Category: News

 By Natalie Kostelni – Reporter, Philadelphia Business Journal

Hitched, an online retailer of men’s wedding bands, and the Groomsman Suit, have leased space in Old City for its second duel-branded location that serves as an example of new retailers starting out online only to find having a brick-and-mortar presence is an important part of their business strategy and branding.

Both retailers also provide a contemporary alternative to two aspects of the traditional wedding business — buying a wedding band for the groom and buying rather than renting a wedding suit or tuxedo for him or her.

Hitched was co-founded by Stephanie and Chris Sammons, a married couple who were inspired by their own wedding experience to start the company. Stephanie Sammons grew up in Warminster and Chris Sammons is originally from Ohio but the couple has committed to make Philadelphia Hitched’s home. (READ MORE)

By Vanessa Friedman and Sapna Maheshwari Oct. 30, 2019

It’s D-Day for Barneys New York — and, potentially, the entire high fashion retail world.

On Thursday, a bankruptcy court judge in Poughkeepsie, N.Y., is expected to rule on the fate of the famed retailer. It’s a decision that could have repercussions far from the corner of 61st and Madison in Manhattan — and not just because Barneys’ flagship store may well disappear if Authentic Brands Group, which last week announced its bid had been accepted, is officially anointed the new owner.  (READ MORE)

By Mary Ann Azevedo October 30, 2019 Mary Ann Azevedo bayareawriter

Another day, another unicorn.

Faire, which operates a wholesale marketplace for independent local retailers and makers, announced today it has raised $150 million in a Series D round co-led by Lightspeed Venture Partners and Founders Fund. The round brings its total funding raised to dateto $266 million, and values the company at $1 billion. It included participation from existing investors such as Forerunner Ventures, YC Continuity, and Khosla Ventures. (READ MORE)

PUBLISHED TUE, OCT 29 2019 8:55 AM EDT

By Yun Li @YUNLI626

E-commence giant Amazon’s one-day shipping is poised to pose a big threat to retailers, according to Morgan Stanley.

“Amazon One Day delivery is a threat that makes us incrementally cautious on our Retail coverage,” Simeon Gutman, the bank’s analyst said in a note on Tuesday. “We believe Amazon’s shift to one day delivery will again raise consumers’ expectations (as the introduction of two day delivery did 14 years ago).”

Amazon started rolling out free one-day shipping on over 10 million products for its Prime members in June this year. The company announced Tuesday it will start delivering grocery products within a two-hour window to all Prime members. While faster delivery increases Amazon’s costs, investors have cheered the move, pushing the stock up more than 18% this year.

To avoid losing market share and relevance, other retailers might be forced to catch up on one-day shipping in the near future, which would put pressure on their earnings and margins, Morgan Stanley said. (READ MORE)

By  Phil Wahba September 26, 2019

In an endless wave of brick-and-mortar store closings, one unexpected new entrant is swimming against the retail industry tide: McKinsey & Co.

The white shoe consulting firm said on Thursday it was opening its first ever retail store, called the Modern Retail Collective, this week at the Mall of America in Minneapolis.

It won't be a place to buy McKinsey's signature corporate reports or pop in to get consulting services. In fact, shoppers visiting will have no inkling that McKinsey is behind the space at all. (READ MORE)

By JANAKI CHADHA  09/26/2019 10:00 AM EDT

RETAIL WOES — Comptroller's report finds dramatic rise in retail vacancies, by POLITICO's Janaki Chadha: Vacant retail space across the city has almost doubled over the last decade, according to a new report from city Comptroller Scott Stringer. Nearly 12 million square feet of retail space was reported as empty in 2017, up from 5.6 million square feet in 2007, the analysis found. The percentage of empty and vacant storefronts citywide rose to 5.8 in 2017, up from 4 percent 10 years ago. The report attributed the shift to a rise in e-commerce, high commercial rents and ongoing regulatory burdens. Stringer’s recommended fixes include offering tax breaks to retailers in high-vacancy corridors and splitting the Department of Buildings into two agencies to make the permitting process more efficient. City lawmakers have long tried to find solutions to curb small business closures, but other more sweeping proposals have stalled. (READ MORE)

By Owen S. Good  Sep 25, 2019, 11:49am EDT

Sony has opened an online physical-goods store, where people can buy consoles, peripherals, and retail copies of several games. The storefront streamlines the availability of those products for folks browsing all the other offerings on the PlayStation Store. This morning’s announcement pitched the marketplace as a gift-giving convenience, where “fans will find that prices on the new store align with those found at other retailers.” PlayStation Plus subscribers are also eligible for free one-day shipping. It’s another way in which Sony is consolidating PlayStation sales under its own roof. Back in April, the company stopped the sale of download codes for PlayStation 4 games through its retail partners. Coinciding with the new storefront’s launch, Sony is offering two console bundles until Oct. 31: A PlayStation 4 plus 12 months of PS Plus for $339.99 and a PlayStation 4 Pro with a year of PS Plus for $429.99. That’s a savings of $20 and $30, respectively. (READ MORE)

By Marie Huillet By early 2020, support for Bitcoin payments will be launched at over 25,000 sales points for 30 French retailers, including sportswear giant Decathlon and cosmetics store Sephora.

French crypto news outlet Cryptoglobe reported the development, announced during Paris Retail Week, on Sept. 24.

25,000 retailers to enter Economy 3.0 via Bitcoin

The new cryptocurrency payments system is launching via a partnership between point-of-sale technology provider Global POS, the EasyWallet application and payments platform Easy2Play.

While payments will be made in Bitcoin (BTC), funds will be automatically converted into euros at the moment of sale.

Conversion services are to be provided by two partners, Deskoin and Savitar, both of whom are currently applying for Digital Asset Service Provider accreditations under France’s PACTE Act. (READ MORE)

PR NewswireSeptember 23, 2019 NEW YORK, Sept. 23, 2019 /PRNewswire/ -- Pareteum Corporation (Nasdaq: TEUM), the rapidly growing cloud communications platform company, today announced that it has been selected by Coniq, one of Europe's leading CRM and Loyalty providers for retail destinations, to provide IoT management and connectivity for Coniq's portfolio of in-store devices. (READ MORE)

By  Julie Verhage September 19, 2019, 1:56 PM EDT Updated on September 19, 2019, 3:29 PM EDT

 

Payments platform Stripe Inc. became one of the most highly valued startups in the world on Thursday, after it announced a new funding round at a $35 billion valuation. In the U.S., only vaping giant Juul Labs Inc. and the troubled We Co. are more valuable.

Stripe raised $250 million in funding in the new round, which the company said will be used to continue to expand around the world and launch new products. In September alone, it launched a new lending product as well as a corporate credit card. General Catalyst, Sequoia Capital and Andreessen Horowitz are among the participating investors in the round. Stripe’s previous valuation was $23 billion. (READ MORE)