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National Retail Federation

Retailers say credit card swipe fee proposed settlement won’t work

Retailers say credit card swipe fee proposed settlement won’t work

WASHINGTON – The National Retail Federation said a proposed new class action settlement, which purports to resolve claims that Visa and MasterCard set credit card swipe fees in a multi-billion dollar price-fixing scheme, largely resembles part of an agreement that both a federal appellate court and the retail industry had already rejected. “The monetary settlement

NRF reports July retail sales increased 4.9%

NRF reports July retail sales increased 4.9%

WASHINGTON – July retail sales were up 0.4% seasonally adjusted from June and increased 4.9% unadjusted year-over-year, giving the industry a solid kickoff for the third quarter as consumers continued to spend despite concerns about the growing trade war, the National Retail Federation reported today. The numbers exclude automobiles, gasoline stations and restaurants. “Today’s numbers

NRF revises retail sales forecast for 2018

NRF revises retail sales forecast for 2018

WASHINGTON — The National Retail Federation has revised its retail sales forecast for 2018, saying it now expects sales to increase 4.5% or more, up from its earlier projection of a year-on-year gain in the range of 3.8% to 4.4%. “Higher wages, gains in disposable income, a strong job market and record-high household net worth

Supreme Court rules for internet sales tax

Supreme Court rules for internet sales tax

WASHINGTON — States can collect sales tax from online sellers even if those companies don’t have a physical presence in the state, the Supreme Court ruled on Thursday in a case with far-reaching implications for online commerce. “The physical presence rule has long been criticized as giving out-of-state sellers an advantage,” the court said in

New tax code eliminates ACA individual mandate

New tax code eliminates ACA individual mandate

WASHINGTON — The individual mandate is no more. The requirement under the Affordable Care Act that people pay a penalty if they do not obtain health insurance was eliminated in the federal tax overhaul passed by Congress. After the Senate approved the tax reform legislation 51-48, Trump tweeted, “Terrible Individual Mandate (ObamaCare) Repealed.” He signed

Holiday selling season good for drug chains

Holiday selling season good for drug chains

NEW YORK — Chain drug store holiday sales bettered last year’s results, with total dollar volume rising more than 4% and same-store sales advancing 1.8%. In comparison to the 2016 holiday retail sales season, when anxiety over the new administration may have peaked, consumer confidence was up this year, propelled by income gains and the

Big events of 2017 that will shape the future

Big events of 2017 that will shape the future

A case could be made that for pharmacy operators passage of the Tax Cuts and Jobs Act late last month was the biggest story of 2017. Championed by the Republican leadership in Congress and President Trump, the $1.5 trillion measure will provide substantial, permanent tax relief for businesses — the corporate tax rate was cut

Holiday retail sales rise for drug chains

Holiday retail sales rise for drug chains

NEW YORK — Chain drug store holiday sales bettered last year’s results, with total dollar volume rising more than 4%. In comparison to the 2016 holiday season, when anxiety over the new administration may have peaked, consumer confidence was up this year, propelled by income gains and the long-running bull market. Chain drug store sales

CVS’ Helena Foulkes to speak at NRF ‘Big Show’

CVS’ Helena Foulkes to speak at NRF ‘Big Show’

WASHINGTON — CVS Health’s Helena Foulkes has been tabbed as one of the keynote speakers at the National Retail Federation’s 2018 annual convention in Manhattan. Foulkes, executive vice president of CVS Health and president of CVS Pharmacy, will address the theme “empowering customers to make everyday health care better” in her presentation, scheduled for Jan.

NRF to honor Walmart’s Doug McMillon as ‘Visionary’

NRF to honor Walmart’s Doug McMillon as ‘Visionary’

WASHINGTON — The National Retail Federation will recognize Walmart president and chief executive officer Doug McMillon as “The Visionary,” an annual award honoring outstanding retail industry leaders The award will be presented to McMillon at the 2018 NRF Foundation Gala on Jan. 14 in New York City. “From risk-taking acquisitions like Jet.com to investing in

Plan for border adjustment tax abandoned by GOP

WASHINGTON — Retailers applauded congressional Republicans’ move to give up their pursuit of the border adjustment tax (BAT). Prior to GOP leaders’ announcement of the decision on July 27, retailers that receive many of the goods they sell from overseas had expressed concerns about the BAT, claiming that it would pass hefty costs on to

Retail industry hails GOP’s decision to shelve BAT

Retail industry hails GOP’s decision to shelve BAT

WASHINGTON — Retailers applauded Republicans’ move to give up their pursuit of the border adjustment tax (BAT). Prior to GOP leaders’ announcement of the decision on Thursday, retailers that receive many of the goods they sell from overseas had expressed concerns about the BAT, claiming it would pass hefty costs on to ­consumers. The week

Back-to-school spending expected to climb

Back-to-school spending expected to climb

NEW YORK — Back-to-school spending is forecast to rise this season, according to recent surveys from the National Retail Federation and Deloitte LLC. Families with children in elementary through high school plan to spend an average $687.72 each, for a total of $29.5 billion, an 8% increase from last year’s $27.3 billion, according to the

Senate Republicans unveil Obamacare replacement plan

Senate Republicans unveil Obamacare replacement plan

WASHINGTON — After weeks of working behind closed doors to draft a bill to replace Obama­care, Senate Republican leaders released the Better Care Reconciliation Act and set about finding 50 votes to pass it. Like the American Health Care Act that passed the House in May, the Senate bill represents a major revision to the

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