Wednesday, October 14, 2015
National Retail News
September retail sales rose a modest 0.1% on a year-over-year basis, according to the Commerce Department. Among retailers reporting monthly comp-store sales, L Brands was up 9%, Gap was down 1.0%, Rite Aid was up 1.5%, and Costco was up 3%. See our sales reports below...Whole Foods Market will cut 1,500 jobs from its workforce over the next two months. The layoffs will affect 1.6% of the chain's employees. Whole Foods said the layoffs will allow the company to "invest in technology upgrades" and keep its prices in check...Only a fraction of US payment card issuers have sent chip-embedded cards to customers, and only a fraction of merchants have installed chip-enabled payment systems as of the October 1st deadline, after which liability for in-store fraud shifts to card issuers and merchants. The EMV Migration Forum (Europay, MasterCard and Visa, the three companies that created the chip card standard) estimates 200 million-plus chip-enabled cards have been issued out of 1.2 billion cards in the marketplace. For US merchants, only about 40% of payment terminals have been upgraded to accept the cards, according to the National Retail Federation.