Today in retail, Best Buy talks about the transformational power of technology, while Burlington Stores hopes to see foot traffic increase in 2022 after a Q4 slump has investors and analysts skittish. Plus, discount retailer Big Lots looks to increase its eCommerce sales.
Best Buy CEO Corie Barry told investors Thursday (March 3) that the structural changes that have happened over the past two years in terms of how we live, shop and work are permanent and committed to facilitate the advance of the connected economy.
Saying the digital shift and use of tech was no longer “a ‘nice to have’ but a necessity,” the Minnesota-based operator of 1,000 stores said during its investor day presentation that tech and related innovations are expanding into all parts of life.
Discount retailer Big Lots saw a slight drop in its quarterly net sales in the last three months of fiscal 2021 compared to 2020 and less than 8% growth from the same period two years ago, but CEO Bruce Thorn told investors and analysts the company’s best is yet to come in 2022 and beyond.
Perhaps the most glaring area of worry for Big Lots is its eCommerce penetration, which was less than 5% in Q4. Thorn outlined a plan that includes a jump to 10% to 15% eCommerce penetration, a move that he says will generate another $500 million to $1 billion or more for the company.
Big Lots plans to open more than 50 new stores in 2022 as part of a long-term plan to open more than 500 new locations, with 80 or more coming each year starting in 2023.
Burlington Stores’ stock price saw a double-digit, pre-market dip Thursday (March 3) triggered by the company’s fourth-quarter earnings report and the announcement that the clothing retailer had seen a decline in foot traffic to […]
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