St. Ives Mixing Bar, New York City
The 100% natural skincare brand St. Ives is mixing it up in New York City’s Soho area with a summer pop-up.
The 1,800-sq.-ft. St. Ives Mixing Bar is designed an interactive space where shoppers can get up close and personal with the brand, and see, smell, touch and learn about the ingredients that go into the company’s products. Customers can create custom face scrubs and body lotions at the in-store mixing counter, choosing from 50 combinations of natural extracts, moisturizers and exfoliants.
There store also features stations where current and newly created products can be tested, and a mirrored room full of apricots — St. Ives’ apricot scrub is one of its signature products — where visitors can take photos and post to social media.
Private equity fund acquires specialty retailer
West Marine Inc. is going private.
The retailer of boating gear, apparel and other waterlife-related products has agreed to be acquired by New York-based Monomoy Capital Partners for $12.97 per share. The deal has a total equity value of $338 million. Following the close of the deal, West Marine will continue to be operated independently by the company's management team.
“We are excited to be joining forces with Monomoy Capital Partners as we believe it is in the best interests of our stockholders, customers and associates,” said Matt Hyde, West Marine’s president and CEO. “In addition to providing our stockholders with a significant premium to the current share price, this transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”
The transaction is expected to close in the third quarter of this year, subject to West Marine’s stockholder approval and other customary closing conditions. Sidley Austin LLP represented West Marine in the proposed transaction.
West Marine operates more than 250 stores in 38 states and Puerto Rico, along with an e-commerce website reaching domestic, international and professional customers.
Food stamp cuts could cost retailers $70.7 billion
Proposed cuts in food stamp benefits could cost the the retail industry billions — with supermarkets and discounters taking the biggest hit.
AlixPartners estimates that retail collectively stands to lose $70.7 billion during the next 10 years if the proposed cuts in the Supplemental Nutrition Assistance Program (commonly referred to as food stamps) turn into reality, CNBC reported. The budget proposed by the Trump administration calls for $191 billion in cuts to the program between 2018 to 2028.
In 2016, supermarkets and superstores received 81% of the SNAP benefits, according to the report, with Walmart redeeming the most. AlixPartners estimates the chain would take a $12.7 billion hit to U.S. sales over the next decade if the cuts pass as is. Target would also be hard hit, with an estimated $4.8 billion to $5.3 billion sales loss. Aldi is close behind, at $4.4 billion to $4.9 billion.
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