PriceGrabber: Most consumers will show love by spending less than $100 on Valentine’s Day gifts
LOS ANGELES — Many Valentine’s Day shoppers are sticking to a budget this year with 68% of consumers spending less than $100 on gifts, according to a new PriceGrabber survey.
The latest survey, which polled more than 790 consumers, found that 56% plan to spend the same amount as in 2011, 20% will spend more that last year, another 20% will spend less than they did in the year-ago period and 4% will not purchase a gift this year. When it comes to what Valentine’s Day items that would be purchased, 35% said they would purchase a greeting card, followed by an evening out, candy, flowers, themed gifts, clothing, jewelry and electronics.
When it comes to where gifts will be purchased, 54% of consumers indicated that they will buy gifts in a brick-and-mortar store, while 34% will shop online, 2% will shop using a mobile phone, and 1% will shop using an electronic tablet.
Meanwhile, savings is on the mind of 42% of shoppers, who said they plan to use a daily deal site to shop for a gift.
"PriceGrabber anticipates that shoppers will spend about the same amount on Valentine’s Day this year as they did in 2011," PriceGrabber general manager Graham Jones said. "Valentine’s Day is a very consistent holiday that presents an opportunity for consumers to show affection for a loved one on a more reasonably priced scale than during the holiday season, and we expect shoppers to take full advantage of discounts that will be available online, in brick-and-mortar stores and via a mobile device."
NCR exits DVD rental biz through Redbox deal
OAKBROOK TERRACE, Ill. — Automated retail kiosks operator Redbox has agreed to purchase assets from NCR’s entertainment line of business, including DVD kiosks, certain retailer contracts and DVD inventory.
NCR, which will be paid up to $100 million for the assets by the Coinstar subsidiary, said the business move is part of an effort to focus on other targeted industries.
In line with the assets purchase, Coinstar said it will also will enter into a strategic supplier arrangement where it will purchase product and services from NCR.
The transaction is subject to regulatory approval and is expected to close in third quarter 2012.
Kinney merchandising department gets makeover
GOUVERNEUR, N.Y. — Regional chain Kinney Drugs has promoted several executives in an effort to realign its merchandising department, the company said Wednesday.
Kinney, which operates stores in northern New York and Vermont, said the promotions would allow it to enhance relations with vendors and product planning and deliver improved product assortments.
"These changes are part of a long-term plan," VP retail merchandising Rick Cognetti said. "We want to ensure that the necessary merchandising structure is in place to support consumer demands and Kinney Drugs’ continued success."
Category division manager Cheri Taylor has been promoted to the new position of director of retail merchandising, in which she’ll be responsible for developing and implementing sales and promotional strategies, ensuring that sales and gross margin goals are met and the development of effective category management practices.
Merchandising presentation supervisor Marc Baum has been promoted to category manager in general merchandise, replacing the recently retired Sue Easton.
Steve Harris, who recently began working for the company as inventory and replenishment manager, will continue to take an active role in the implementation of supply chain software and will be a key player in developing an "advanced replenishment and inventory-control structure."
Taylor and Harris will report to Cognetti, while category managers will report to Taylor.
"This realignment positions us well for the future and will enable us to better deliver on our strategy of value, convenience and exceptional customer service while meeting the evolving needs of customers," Cognetti said.