FINANCE

TJX joins exodus of retailers no longer reporting monthly sales

BY Marianne Wilson

New York — TJX Cos. has joined the growing ranks of retailers who no longer report monthly sales. On Thursday, the retailer announced that it will report results on a quarterly basis going forward. Also, as previously announced, Ross Stores will no longer be reporting same-store sales after the April results.

That will leave 11 U.S. retail chains reporting monthly sales, down from a peak of 68 in 2006, according to Reuters.

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FINANCE

Canadian Tire Corp. to capitalize on real estate holdings with REIT

BY Marianne Wilson

Toronto — Canadian Tire Corp. plans to spin off most of its real estate assets into a C$3.5 billion (approximately U.S. $3.49 billion) real estate investment trust, with an initial public offering expected later this year. The proposed new REIT would acquire a majority of the company’s owned real estate, including approximately 250 properties comprised largely of Canadian Tire Retail stores, Canadian Tire anchored retail developments and one distribution center.

"We are executing a strategy that reinforces the strength of our Company while pursuing new growth opportunities organically and through acquisition," said Stephen Wetmore, president and CEO, Canadian Tire Corporation. "Today’s announcement regarding a REIT would increase CTC’s financial flexibility, providing us with the ability to access funds at an attractive cost of capital as we continue to invest in and grow our business."

Canadian Tire would retain a significant ownership interest of 80% to 90% of the REIT with the remainder of the REIT’s units offered to the public via an initial public offering anticipated in the fall of 2013.

Canadian Tire operates more than 1,700 retail and gasoline outlets across Canada, and is made up of a variety of companies, including Canadian Tire, Mark’s, FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, S3 and Atmosphere), and Canadian Tire Financial Services.

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OPERATIONS

Survey: Poor mobile experience leads to abandoned carts

BY Staff Writer

Palo Alto, Calif. — Two-thirds (66%) of smartphone and tablet users have failed to complete an online transaction due to obstacles at checkout, according to a new survey from Jumio and Harris Interactive. Specific obstacles causing smartphone and tablet shoppers to abandon their shopping carts at the last minute include mobile checkout process being too long or difficult and not feeling secure in giving credit card information.

"Businesses invest a great deal to get consumers to the point of sale in their mobile apps, but there are a lot of obstacles keeping users from taking their purchase across the finish line," said Daniel Mattes, founder and CEO of Jumio. "From frustrations around having to type — and often retype — personal information into tiny text boxes to concerns over the safety of data, users are bailing out at checkout. Brands can’t afford to lose shoppers in those final moments of the transaction."

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