Officially unveiled at its investor meeting in February, Walmart’s re-engineered supply chain makes greater use of technology to improve in-stock rates, inventory accuracy, and flow across stores, pickup services, and delivery.

At the heart of the revamping, which was a multi-year project, is an artificial intelligence-based inventory management system that positions products according to customer demand. For example, the system can recognize a top-selling toy in a particular region, and automatically send more of those items to those stores. Alternatively, if a toy is selling better in the Midwest compared to the East Coast, the inventory management system can reposition inventory to that area of the country.

“This will be the first holiday shopping season where customers will begin feeling the benefits of our next generation supply chain,” the retailer said in an Oct. 31 blog post. “We’re confident [the AI-based inventory management system] has set us up for success heading into the season and will continue to do so as holiday shopping kicks into high gear.”

Walmart leverages faster fulfillment for the holidays

Improved technology within its supply chain enables Walmart to increase its delivery options and expand its next-day and same-day shipping capabilities. Walmart can now provide same-day delivery to more than 80% of consumers in the United States and reach 90% of the country’s population with next- and two-day shipping.

To make same-day delivery available to such a high percentage of consumers, Walmart uses its 4,700 stores as fulfillment hubs. Walmart stores are located within 10 miles of 90% of the U.S. population.

Another improvement to its delivery services is on-demand delivery slots for same-day delivery. Online shoppers can choose a time that fits their schedule or select Express Delivery to receive items in 30 minutes. Shoppers can also select the Late Night Delivery services option, which is available at 4,000 stores, to receive orders up to 10:30 p.m.

70 retailers in the Top 1000 offer same-day delivery, and 353 offer next-day delivery. The Top 1000 is Digital Commerce 360’s ranking of the largest online retailers in North America.

“I think both Target and Walmart have used their existing store footprints to help their fulfillment goals, but Amazon’s owned fulfillment network, which puts a lot of its marketplace products closer to consumers, gives it a huge advantage still,” says James Risley, research data manager and senior analyst at Digital Commerce 360. Amazon ranks No. 1 in the Top 1000, and Walmart ranks No. 2.

Automated distribution centers

In addition, Walmart continues to install what it calls “next generation” technology in its distribution centers that reduces the number of steps in its fulfillment process. Walmart expects more than 15% of its stores will receive merchandise from automated distribution centers that can sort items by department and load them onto a pallet this holiday season. Once the merchandise arrives at the store, Walmart employees move the pallet to the appropriate department, as opposed to manually sorting items.

Shipping merchandise from its automated distribution centers is expected to accelerate how fast products can be delivered to stores and unloaded onto shelves, the retail says in its blog post. Walmart expects to have seven high-tech distribution centers operating by Thanksgiving. The first high-tech distribution center opened in 2022 in Joliet, Illinois.

“We’ve been working on re-engineering our supply chain for a number of years,” says a Walmart spokesperson. “Customer needs and expectations continue to evolve, and as they do, we’re committed to enhancing how we operate to best meet their needs now and in the future.”

Black Friday starts earlier

In response to consumers’ desire to have special holiday shopping events spread out during the holiday shopping season, Walmart is having two Black Friday events during November. The first event began Nov. 8 online and continues Friday, Nov. 10, in stores. The second event begins Nov. 22 online and continues in stores on the day after Thanksgiving — the traditional Black Friday — on Friday, Nov. 24.

The retailer will wrap up its November sales events with a Cyber Monday sale, which takes place Nov. 27. Walmart+ members will be able to access the Black Friday and Cyber Monday events three hours earlier than the scheduled start times. Walmart+ is a membership rewards program launched in 2020 and costs $98 per year.

“Customers have loved our reinvented Black Friday experience since we introduced it a few years ago,” says the Walmart spokesperson. “In fact, 76% of Walmart customers told us they prefer special deals to be spread out over the holiday shopping season as opposed to one moment.”

Pre-Black Friday holiday sales can pull forward some typical holiday spendings, says Neil Saunders, managing director at retail analysis firm Global Data. Some retailers started holiday sales even earlier this year, beginning with Amazon’s Big Deal Days in October. Walmart held a competing Holiday Kickoff sale at the same time.

