Best Buy Exiting European Pact
MINNEAPOLIS — Best Buy is selling its 50 percent investment in Best Buy Europe, a five-year-old joint venture with Great Britain’s Carphone Warehouse. The British cellular chain, which helped launch Best Buy Mobile in the U.S., will purchase the balance of Best Buy Europe for about $775 million in cash and stock, less $45 million in contractual obligations to be paid by Best Buy.
Walmart Reaffirms Its Locker Plans
NEW YORK — Walmart has reaffirmed plans to begin testing in-store lockers in a dozen of its Superstores this summer. Neil Ashe, Walmart’s president/CEO of global e-commerce, first announced the lock-box strategy at a media event last March. He reiterated the rollout plans last week, which will allow customers to retrieve their Walmart.com orders from in-store lockers without waiting for a clerk to pull them from storage.
Lambert Stresses Multichannel At Sears Annual Meeting
HOFFMAN ESTATES, ILL. – Sears Holdings chairman/CEO and majority shareholder Eddie Lambert reiterated his focus on multichannel retailing and the company’s Shop Your Way loyalty program at the company’s annual meeting here last week. In his first shareholders address as CEO, he echoed his conviction that integrating the retailer’s online, mobile and brick-and-mortar platforms, and leveraging its membership rewards program, are key to the company’s turnaround.
Conn’s Opens Two More Homeplus Stores
THE WOODLANDS, TEXAS – Majap, home-furnishings and CE chain Conn’s has opened two Homeplus-format stores in Oklahoma and New Mexico. The Homeplus design devotes added floor space to the retailer’s fast-growth furniture and mattress categories. Conn’s converted 20 existing stores to the format last year.
For more on these and other retail news stories, visit TWICE.com.