Retail groups praise Senate’s passage of swipe fee reform a win
Alexandria, Va. The Retail Industry Leaders Association (RILA) and the National Association of Convenience Stores (NACS) praised the U.S. Senate’s vote on Thursday to support the financial reform package known as the Dodd-Frank Bill. The legislation contains provisions to ensure that debit card interchange fees are reasonable and proportional to the processing costs incurred.
“For years retailers, small and large, have fought to bring attention to the excessive fees and anti-competitive practices of credit card companies and big banks,” said Sandy Kennedy, president, RILA, in a statement. Despite their efforts, little changed and year after year America’s retailers faced higher fees and card acceptance rules that became increasingly anti-competitive.
“The reforms contained within financial regulatory reform legislation focus narrowly on large Wall Street financial institutions at that heart of the problem. Swipe fee reforms will benefit retailers and their customers while excluding community banks and credit unions from the new rules,” Kennedy said.
Swipe fees have been the convenience and petroleum retailing industry’s top pain point and second largest expense item — behind only labor costs — for a number of years.
“Today’s vote demonstrates the value of retailers engaging with their elected officials,” said NACS president and CEO Hank Armour.
The legislation includes a provision directing the Federal Reserve to issue rules preventing card networks from requiring that their debit cards can only be used on one debit card network — ensuring that retailers will have the choice of at least two networks upon which to run debit transactions. In addition, the amendment would allow merchants to choose to decline credit cards for small dollar purchases because swipe fees often exceed profits on such sales. The amendment also clarifies that retailers can offer discounts to consumers who choose to pay with cash, check or debit card.
Piperlime named newest retail sponsor of ‘Project Runway’
SAN FRANCISCO Gap Inc. announced that its subsidiary Piperlime is the newest retail sponsor of Lifetime’s Project Runway for season 8.
“Project Runway captures the heart of fashion lovers everywhere. We cheer on the contestants, watch the celebrity judges and are inspired by the styles,” said Jennifer Gosselin, general manager of Piperlime. “Piperlime is excited to be part of this celebration of creativity.”
Gap Inc. said that Piperlime’s sponsorship of the show includes a redesign of the series’ “Accessories Wall” and the availability of items featured on the show at piperlime.com.
The new season of Project Runway debuts on Thursday, July 29th at 9pm ET/PT on Lifetime.
Adler to debut new collection on HSN
ST. PETERSBURG, Fla. HSN has announced the exclusive on-air debut of Happy Chic by Jonathan Adler on Oct. 12. The acclaimed New York- based interior designer Jonathan Adler will launch his new collection of home decor and accessories during HSN’s Home Design Event, an annual showcase of the newest fall collections from the network’s growing roster of talented and recognizable home designers, according to the company.
“As with all my designs, Happy Chic is a versatile collection meant to be mixed and matched,” said Jonathan Adler. “In partnering with HSN, we have created a unique series of stylishly affordable pieces that I believe will resonate with both new customers and those already familiar with my design aesthetic. There is no place chicer than HSN!”
Happy Chic by Jonathan Adler will include a range of products for every consumer’s home decor needs from bath, kitchen, tabletop, seating and lighting, the company reported.
“We are thrilled to offer our customers access to Jonathan’s exclusive collection. This collection highlights HSN’s unique ability to consistently bring coveted designers to our Home category,” said Nancy Caplan, SVP merchandising for HSN. “In working with one of today’s top names in interior design, I am confident this collection will appeal to HSN’s consumers and Adler devotees alike.”