Walmart updated its website for the holidays

In addition to its Black Friday and Cyber Monday events, Walmart is introducing several enhancements to make it easier for shoppers to find and save their favorite deals this holiday season, as well as shop and receive their purchases.

Walmart+ members and customers shopping on Walmart.com or the Walmart app will be able to save their favorite deals by clicking on the heart button, which automatically creates a personalized list called “My Saved Deals.” The hearting functionality allows shoppers to track and be notified of deals on those items as they become available. Shoppers can add the entire Saved Deals list to their cart in one click. My Saved Deals lists can also be shared to help take the guessing out of gifting, the retailer says.

“Walmart introduced Hearting so members and customers shopping on Walmart.com or the Walmart app can save their favorite deals,” says the Walmart spokesperson. “This new feature takes the guesswork out of holiday gifting by allowing customers to share their My Saved Deals lists with friends and family for easy wish list inspiration, while helping them track and shop their favorite deals in real time.”

Wish lists and registries help consumers prepare

Another enhancement to its online shopping experience is a holiday wish list and toy registry. The retailer’s holiday wish list page, which is scheduled to launch this month, enables shoppers to create a gift registry that can be saved and shared with others. Shoppers can also create a toy wish list directly from the Top Toy List on Walmart.com.

“With Walmart’s new Holiday Wish List page, customers can create their very own registry to effortlessly save all their holiday needs (and wants!) in one place and/or share with friends and family,” says the Walmart spokesperson. “From gift ideas to holiday décor, and even a new Toy Registry, customers can discover top gifts, like products from Walmart’s Top Toys List, making it even easier for family and friends to gift with confidence and check everything off their list this season.”

“Every change is thoughtful. They all ladder up to a greater goal: to meet our customers wherever they are, leveraging our stores to welcome people to a more modern, highly connected Walmart,” Walmart says in the Oct. 30 blog post. “Whether you’re walking in just to wander, grabbing a quick snack and dashing or using our Pickup & Delivery service, every one of our remodeled stores is ready to improve that experience.”

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Michaels ranks No. 111 in the Top 1000, Digital Commerce 360’s ranking of the 1000 largest online retailers in North America.

A tiered loyalty program allows better targeting

The crafting retailer created Michaels Rewards, which allows all members to earn 3% back in rewards for all purchases. It’s free to join, and customers who spend $300 or more in a year can earn 6% back in vouchers that can be used at the retailer.  

“Convenience and personalization are the most important elements in any membership program,” Bennett says. “Loyalty programs should not be developed with a one-size-fits-all approach, which is why we offer three tiers in our program.” 

A tiered reward system allows a retailer to offer the greatest savings to the most loyal customers, who will likely return to make more purchases in the future, Bennett says. That’s why Michaels added a credit card in the latest round of updates to its program, which comes with 9% back in rewards. Members without the credit card can reach a maximum of 6% in rewards. The credit card was something customers asked for when they gave Michaels feedback, she says.  

“This benefit of 9% in rewards is really meaningful for those customers who are stocking up on supplies frequently or run their own creative businesses,” that require craft supplies, Bennett says.   

Loyalty program membership is growing

Bennett says the program has “tens of millions” of members. Membership is growing 9.75% year over year. Plus, more than 50% of Micheals customers are rewards members, she says. She declined to share a specific membership number. 

“Members in the Rewards program are more likely to add more items to their baskets and make purchases more frequently than those not in the program thanks to the benefits of stacking up rewards points,” Bennett says.

For example, customers who reached the 6% reward level spend on average 2.8 times more than members in the 3% tier. Credit card holders in the 9% tier spend an average of four times more than customers without credit cards, she says.   

Retailers can use rewards strategically

Retail chains are good examples of retailers that can effectively use loyalty programs to their advantage, says Neil Saunders, managing director of retail analysis firm Global Data.  

While tiered programs like those employed here aren’t “strictly necessary,” Saunders says, they make a lot of sense.  

