Thursday, June 22, 2017
National Retail News
US retail sales recorded their biggest drop in more than a year in May. The Commerce Department said retail sales fell 0.3% last month after an unrevised 0.4% increase in April. May’s decline was the largest since January 2016. Among retailers still reporting monthly sales, L Brands was down 7.0% and Costco was up 4.1%. See our sales reports below....Amazon is acquiring Whole Foods Market in an all cash transaction valued at $13.7 billion. John Mackey, co-founder and CEO of Whole Foods, will remain CEO after the deal closes. Stores will continue to operate under the Whole Foods banner, and the company’s headquarters will remain in Austin, TX. The transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017 (see Commentary above).