Upscale fashion brand Michael Kors announced Tuesday the company has agreed to purchase luxury shoe maker Jimmy Choo in a $1.2 billion deal. The move signals Michael Kors' efforts to spur growth and update the company as retail grows more competitive.
Activist investor Sandell Asset Management Corp. is urging Barnes & Noble to sell itself, sources said. As the country's only widespread bookstore chain, Sandell said a sale of Barnes & Noble could bring in more than $12 a share, compared with Monday's $7.10 value.
Lowe's and Home Depot are benefiting as Americans are expected to spend $316 billion this year on home renovations, a record in the category, according to Harvard University's Joint Center for Housing Studies. The trend is being driven by strong demand for single-family homes, rising home prices and an increase in consumer confidence.
Mobile gaming revenue reached $12.2 billion in the second quarter, increasing by 32% from the same period last year, a report from Sensor Tower states. Games on iOS and Google Play saw growth and accounted for the majority of earnings in the app stores.
Hy-Vee will open a store under a new super-sized convenience store format featuring a Market Grill restaurant, a Starbucks coffee shop, prepared meals and a smaller selection of its produce, meat, dairy and other traditional grocery options. The store will be about 8,880 square feet and will join the retailer's convenience store roster that already includes 142 smaller c-stores.
Ahold Delhaize is marking the first anniversary of its merger with a video and infographic that highlight the combined retailer's 21 banners that host 50 million shoppers each week at 6,500 stores spanning 11 countries. The retailer has also made strides in e-commerce, where 8 million of its customers have spent about $2.6 billion on groceries they can pick up at 484 locations.
About 43% of consumers who shop at Whole Foods Market and Amazon are happy about Amazon's proposed purchase of Whole Foods, according to a survey by market research firm GfK. Whole Foods shoppers are above average when it comes to Amazon shopping, with three-quarters of the grocer's customers making one or more purchases on Amazon in the last month, compared with 50% of those who don't shop at Whole Foods, and half of Whole Foods shoppers subscribing to Amazon Prime, compared with 37% of overall US consumers, the survey found.
Amazon grew from its business-to-customer model to a business-to-business model with Amazon Business in 2015 in the US. It later expanded to the UK and Germany after drawing more than 400,000 businesses and $1 billion in revenue in its first year of operation, said Bill Burkland of Amazon Business UK.
Apple is trying to attract more Apple Pay users in China by advertising discounts and promotions. Apple Pay entered the Chinese mobile payment market, which is controlled by WeChat Pay and Alipay, in 2016 with little success thus far.
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