Hello Omni Talk Fans! I hate it when I am right (at least in this case). I said back in August that activist investors would start coming after Target based on Cornell’s succession planning, and my fear is the pressure will only get worse if Target’s results don’t start turning around.
In today’s Retail Daily Minute:
- Walmart is piloting compact neighborhood fulfillment depots in converted retail spaces, aiming to accelerate last-mile delivery for its booming $100 billion e-commerce operation.
- Target faces activist investor pressure to remove Executive Chair Brian Cornell and Lead Independent Director Christine Leahy from the board ahead of the retailer’s June shareholder meeting, as the group questions whether the company can truly reset with the old guard still in the room.
- Bed Bath & Beyond opens its first co-branded store with The Container Store this Saturday in Fort Worth, Texas, debuting a fully integrated “Everything Home” shopping concept.
Plus, the recording from last week’s live webinar on the questions to ask if you are thinking about making large scale automation investments in your supply chain, and a movie quote about one the most storied failed succession plans in business history.
👇 Listen now
Today’s Top Headlines
1. Walmart Converts Vacant Stores Into Fast Delivery Depots in US
Walmart is repurposing vacant retail spaces into compact neighbourhood stockrooms called Walmart Depots to speed up home delivery. At least three are operational, with more planned. Each covers ~20,000ft², holds household essentials, and is managed by a nearby Supercenter, accessible only to Spark gig drivers. (Read More)
2. Activist Investors Urge Target Shareholders to Remove Cornell
Activist investors are urging Target shareholders to vote against reelecting Executive Chair Brian Cornell and Lead Independent Director Christine Leahy, citing years of strategic missteps and underperformance. They also questioned promoting insider CEO Fiddelke over an external hire while Cornell retains board influence. (Read More)
3. Bed Bath & Beyond Launches First Co-Branded Container Store
Bed Bath & Beyond opened its first co-branded store with The Container Store in Fort Worth, Texas, blending home goods and organizational products by room. The concept will expand to 98 Container Store locations. Bed Bath & Beyond plans to acquire The Container Store for ~$150M, with the deal expected to close in July. (Read More)
4. Best Buy Opens New Consultation Spaces at Two Ikea Locations
Best Buy has opened new consultation spaces at two Ikea stores in Texas and Florida, where Blue Shirt employees help shoppers with appliance and tech options for kitchen remodels. The move expands an existing partnership that already includes Ikea shop-in-shops inside select Best Buy locations. (Read More)
5. The US Secondhand Market Surges but Trails Off-Price Retailers
The US secondhand market grew nearly 4x faster than apparel overall last year, with resale projected to reach ~$79B by 2030. However, used apparel underperformed discount apparel in 8 of 12 months, and spend per transaction dropped 22%, suggesting off-price retailers remain a stronger competitive force. (Read More)
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— Chris and the entire Omni Talk team
Omni Talk® is the retail blog for retailers, written by retailers. Chris Walton founded Omni Talk® in 2017 and have quickly turned it into one of the fastest growing blogs in retail.