Thursday, September 23

Retail & Marketing

cryptocurrency, FP Finance, Retail & Marketing, Walmart Inc.

Walmart says press release on pact with Litecoin was fake and cryptocurrencies fall

Breadcrumb Trail Links Retail & Marketing News FP Finance Cryptocurrency The debacle highlights how cryptocurrency investors can profit from hoaxes Author of the article: Bloomberg News Vildana Hajric Walmart Inc. said it hasn't agreed to partner with Litecoin, refuting a statement earlier Monday that sent the cryptocurrency soaring. Photo by Nicholas Kamm/AFP via Getty Images Article content Walmart Inc. said it hasn't agreed to partner with Litecoin, refuting a statement earlier Monday that sent the cryptocurrency soaring. Article content The statement that was released via Globe Newswire isn't authentic, a Walmart representative confirmed to Bloomberg News. The company is in the process of trying to learn more about the release. Globe Newswire released ...
HBC, Hudson's Bay Co. ULC, Oxford Properties Group Inc., Retail & Marketing

HBC ordered to pay back rent in pandemic dispute with landlord Oxford Properties

Breadcrumb Trail Links Retail & Marketing News 'HBC maintains that retailers and landlords should equitably share the burden of the pandemic,' a spokesperson for the company said after the ruling Author of the article: Barbara Shecter HBC's decision to stop paying rent in some cases, as early as April 2020, led to speculation it was in financial trouble. Photo by Peter J. Thompson/National Post Article content Hudson's Bay Company was ordered to pay the full rent it owes landlord Oxford Properties Group on Friday in a ruling by the Ontario Superior Court of Justice in which the court declined to “rewrite” a private contract despite “unforeseen and disastrous circumstances” of the COVID -19 pandemic. The judge also rejected HBC's argument that its rent should be reduced b...
Commercial Real Estate, malls, Real Estate, REITS, Retail & Marketing

Ailing malls dragged into bankruptcy by carnage among retail tenants

Article content continuedMore On This Topic“There's too much retail real estate in the US,” said Dutch, a REIT equity analyst. “Retailers continue to reduce their store footprints, and while brick and mortar is here to stay, the focus is on high-quality locations.”The Chapter 11 filing doesn't necessarily mean the malls are closing. Instead, it gives their owners time to work out a plan to turn the business around and repay creditors.There's too much retail real estate in the USLindsay DutchCBL, based in Chattanooga, counts 107 properties in 26 states in its portfolio, including enclosed malls, outlets and open-air retail centres, according to a company statement. Philadelphia-based PREIT owns malls in Pennsylvania, New Jersey, Virginia, Maryland and Michigan, according to its website.M...
Innovation, Retail & Marketing

Canadian mall giant collected 5 million images of shoppers through embedded cameras in info kiosks, say privacy watchdogs. These are the malls

Article content continued“Shoppers had no reason to expect their image was being collected by an inconspicuous camera, or that it would be used, with facial recognition technology, for analysis,” says Privacy Commissioner of Canada Daniel Therrien. “The lack of meaningful consent was particularly concerning given the sensitivity of biometric data, which is a unique and permanent characteristic of our body and a key to our identity."The mall giant defended the practice, saying it alerted shoppers by posting decals on mall entry doors that referred to their privacy policy. But the commissioners determined this insufficient. Shoppers were directed by the stickers to visit guest services to obtain a copy of the Cadillac Fairview's privacy policy, but when investigators asked a guest service...
Empire Co. Ltd., grocery, Retail & Marketing

Sobeys CEO is ready for grocers’ code of conduct

Article content continued“It's a pretty exciting day,” said Michael Graydon, chief executive of Food, Health and Consumer Products of Canada, one of the leading advocates for a grocery code. “I'm just absolutely delighted that he would come out publicly and have that conversation today."Medline, who was once CEO of Canadian Tire Corp. Ltd. before joining Empire in 2017, said he finds that grocers and suppliers have “the worst relationship I've ever seen in my couple of decades in retail.”His comments are liable to intensify the debate over an industry code of conduct, which ramped up in July after Walmart Canada imposed a non-negotiable fee on suppliers of up to 6.25 per cent on the cost of goods to help pay for its $3.5-billion infrastructure investment.Manufacturing associations warne...
Retail & Marketing, Spin Master Corp.

Spin Master, maker of the Etch A Sketch, to buy Rubik’s Cube brand in iconic toy tie-up

Article content continuedRubik's CEO Bettin said it was the right time to sell the company, with the founding families behind it ready to move on. London-based Rubik's Brand was formed out of a partnership between Erno Rubik and the late entrepreneur Tom Kremer, while private equity firm Bancroft Investment holds a minority stake in the company.Early on, Bettin felt Spin Master was the right home for the puzzle toy, he said. Spin Master, which was started by a group of three friends in 1994, has expanded through the purchase of well-known brands, including Erector sets and Etch A Sketch. Rabie says he works to honour the “legacy” of those products, which Bettin cited as a key reason to sell the brand to Spin Master over larger companies that were interested.Spin Master bought Etch a Ske...
Restaurant Brands International Inc., Retail & Marketing, Tim Hortons Inc.

Restaurant Brands to modernize drive-thru at 10,000 Tim Hortons, Burger King and Popeyes as profit slumps

Article content continuedThe new Tim Hortons menu board with loyalty scanning and contact-less payment reader. Photo by Restaurant Brands InternationalThe new digital screens will have “powerful'predictive selling' technology, integration with restaurant loyalty programs and the ability for remote, contactless payment,” to provide quicker and contactless service, the company said.The integrated loyalty program is now being tested at 30 locations in Canada. The menu boards display customized menu options based on the customer's past favourites.The boards will also allow customers to order and pay at the same time, speeding up drive-thru lanes. The first prototype of the new remote contactless payment device is now being tested at a Tim Hortons in Canada with 15 more restaurants to follow...
Impossible Foods Inc., plant-based protein, Retail & Marketing, Sobeys Inc.

Impossible Foods’ plant-based burgers are coming to a grocery store near you this week

Article contentImpossible Foods' burgers will be introduced in nearly 600 Sobeys Inc. stores in Canada and on the retailer's online grocery home delivery service starting this week, the plant-based burger maker said on Monday.Sobeys will be the exclusive retailer for the company's flagship Impossible Burger until February 2021, Impossible Foods said in a statement.The burger is available in more than 450 restaurants across the country, and debuted in a dozen of Canada's top restaurants a month ago.More On This TopicImpossible Foods started selling its faux beef burgers in Hong Kong and Singapore grocery stores last week, as the company vies to bolster its presence in Asia, before entering the potentially lucrative mainland China market.Impossible Foods has been rapidly expanding its ret...
Mountain Equipment Co-op, Retail & Marketing

MEC considered an appeal to members for a bailout before it agreed to a private equity deal

Article content continuedIt looked at applying for the federal government's Large Employer Emergency Financing Facility, which provides emergency funding during COVID-19, and the Business Development Bank of Canada's mid-market financing program, which also offers relief from the pandemic downturn."But MEC either did not meet the conditions of such programs or the costs of such programs were prohibitive," the documents read.In the end, after exhausting all alternatives, the committee searched for a buyer and selected Los Angeles-based Kingswood Capital Management — a relatively small player in the American private equity scene with four prior acquisitions to its name.Its founder, Alexander Wolf, and his handpick to lead MEC after the acquisition, Eric Claus, reached out to frustrated me...