Today in retail news, Pinterest signed a deal to buy e-commerce fashion retailer THE YES for its social media platform, while Walmart announced it was building four new centers distribution to improve delivery speeds. Additionally, Kohl’s has two new candidates bidding to take over the department store, and Grubhub is launching a new Meals for Deals incentive program in partnership with Street Cred Capital.
Kohl’s obtains 2 competing takeover bids
Kohl’s has been the recipient of takeover bids from private equity firm Sycamore Partners and Franchise Group, a retail holding company.
Sycamore will value the department store chain at around $50 per share, with Franchise Group offering around $60. Kohl’s closed Thursday at $41.18.
Kohl’s board, while short on the details of the offers, will review them. However, there is no guarantee that the board will be responsive. Any deal would likely still be several weeks away.
Street Cred Capital and Grubhub launch sales incentive for mobile operator workers
Street Cred Capital, which provides lending solutions to mobile phone companies, will work with Grubhub on a new incentive program for mobile operators.
The Meals for Deals program will add mobile carrier incentives for sales performance, with sales targets being rewarded with meal credits.
Street Cred Capital will work alongside mobile carriers and merchants to collect sales data reports each month, depending on the release. From there, it will give a list of tiered rewards to incentivize top sellers.
Street Cred Capital plans to issue Grubhub meal credits to employees who have reached these levels each month. This will contribute to Grubhub’s usual corporate offering, allowing employees to access a daily or weekly allowance via credit.
Lululemon’s ‘Strong Start’ Trumpets Through 2022
Despite supply chain issues, inflation and the continued impact of COVID-19, clothing retailer Lululemon said it started the year on a high note as it pursued its growth plan five-year.
“While we are not immune to these challenges, our ubiquitous operating model, balanced growth strategy and unique approach to innovation are enabling the positive results we are reporting today and anticipate. for the full year,” chief financial officer Meghan Frank said Thursday, June 2.
The Canadian company’s earnings report showed a 32% increase in revenue in North America and 29% internationally. The report also says direct-to-consumer revenue grew 32% and accounted for 45% of the company’s total net income, up from 44% in the first quarter of 2021.
“In the first quarter of 2022, the company’s continued momentum gave us a strong start to the year,” said Calvin McDonald, CEO of Lululemon. “These results provide a solid foundation as we begin our next five-year journey and deliver on our new Power of Three×2 growth plan.”
Pinterest to acquire online fashion retailer THE YES
Pinterest has taken a step closer to its goal of focusing more on commerce with a deal to buy THE YES, an online fashion shopping platform.
“With hundreds of brand merchants on its platform, THE YES team has built an extensive fashion taxonomy that uses human expertise and machine learning to power a comprehensive fashion algorithm. “, said the social media platform on its website. “THE YES’s brand relationships and shopping expertise can potentially be applied to other categories on Pinterest such as home, beauty and food.”
Founded in 2018 by CEO Julie Bornstein and CTO Amit Aggarwal, THE YES has evolved over the years to provide users with personalized daily shopping feeds that learn their tastes as they buy from merchants.
Walmart introduces 4 next-generation fulfillment centers
Walmart is opening four new next-generation fulfillment centers with high-tech capabilities using a combination of people, robotics and machine learning. The move is intended to ensure that the retail giant can continue to quickly place orders with consumers, whether in-store, pickup or delivery.
The first of the new centers will open this summer in Joliet, Illinois, 45 miles southeast of Chicago. Walmart has leased a 1.1 million square foot complex at 3501 Brandon Road from CenterPoint Properties.
Walmart also has a 1.6 million square foot fulfillment center in Elwood, Ill., and a 1 million square foot building in Spring Valley, Ill., according to a Friday, June 3 press release. .
In the spring of 2023, Walmart is planning a next-generation warehouse in McCordsville, Indiana, and in 2024 another will open in Greencastle, Pennsylvania.