Rovi today announced that it will be acquiring TiVo in a deal valued at approximately $1.1 billion, with $277 million being paid in cash and the remaining balance to be paid in stock. The new company will take on the TiVo name and brand, and Rovi CEO Tom Carson will take over. The deal is expected to be completed in the third quarter.
Gap has signed a 10-year lease on 20,000 square feet in the Industry City complex in Brooklyn, N.Y., for a photo and marketing studio. Other fashion brands that have taken space in the 6 million-square-foot complex include Malia Mills, Ball and Buck and Rag & Bone, and furniture retailer West Elm has also leased space there.
Food Lion is introducing a new value private-label brand called Cha-Ching as part of a rebrand of its private-label offerings, the company said. The new line includes about 80 products such as canned vegetables and macaroni and cheese, and it will be followed with the relaunch of Food Lion's natural and organic Nature's Place private-label line later this year, Delhaize CEO Frans Muller said.
Whole Foods Market will open its second 365 store, in Lake Oswego, Ore., on July 14, the company announced Thursday. The retailer has also chosen plant-based burger eatery Next Level Burger and cafe and juice bar Canteen as its partners for the store under the retailer's "Friends of 365" initiative. Whole Foods will open a third 365 store in Bellevue, Wash., later this year, with plans to open about 10 more in 2017.
Online shopping platform Lyst has launched a campaign aimed at appealing to New York City's commuters on their way home from work. Flyers posted at subway stations resemble notifications the Metropolitan Transportation Authority posts and use humor to get people shopping from their mobile devices.
High-end watch retailer Halewinner will open a minimum of nine new shops in Macau, the Chinese territory known for its luxury casinos and hotels, and close two locations in Hong Kong, as tourism there continues to slow, Chairman Karson Choi said. Halewinner has over 30 stores selling over 40 luxury watch brands in mainland China, Hong Kong and Macau.
Double-digit annual increases in online retail sales and falling foot traffic at brick-and-mortar stores are driving more big retailers to close stores even as overall sales grow. "We're tracking more closures this year than any year since 2010, as we were coming out of the recession," said Garrick Brown, vice president for retail research at real estate firm Cushman & Wakefield.
Sports Authority is one of several retailers that have filed for bankruptcy in recent years after being saddled with debt from a leveraged buyout, and others including Claire's Stores and Gymboree may be heading that way. The trend is likely to make equity investors wary of retail chains as acquisition targets, said Michael Appel, founder of consulting firm Appel Associates.
Barneys New York has reversed its longstanding no-returns policy at its Barneys Warehouse outlet stores and BarneysWarehouse.com site, the company said. "Final sale has been a part of the Barneys Warehouse legacy dating back to its early days in Chelsea, but as the business has grown online we now see returns as an opportunity to improve experience and customer's confidence to shop with us on Warehouse," Executive Vice President of Digital Matthew Woolsey said.
More than 15,000 residents live within one mile of the State Capitol building in Raleigh, N.C., and that number is expected to grow by about 5,000 over the next five years in the downtown district, which will bring more than 2,850 new apartment and residential units to the area as well as a grocery store, according to the Downtown Raleigh Alliance. "A lot of people say, 'Well, why don't we have a grocery store?' and when you look at the population happening downtown, there's still a lot of bare spots. The good news is there's a grocery store on the way," said DRA President and CEO David Diaz, who didn't reveal the name of the grocer.
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