Bain Capital says retail sales could grow up to 4% and SeekingAlpha predicts online sales will increase 17.2% this year.
It’s time for a quick update on US retail ...
We're looking at 10 innovations in US retail to help retailers and marketers keep up with competitors including the big guys like Lowe's, Walmart and Bon-Ton as well as midsize innovators like Dollar General, Meijer and Kroger.
Cashback News – Aug 29: Innovators: Which US retailers are winning with artificial and virtual reality for customer impact?
Here's a collection of innovative retailers using augmented and virtual reality technologies in showrooms, changing rooms, for in-store entertainment, product information, sales, on mobile apps, Pokémon Go strategies and much more. Impressive!
Retailers struggled to grow in-store revenue but e-commerce shone brightly for many US retailers, up 16% in Q2 2016 according to the US Department of Commerce.
Store closures are now a fact of business life in retail. Today we look at the US and Canadian stores closing in order to reduce overhead and try to maintain profitability and it's a long and growing list.
Walmart today announced the acquisition of Jet.com for $3.3 billion and sets the scene for a strong competitor for Amazon.com in the US.