“Retailers want to give the best rewards to those who spend more so they can ensure their loyalty. They also use tiers to encourage people to spend more so they can move to a higher tier and get better rewards or benefits,” he says. 

The potential downside is that consumers in lower tiers may not feel as valued. However, personalized rewards like a birthday gift can combat this and keep consumers engaged, he says.  

Loyalty programs in the Top 1000

Fewer than one-third of Top 1000 retailers have a loyalty program. The number of Top 1000 retailers with loyalty programs has grown 16.8% since 2019, according to Digital Commerce 360 data. The majority of the growth took place in 2020, and has remained nearly flat since. 

Though not strictly necessary, “rewards programs can be very useful for retailers both because they enable them to gather information about customers and drive certain behaviors,” Saunders says.

If a retailer does choose to use a rewards program, it must have a clear purpose, he says. 

“Is it to increase loyalty, to stimulate consumers into spending more, to gather data, to improve price perceptions, and so on? Knowing the purpose is vital as it then allows retailers to work out the cost of a scheme versus the potential reward,” Saunders says. 

Retail chains are far more likely than other merchant types to have loyalty programs. 48.1% of retail chains have a free loyalty program. That’s compared to 26.5% of consumer brand manufacturers, the next highest merchant type. Retail chains with loyalty programs generated $164.47 billion in web sales for Top 1000 retailers in 2022, 46.8% of total sales in the category.  

This high penetration of retail chains having loyalty programs could be because they are more likely than other types of merchants to have the resources and finances to implement an effect rewards program, Saunders says.  

“Chains have a very large base of customers, so rewards schemes make sense in terms of allowing them to gather data and use incentives to encourage more buying,” he says. Because these programs are so common among retail chains, consumers are also more likely to expect them, he says. 

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Michaels ranks No. 111 in the Digital Commerce 360 Top 1000 database.

Michaels MakerPlace competes with Etsy

The retailer launched its marketplace following a successful three-month beta test, the retailer said. 

MakerPlace is positioned as a competitor to Etsy Inc. In addition to handmade products, Michaels MakerPlace sellers can sell places in virtual classes and how-to guides.

Handmade bud vases for sales on Michaels MakerPlace.

“Our research found that nearly three in four makers believe there’s a void in the online marketplace landscape today, and that existing platforms come with pain points like high upfront costs, increasing fees for product listings and competition with an overflow of mass-produced goods,” says Heather Bennett, executive vice president of marketing and ecommerce at Michaels. “MakerPlace by Michaels was designed in direct response to these challenges with the goal of helping handmade artists and makers succeed,” she says.

Michaels MakerPlace doesn’t charge a listing fee to sellers. It charges a 4% referral fee to sellers on its basic subscription plan, along with a 2% referral fee to sellers in the professional tier, which costs $9.98 per month. All sellers pay a transaction fee of 3% plus $0.20 per item.

In comparison, Etsy charges a $0.20 listing fee and a 6.5% transaction fee. Etsy ranks No. 17 in Digital Commerce 360’s ranking of the Top 100 online marketplaces by GMV.

Why add an online marketplace?

Starting an online marketplace puts Michaels in good company. 40 retailers in the Top 1000 operate a consumer marketplace, with 23 those in the Top 100, according to Digital Commerce 360 research. 

“For retailers like Michaels, with specific audiences, adding a marketplace expands selection in a way that consumers appreciate,” says James Risley, research data manager and senior analyst at Digital Commerce 360.

Michaels can lend its name recognition and trust among consumers to marketplace sellers, and consumers might then feel safer buying those items from a known source, he says. It’s also a way to generate revenue beyond selling goods, with the learning component in the marketplace.

“With Michaels’ solution, there’s a little risk in moderation, making sure a woodworking class isn’t turned into a venue for how to make weapons. But I think it’s a good niche for this kind of non-goods marketplace,” Risley says.

MakerPlace will operate alongside the other third-party marketplace Michaels launched in February. That marketplace appears on Michaels.com alongside first-party goods, and expanded Michaels online offerings to more than 1 million SKUs.

