Wanderful connects shoppers with local retailers
LOS GATOS, Calif. — Wanderful Media, an online local discovery shopping company, has revamped its existing collection of digital circulars and re-launched it as an online community that drives shoppers to local retailers.
Called Find&Save, the online community gives shoppers access to all the latest sales in their areas and gives them the tools they need to connect with other shoppers and help them keep track of what they need. Shoppers can access Find&Save remotely via tablet, mobile or web.
Wanderful Media has access to more than 100 million unique visitors per month throughout its network. The Silicon Valley company provides reach into more than 80% of U.S. markets through recognizable media brands, and drives consumers into local retail shops.
"Wanderful Media is providing a single and proven platform to generate new revenues from retail digital advertising," said Leon Levitt, VP, strategy at Cox Media Group, and member of Wanderful Media’s board of directors. "For its 400+ media affiliates, Find&Save is helping to strengthen newspaper brands with local shoppers."
Find&Save allows shoppers to access local sales in one place. Shoppers can create lists of sale items they are interested in and save them for in-store viewing, access them on their smartphones, send them to friends or share them with the Find&Save community. Find&Save also sends timely alerts and reminders about expiring sales of interest at retailers.
"Consumers expect shopping and circulars to adapt to the way they interact with the world," said Ben T. Smith IV, CEO of Wanderful Media. "Find&Save is opening the door for local retailers to connect with their customers in compelling new ways. Our goal is to drive more shoppers into the store, more often."
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J.C. Penney taps $850 million from credit facility
Plano, Texas — J.C. Penney Co. on Monday announced it has drawn $850 million from its $1.85 billion revolving credit line. The company said it will use the proceeds to fund working capital requirements and capital expenditures including replenishing inventory in anticipation of the completion of for its newly overhauled in-store home departments, which are due to be unveiled next month.
"As we near completion of the home department transformation in over 500 stores, we have been undertaking and will continue to experience a significant inventory build and increase in capital expenditures," said CFO Ken Hannah.
Penney said it would continue to explore additional capital-raising alternatives with the help of its financial advisers.
The company says the drawing of the funds provides more than its current funding needs to ensure continued liquidity but it is also looking to explore other alternatives to raise more money.
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Sony expanding retail footprint
San Diego — Sony Electronics is revving up its retail expansion, opening the doors to three newly remodeled Sony Stores and several brand new Sony Gallery experiences during the past few months. The company also unveiled a smaller-store format called Sony Gallery.
Following the debut of the redesigned Sony Store in the Simon Mall Stanford Shopping Center in Palo Alto, Calif., Sony announced it will open three new concept stores located in Miami, San Diego, and Orlando, Fla. The remodels will bring the total of U.S. redesigned stores to eight.
Sony’s retail expansion plans also include free-standing Sony Gallery. a curated assortment of Sony’s best products in a smaller store footprint. The first Sony Gallery opened this week at the Westfield UTC Mall in San Diego. Two more Sony Galleries will open in New Jersey and San Francisco next month, and additional locations are being planned in shopping centers across the country.
The Sony Gallery at UTC is the predecessor to another new Sony retail store concept that will open this fall, a "boutique" in size and style with the best TVs, cameras, computers and audio products and services Sony has on the market.
"We’re creating a new way to shop for consumer electronics," said Mike Fasulo, EVP sales operations for Sony Electronics. "People expect the best from Sony, and we want to exceed their expectations by providing a personal, memorable shopping experience to all of our guests, that keeps them and their families coming back again and again."
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