San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Indianapolis – In addition to showcasing its 84-inch 4K LCD TV at CEDIA Expo this week, LG Electronics notified dealers that starting Oct. 1, it will implement a new unilateral pricing policy (UPP) for LG-branded goods sold online.
Minneapolis — Best Buy has reached an agreement with Dick Schulze that clears the way for the founder and former chairman to pursue his plans to acquire the company.
The deal, which follows a week of private negotiations and public bickering, allows Schulze and his backers to begin delving into Best Buy’s books and to form a private equity investment group with the goal of buying out the troubled chain.
Best Buy also said it will allow Schulze to make a fully financed definitive proposal within 60 days, as previously offered.
Minneapolis – Hubert Joly will receive over $30 million in signing bonuses and other incentives to assume the corner office at Best Buy.
According to an 8-K filing with the Securities and Exchange Commission (SEC) on Tuesday, the “buy-out awards,” which are in addition to his annual base salary of nearly $1.2 million, are intended to compensate Joly for income he forfeits by leaving the top post at Carlson, the corporate parent of the Radisson hotel and T.G.I. Friday’s restaurant chains.
New York – Retail prices of the iPhone 4 and 4S are falling as Apple, carriers and dealers make way for the new iPhone 5.
In two recent price moves, Best Buy lowered the 8GB iPhone 4 for ATT and Verizon to $49 from $99, and Walmart today announced a $40 price drop on the 16GB iPhone 4S for AT&T, Sprint and Verizon, to $148. The model sells elsewhere for $199.
All prices require two-year carrier contracts.
The iPhone 5 is expected to be released in early fall.
National Harbor, Md. – The Nationwide Marketing Group (NMG) is pulling out all the stops to gird its independent dealers for what could be a bare-knuckles second half.
Operational improvements, new and enhanced merchandising and marketing programs, and an expanded product portfolio that now includes Canon and Nikon will help members gain share amid a challenging market for CE and appliances, NMG executives said.
San Francisco – A survey by the online shopping aggregation site TechBargains.com has found that 25 percent of back-to-school shoppers intend to buy a tablet this year.
Apple’s iPad was the favorite choice, with 37 percent of the respondents saying they would buy one, compared with 22 percent interested in a Google Nexus and 14 percent in the Kindle Fire. About 14 percent of these people indicated that the tablet would become their primary computing device, replacing a desktop or laptop.
New York – Barnes & Noble posted a $41 million loss for its fiscal first quarter as Nook sales remained almost flat for the period.
The loss came on revenue of $1.45 billion for its first quarter, ended July 28, up 2.5 percent from the same period. Nook sales inched up $1 million, to $192 million.
Anaheim, Calif. – BrandSource has added furniture products to its popular BrandSource app.
This enhancement will allow BrandSource members to leverage changes in consumer shopping habits, which include the use of mobile devices, to compete better in their local markets, the buying group said.
New York – J&R Music & Computer World said it closed its six-year-old Express shop in Macy’s Herald Square last week due to ongoing store construction.
The 3,500-square-foot satellite store, located in Macy’s vaunted housewares Cellar, carried a tightly edited selection of A/V, digital imaging, software and mobile products.