This week in retail
Your weekly retail round-up: From swipe to dip, the new “chip” credit cards are coming to America, and back-to-school shopping starts early this year.
Credit card fraud is a major problem in America, and chip cards are coming to the rescue. Soon, all credit cards will come with an embedded chip – something that may be new to Americans, but has been in place in Canada, the U.K, and other countries for quite some time. Are you ready to say goodbye to “swipe” cards, and prepared for customers who ask to “dip” their cards? If you need a visual, here’s a broadcast that explains how the new system will work. (Local 10)
It seems that for American parents this year, the school season just couldn’t come quickly enough (we’re guessing the kids aren’t so thrilled). The latest research shows that 40% of parents are starting to look for bargains two months before school starts instead of leaving it to the last minute. (Bloomberg)
If American Apparel is one of your competitors, here’s good news. The American retailer plans on closing stores and cutting staff in order to improve their financial situation. Will it be enough to recoup the $300 million in losses since 2010? (CBC)
Shopping just got a whole lot cooler. Brick and mortar stores are bringing in new, high-tech devices that make it easier and more interesting for people to experience brands. From Bloomingdale’s clothing-to-go window (taking window shopping to a whole new level), to Samsung’s virtual fitting room, the future of retail is clear: the blend of online and offline experiences is taking shape. (Time)
Target understands its urban customers. They are expanding their “CityTarget” chain of stores in densely populated urban areas around the U.S, such as Fenway Park in Boston. These stores are smaller, and stock more streamlined products that are convenient for city dwellers. (Business Insider)