Retail Updates: Costco Wholesale Corporation (COST)’s Proposal, Best Buy Co., Inc. (BBY)’s New Loyalty Program, J.C. Penney Company, Inc. (JCP)’s Payback

Editor’s Note: Costco Wholesale Corporation (NASDAQ:COST), Best Buy Co., Inc. (NYSE:BBY), J.C. Penney Company, Inc. (NYSE:JCP), Sears Holdings Corporation (NASDAQ:SHLD), The Coca-Cola Company (NYSE:KO), Kohl’s Corporation (NYSE:KSS)

Toronto residents welcome Costco big box proposal (
As Costco Wholesale Corporation (NASDAQ:COST) plans to move into the former The Coca-Cola Company (NYSE:KO) headquarters, residents are welcoming the proposed moved and the potential job opportunities that could come with it. Abbas Kolia, from the Thorncliffe Park Tennants Association, said the news is “wonderful” for the area of Thorncliffe which has faced high levels of unemployment. Still in the initial planning phase the proposal calls for a single-storey 14,543-square-metre Costco on the easterly half of the site with a gas station at the northwest corner next to Thorncliffe Park Drive. Costco Wholesale Corporation (NASDAQ:COST) would also bring to the area 150-200 jobs to the area, which is good news for Thorncliffe residents who have a median household income of less than $36,000 a year.

Best Buy Co., Inc. (NYSE:BBY)

Best Buy rebrands rewards program, adds perks (Pioneer Press)
Best Buy Co., Inc. (NYSE:BBY) is changing its Reward Zone loyalty program, starting with a new name: My Best Buy. The Richfield-based electronics retailer said in a rollout video posted Monday: “We’re renaming it and improving it, but we’re not changing the things you love about it.” If you’re one of the 40 million customers with an existing Reward Zone account, all your points will be carried over, the company promised. As before, customers earn one point for every $1 they spend at Best Buy Co., Inc. (NYSE:BBY). But under the new program, the biggest-spending customers can qualify for two new membership levels.

JC Penney Has Kohl’s in its Crosshairs: McCullough (Yahoo! Finance)
“If we look for the number one overvalued stock that’s lined up straight in the cross-hairs of J.C. Penney Company, Inc. (NYSE:JCP) coming back from the dead, it’s Kohl’s Corporation (NYSE:KSS),” says Keith McCullough, founder and CEO of Hedgeye Risk Management. “Kohl’s is not under pressure yet but we think they will be.” From a market share perspective he says there was about $800 million available for Kohl’s to take from its smaller rival, but Hedgeye research shows they only grabbed $500 million of it and now J.C. Penney Company, Inc. (NYSE:JCP) wants it all back.

Sears seeks to borrow $1 billion (Chicago Tribune)
Money is tight, so Sears Holdings Corporation (NASDAQ:SHLD) is looking to do what other cash-strapped consumers have done: take out a loan to pay down debt. The unprofitable retailer said Monday it is seeking a senior secured term loan of up to $1 billion to pay down borrowings. If approved, the loan would be issued under the Hoffman Estates-based retailer’s current $3.2 billion revolving credit agreement, the company said in an announcement. A meeting with lenders to discuss the loan, which would mature in June 2018, is scheduled for Wednesday, according to a person with knowledge of the transaction who wasn’t authorized to speak publicly and asked not to be identified.

Costco Wholesale Corp. Director Unloads $946,880 in Stock (COST) (Ticker Report)
Costco Wholesale Corporation (NASDAQ:COST) Director James Sinegal sold 8,000 shares of Costco Wholesale Corp. stock on the open market in a transaction dated Monday, September 16th. The stock was sold at an average price of $118.36, for a total value of $946,880.00. Following the completion of the transaction, the director now directly owns 938,391 shares of the company’s stock. COST has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Costco Wholesale Corporation (NASDAQ:COST) in a research note to investors on Thursday, September 12th. They now have a $125.00 price target on the stock.

Best Buy could begin selling unlocked Galaxy Note 3 from September 19 (The Droid Guy)
According to a new revelation, Best Buy Co., Inc. (NYSE:BBY) could begin selling the unlocked version of the Samsung Galaxy Note 3 in the U.S. beginning from September 19, which is this coming Thursday. A screenshot of Best Buy’s inventory system has given away these details. The pricing seems to be set at $999.99 with the model number N9000, which is the global variant with the octa core variant. So you won’t be able to access LTE networks on the handset. While the price seems a little too over the top, we can expect it to go down once it reaches the retail shelves officially.

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