Toys R Us will spend $277 million over four years to create combined Toys R Us and Babies R Us stores that also serve as interactive spaces, according to court filings. The retailer, which plans to shutter underperforming locations as part of its bankruptcy filing, aims to turn remaining stores into spaces with room for play, parties and new product demonstrations.
Crocs is seeing results from a four-year turnaround plan that resulted in 160 store closures and a focus on the footwear brand's signature clog. The shoes are making a comeback with new colors and prints that are winning over consumers seeking a balance between fashion and comfort, CEO Andrew Rees said.
General Motors increased productivity tenfold by transitioning IT operations from 35 vendors to an in-house operation starting in 2012, according to Randy Mott, GM's global chief information officer. The changes mean GM has deep visibility into product profitability, is shipping more IT projects and is able to focus on innovation.
Target has appointed 27-year veteran Tammy Redpath as president of Target India. Redpath will be based in Bengaluru, where the extension of Target's US headquarters employs around 2,600 people in several areas, including marketing, technology and finance.
Best Buy expects modest sales growth over the next five years, along with less cost cutting and more investments, as the retailer continues to compete with rivals including Amazon, CEO Hubert Joly said Tuesday. The electronics retailer expects annual revenue to hit $43 billion by 2021, from $39.4 billion in 2017.
Target and Walmart have added their voices to a growing group of US companies urging Congress to pass legislation that protects immigrants covered under the Deferred Action for Childhood Arrivals law. Almost 800 companies have signed a letter calling for permanent replacement for DACA.
McDonald's plan to move its headquarters to downtown Chicago next year is proving to be an opportunity for the city of Oak Brook, Ill., to be considered for the site of Amazon's second headquarters. City officials plan to pitch the burger chain's old headquarters site to Amazon.
Canadian retailer Mastermind Toys is in growth mode, with plans to open four new stores later this year. The retailer has grown to 56 stores since it began expanding out of Toronto six years ago, and it now has a presence in seven Canadian provinces.
UK retail sales grew 1% in August from the previous month, beating economists' forecast, according to the Office for National Statistics. Department store sales grew 1.1%, and non-store sales surged 5%, as consumers splurged on non-essential products.
Trent Hypermarket, a joint venture between Tata Group and UK-based Tesco, will begin testing online grocery shopping in India in the coming months, sources said. Even though less than 1% of India's food and grocery sales are happening online, the category is poised to become the fastest-growing category among online retail sales, according to Morgan Stanley.
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