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Report: No buyout offer by Best Buy founder coming soon

BY Staff Writer

New York — Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company’s board anytime soon, Reuters reported, citing a person familiar to the situation.

Schulze owns more than 20% of the company’s shares. He abruptly resigned from the Best Buy board last June and said he was exploring options for his ownership stake. The company’s shares have risen lately on speculation that Schulze close to presenting a buyout offer.

Schulze lost his chairman title after an investigation by a board committee found that he did not inform the board about allegations regarding former CEO Brian Dunn’s relationship with a female employee.

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Disney Store takes Oracle’s Innovator of the Year award

BY Marianne Wilson

New York — Disney Store was honored as Innovator of the Year at the 2012 Oracle Retail Excellence Awards. The awards were announced at the annual Oracle Retail CrossTalk event, held June 26-28, at Swissôtel, Chicago.

Other Oracle award recipients included Urban Outfitters, in the category of “Outstanding Achievement in Customer Experience,” and Abercrombie & Fitch, in the category of “Outstanding Achievement in Business Performance.”

In addition, Michael Belk, CIO of Belk Inc., was named “CIO of the Year,’ and Julius Odian, VP technology and development, Falabella Group, was honored as “Retail Executive of the Year.”

The annual awards are designed to recognize Oracle retail customers’ use of technology to achieve goals in business performance, innovation, and customer experience.

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Study: Consumers more loyal to retail stores and products than brands

BY Staff Writer

Denver — When consumers search for online coupons and savings, 62% search for store-centric deals, 24% for product-specific coupons, and only 14% search specifically for brand name product discounts online, according to the first Buy-havior Report, from coupon-search engine ShopAtHome.com. The report tracks consumer search habits on the site.

Of the 62% of consumers looking for store-centric savings, Wal-Mart was the most-searched for retailer followed by Kohl’s and Target, respectively.

Sony was the most-searched for brand out of the 14% consumers searching for brand names. It was searched three times more than the next brand on the list: Swiffer.

In other survey findings:

  • “Toilet paper” was the most-searched term on the site and has been for the past two months. “Laundry detergent” was the next highest search.
  • Half of the top 10 searched terms were for consumable goods like toilet paper, laundry detergent, coffee and butter.
  • New York City residents used the site most followed by Houston, Chicago, Los Angeles and Denver, respectively.
  • The average ShopAtHome.com user receives $41 in cash per month. As much as 10,000 checks are mailed out each month to users.
  • In addition, 73% of consumers using ShopAtHome.com used it between 7 a.m. and 6 p.m., regardless of the day of the week. Only 18% used it after 6 p.m.
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