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This morning, Beyond, No. 50 in the Top 1000, announced that CEO Jonathan Johnson has stepped down. Johnson’s departure follows mutual agreement by the Beyond board and Johnson to transition the company to new leadership, Beyond says. The hunt for a new CEO is underway. The Top 1000 database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy.

Beyond begins CEO hunt

While the search proceeds, company president David Nielsen will serve as interim CEO. Adrianne Lee, chief financial officer, will expand her responsibilities to oversee legal and human resources functions in addition to the finance organization.

As president, Nielsen oversees the company’s marketing, algorithms, customer, digital, technology, and sourcing and operations organizations. Prior to this role, Nielsen served as Overstock’s chief sourcing and operations officer.

“Following the recent acquisition of the Bed Bath & Beyond brand and our corporate renaming as Beyond, Inc., the board and Jonathan determined that this is the ideal time for a transition in leadership to guide the company forward,” says board chairman Allison H. Abraham.

In 2022, Johnson made total compensation of about $2.95 million, including a base salary of $871,154, according to company filings with the U.S. Securities and Exchange Commission. Nielsen in 2022 earned $1.41 million in compensation that included a base salary of $573,077.

In September, Angela Hsu stepped down as chief marketing officer at Overstock.com, which acquired the intellectual property assets of bankrupt retail chain Bed Bath & Beyond in June for about $21.5 million. As chief marketing officer for Overstock, Hsu made $842,557 in total compensation in 2022 .

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It’s No. 1 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. Amazon is also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by 2023 third-party GMV.

“We already have made these investments, technologies,” Witcher said, speaking from Amazon’s perspective. “How do we create incremental revenue by applying those sunk costs to new opportunities for others to take advantage of those costs where we can benefit in a financial way? This has been part of Amazon’s strategy for quite a while.”

Andy Jassy, Amazon’s CEO, spoke about different SaaS initiatives on a recent earnings call with investors for its fiscal third quarter ended Sept. 30, 2023.

Amazon’s fastest-growing sectors are ads and seller services, said James Risley, research data manager and senior analyst at Digital Commerce 360.

It shows that “while Amazon’s online stores are still growing well, its third-party sellers are the real growth leaders for the company,” Risley said. “Online stores only grew 2.0% in the first half of the year, though, and grew 7.0% in Q3, so the momentum is strong for first-party sales as Amazon potentially shifts its focus ahead of government pressure and a more savvy consumer who prefers direct relationships with sellers.”

Supply Chain by Amazon changes the fulfillment game

Two key Amazon software-as-a-service programs Jassy addressed were Supply Chain by Amazon and a growing generative AI initiative. New Amazon generative AI technology gives merchants the ability to create web pages and product imagery “with nearly endless flexibility,” calling it, along with Supply Chain by Amazon and AWS “the democratization of technology.”

Jassy said the company has seen “very positive early response from sellers to Supply Chain by Amazon.”

Supply Chain by Amazon is a fully automated set of services in which the mass merchant handles:

• Inventory pickup
• Shipping
• Customs clearance
• Ground transportation
• Inventory storage
• Replenishment

Amazon has been making “huge investments” in supply chain for more than a decade, Witcher said. The idea was that Amazon would eventually reach scale and those investments would pay off, he added.

“I think you’re starting to see that now, particularly because they’re starting to outsource delivery as a service,” Witcher said.

Amazon already has the infrastructure in place, so these are sunk costs, he said.

Amazon software as a service (SaaS) can change the game for third-party sellers

“Generative AI developments should be given more weight than Amazon let on,” Witcher said. “Using this innovative technology really gives Amazon the operational efficiencies in inventory planning and route planning that they need to realize the ROI of all these investments they made in supply chain.”

Witcher said AWS was the proof of concept that Amazon can create incremental revenue from its existing services and offerings. He said Fulfilled by Amazon (FBA) “clearly” works for a lot of sellers.

“Now, Amazon’s removing the pain points of being a small-business seller,” Witcher said. “Nobody gets into the retail business saying, ‘I can’t wait to build web pages’ or do photoshoots. That’s not why they get into selling products. They want to sell products. Amazon understands this, and so they’re using this in a way to make it easier for third-party sellers to have that Amazon relationship and make more reasons to say why they should have the Amazon relationship. I think that’s really what this comes right down to.”

