FINANCE

P.F. Chang’s confirms data breach

BY Marianne Wilson

NEW YORK — P.F. Chang’s Chain Bistro confirmed Friday that it had been the victim of a data breach in which data was stolen from customers’ credit and debit cards used at its restaurants.

The company first learned about the security breach on Tuesday, and then "initiated an investigation with the United States Secret Service and a team of third-party forensics experts to understand the nature and scope of the incident, and while the investigation is still ongoing, we have concluded that data has been compromised," stated P.F. Chang’s CEO Rick Federico, CEO, P.F. Chang, Scottsdale, Ariz.

The restaurant chain is working with credit card companies to determine which cards may have been affected.

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News

Survey: Consumers want digital benefits, won’t trade privacy

BY Dan Berthiaume

Hopkinton, Mass. — Global consumers want the benefits of digital technology but don’t want to trade any of their privacy to obtain it. According to the EMC Privacy Index, a survey of 15,000 consumers in 15 countries by EMC, 91% of consumers value the benefit of "easier access to information and knowledge" that digital technology affords.

However, only 27% say they are willing to trade some privacy for greater convenience and ease online. Consumers are also pessimistic about the prospects for maintaining their digital privacy. Only 41% believe government is committed to protecting their privacy, and 81% expect privacy to erode over the next five years; 59% say they have less privacy than a year ago.

In addition, respondents older than the age of 55 across a sampling of countries say they are less willing to trade privacy for convenience and desire more control over their personal data.

“The unprecedented potential of cloud and Big Data to drive commerce and societal advancement rests on a foundation of trust,” said Jeremy Burton, president, products and marketing, EMC Information Infrastructure. “Individuals need to know that their data not only is secure, but that its privacy is protected. The Privacy Index reveals a global divergence of views around these critical issues of our time, and a warning call that responsibility for transparency, fairness, safe online behavior and trustworthy use of personal data must be shared by business, governments and individuals alike."

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REAL ESTATE

H&M opening big on Fifth Avenue; 57,000-sq.-ft. store is its largest to date

BY Marianne Wilson

New York — H&M will open its largest store to date, a 57,000-sq.-ft. flagship on Manhattan’s Fifth Avenue, on July 17. The massive, museum-inspired store will carry the fast-fashion’s entire product line-up, including maternity, newborn, special sizes along with childrenswear, men’s and women’s apparel, and cosmetics. It will also feature a home department and in-shop stores for accessories and lingerie.

To celebrate the opening, the fast-fashion retailer is partnering with iconic American artist Jeff Koons and the Whitney Museum of Art. Koons’ famed Balloon Dog sculpture will cover the entire storefront, with the phrase "Fashion Loves Art” printed over it.

In addition, Koons has designed a limited-edition Balloon Dog handbag for H&M. The H&M partnership with the artist comes as the Whitney Museum prepares for the June 27th opening of a Koons’ retrospective, which the Swedish retail chain is sponsoring.

In a nod to its Fifth Avenue locale, the flagship will have a more upscale feel than traditional H&M stores. Materials will include marble tiles and herringbone wood work.

"The partnership with H&M was really exciting for me and the chance to showcase one of my most popular works to a new generation of people was inspiring. H&M delivers great fashion season after season and it’s nice to see my work at their new store," said Koons.

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