Appliances from refrigerators and ranges to blenders and toaster ovens have become hot sellers lately, spurring Best Buy to dedicate more floor space to the category. "This year we will reduce space allocated to the negative growth and low-margin categories and replace it with higher-gross categories like mobile, appliances and accessories," said CEO Hubert Joly.
Target won't revive The Shops at Target concept in the foreseeable future, opting to put the in-store boutique concept on hold to focus on partnerships with individual designers such as the recent collection from Prabal Gurung, said spokeswoman Katie Boylan.
U.S. employers added 236,000 jobs last month, 23,700 of them in retail, according to the Labor Department. Retailers in all sectors except electronics and appliance stores increased jobs in February, including general merchandise stores, which added 4,000 employees.
Florida Attorney General Pam Bondi has proposed a bill that would crack down on organized retail theft rings, with increased sentencing guidelines that would result in 21-month jail sentences for people convicted of stealing goods worth $50,000 or more from retailers. The measure would also extend the statute of limitations on retail theft to five years.