Generative AI technology and the Amazon ecosystem

Witcher said Amazon understands that mom-and-pop shops and small companies don’t necessarily have the time or skill set to generate web pages and product imagery.

“The ability to use generative AI just helps those sellers,” Witcher said. “There’s a compounding effect to this, which is: The easier it is for me to build websites, the easier it is for me to upload product pages. Then, it’s easier for me to sell on Amazon. Well, if I’m already selling on Amazon, then it’s easier for me to give Amazon my supply chain, pay for them to do my supply chain, pay for them to have Amazon Pay on my website. It just bakes you deeper into the ecosystem of Amazon as you start to find value in the things Amazon offers.”

He added that this is “certainly a differentiator” for Amazon compared with other marketplaces. However, he said, he expects other retailers to follow suit.

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Meanwhile, gross merchandise volume (GMV), the total value of merchants’ products across Shopify’s systems, increased 22% to $55 billion. Gross profit also grew, increasing 36% to $901 million.

45 retailers in the Top 1000 use Shopify. The Top 1000 is Digital Commerce 360’s database of leading ecommerce retailers in North America. The 45 using Shopify account for a combined $8.30 billion in web sales annually.

In the Next 1000, 74 merchants used Shopify in 2022 and accounted for $1.05 billion in web sales. The Next 1000 ranks the largest retailers after the Top 1000 (1,001 to 2,000) by web sales.

Shopify’s AI tools

Shopify president Harley Finkelstein said in an earnings call with investors that artificial intelligence is for everyone, and its capabilities should be embedded throughout a business.

“We’ve integrated Shopify Magic, our suite of free AI-enabled features across our products and workflows, and merchants are already finding success with unblocking productivity and creativity,” he said.

Shopify Magic enables personalized pages and content generation, he said. It can help craft an About Us page in a merchant’s brand voice or tone, he said.

Changing checkout benefits Shopify earnings

Finkelstein said in the Shopify earnings call that the company launched a new one-page checkout in September. In its first two months, Finkelstein said, it has sped up buyer completion time by an average of four seconds.

In the quarter, Shop Pay facilitated $12 billion in GMV, he said. That’s a 50% year-over-year increase. Since launching in 2017, it has facilitated a cumulative $110 billion in sales.

Finkelstein also said Shopify Checkout has helped its merchant base through Checkout Extensibility, which launched in 2022. Since launch, he said, Shopify has “exponentially expanded its suite of APIs, components and capabilities. It has also seen more than 400 checkout apps in the Shopify App Store that support Checkout Extensibility.

“It is more adaptable, loads faster and converts better, he said. “Designed to handle high volumes, it is ideal for the world’s largest flash sellers like the iconic brand Supreme.”

Shopify-Amazon deal

Shopify also announced a partnership with Amazon during the quarter, giving merchants the choice to offer Buy with Prime directly within their Shopify Checkout. Finkelstein said the app will release “in Shopify’s app ecosystem in the coming weeks.”

“This new app will give U.S. based merchants who use Amazon’s fulfillment network the option to add Buy with Prime into their Shopify Checkout, and all of it will be processed by Shopify Payments,” Finkelstein said.

James Risley, research data manager and senior analyst at Digital Commerce 360, said he doesn’t think the Shopify-Amazon partnership is making all the difference, but it “is a big deal.”

“Not only does it provide Shopify with a strong name to build on in its checkout flow, but it also allows retailers to not have to pick one vendor — Amazon or Shopify — to get the payment networks of each,” Risley said.

174 retailers in the Top 1000 offer Amazon Pay, whereas 130 offer Shop Pay.

Check back for more earnings reports. 

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Analyzing the leading vendors that serve the Top 1000
According to new Digital Commerce 360 research, 63% of retailers plan to increase spending on technology and services in 2024. They’re prioritizing conversion and customer experience in the new year, because finding new customers and retaining existing customers are the name of the game.

