Report: Wal-Mart to decide India plans this month
Bentonville, Ark. – Wal-Mart Stores, Inc. will reportedly decide how it will proceed with retail plans in India this month. According to Reuters, Wal-Mart’s Indian partner Bharti Enterprises will decide if it wants to continue working with Wal-Mart based on those plans.
Wal-Mart currently runs Best Price Modern Wholesale stores in India as an equal partner with Bharti, and due to new regulations allowing foreign retailers to own 51% of their businesses in India is expected to open Wal-Mart stores there. Bharti has previously been reported as wanting to end its partnership with Wal-Mart. The company declined to comment in the Reuters article.
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Saks Off 5th launches e-commerce site
New York – Saks Fifth Avenue Off 5th has launched an e-commerce site that gives shoppers visibility and accessibility to shop for items that may have limited distribution and only in select stores nationwide.
In addition, the e-commerce site will offer customers access to Salon Z, a plus-size women’s program not available in all stores.
The site is designed to reflect the experience of in-store shopping and modeled after the loft-like, bright, open atmosphere of Saks Off 5th stores. Customers will have more control over their filter options, they will be able to hover over product images animated through multiple views of the item, and full-screen zoom is available for all products, among other features.
Online promotions will mirror in-store promotions with new offerings daily. There will also be specialized offers and exclusive merchandise for top customers. In addition, the site will include FashionFix events, which will migrate from Saks.com to Saksoff5th.com. FashionFix is an additional space that provides exceptional deals on non-outlet premier designer products through curated flash sales.
Customers will also be able to sign up for emails to learn about current promotions, in store events and connect to social media channels such as Facebook, Twitter, Instagram and Pinterest.
"This is a significant milestone for Saks Off 5th as the company rounds out our omnichannel offerings,” said Robert Wallstrom, president of Saks Fifth Avenue Off 5th. “In addition to our 70 nationwide stores, the e-commerce site is yet another platform through which we can provide our curated off-price shopping experience. We want it to be the Saks of the off price world, a true extension of the brand."
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Sears Holdings borrows $1 billion
Hoffman Estates, Ill. – Sears Holdings Corp. has borrowed $1 billion under a new a senior secured term loan facility under an existing credit agreement from April 2011. The existing credit agreement continues to provide for a $3.275 billion asset-based revolving credit facility.
Last month, Sears said it would obtain the loan to help reduce how much money it borrowed under the existing credit facility. The new loan is due June 2018.
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