Explore Digital Commerce 360’s latest ecommerce trends and investing analysis in our newest Leading Vendors to the Top 1000 Retailers Report where we review the top 10 vendors across 24 ecommerce categories including Customer Relationship Management, Ecommerce Platforms, Fulfillment Services, Marketing Automation Platforms, and more.

Retailers – This intelligence is for you. Start evaluating your competitors’ plans to find new customers and clients to keep your business growing.

Compliments of: impact.com, Partnerize, CommerceHub, Monetate, esw, Signifyd, Bizrate Insights, Saddle Creek, Clearsale

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Parentheses indicate the merchant’s ranking in the Top 1000.

Amazon.com Inc. (No. 1)

Amazon recorded its highest operating income ever in the third quarter ended Sept. 30. Operating income nearly quadrupled year over year, growing 343%.

Read more about Amazon’s earnings here. 

Canada Goose Holdings Inc. (No. 154)

Canada Goose reported total revenue grew 1% to $281.1 million in its fiscal third quarter ended Oct. 1. Direct-to-consumer revenue grew 15% in the same period, while comparable DTC sales declined 7%. Comparable store sales grew, but not enough to offset ecommerce declines, the retailer said in a statement. Though online sales were down, website visits to product pages increased in the quarter, Canada Goose says.

E.l.f. Cosmetics Inc. (No. 950)

Beauty retailer e.l.f. reported net sales grew 76% to $215.5 million in its fiscal second quarter ended Sept. 30. The growth was attributed to strong sales both in stores and online. Ecommerce made up about 17% of sales in the quarter, the retailer says. The e.l.f. app and loyalty program are also both growing quickly, the retailer says.

Etsy Inc. (Marketplace No. 17)

Etsy reported consolidated revenue grew 7.0% to $636.3 million in the third quarter ended Sept. 30. Gross merchandise sales on the platform grew 1.2% in the period, to $3 billion. Meanwhile, active buyers grew 3.4%, and active sellers grew 19.0%.

Read more about Etsy earnings here.

Pitney Bowes

Pitney Bowes reported revenue declined 6% to $784 million in the third quarter ended Sept. 30. Global Ecommerce, the sector of the shipping vendor that handles B2C fulfillment services, reported a revenue decline of 12% to $313 million. Domestic parcel revenue grew 29% and volume grew 38%, offset by declines in international revenue.

“We recognize that the level of losses that we’ve been reporting in that segment are not sustainable,” Jason Dies, interim CEO, told investors of the Global Ecommerce segment in an earnings call. 

Pitney Bowes is a shipping carrier for 104 retailers in the Top 1000.

Revolve Group Inc. (No. 87 in the Top 1000)

Revolve reported net sales declined 4% in the third quarter ended Sept. 30. Expenses increased over the same period due in part to a pending legal case, leading to a 73% decline in net income to $3.2 million.

Revolve did not share specifics on online sales, but said sales through TikTok shop “increased meaningfully” over Q2. The retailer plans to expand its TikTok presence in the future.

Shopify Inc.

Shopify reported total revenue grew 25% to $1.7 billion in the third quarter ended Sept. 30. Gross merchandise volume, the total value of merchant sales across Shopify’s systems, increased 22% to $55 billion. Gross profit also grew, up 36% to $901 million.

45 retailers in the Top 1000 use Shopify. They account for a combined $8.30 billion in web sales annually.

Target Corp (No. 5)

Target announced that digital sales declined 10.5% year over year in the fiscal second quarter ended July 29. The retailer’s Drive-Up service led online sales, Target says.

Meanwhile, comparable in-store sales declined 4.3% versus Q2 last year. Target’s total revenue in Q2 reached $24.8 billion. That’s down 4.9% year over year. Operating profit after taxes was $3.89 billion, down from $4.63 billion in the year-ago period. Read more here.

Walmart (No. 2)

Walmart announced that U.S. online sales grew 24% for its fiscal second quarter ended July 28. International ecommerce sales grew 26%. Ecommerce sales were fueled by pickup and delivery orders.

Over the same period, comparable in-store sales grew more modestly, up 6.4%, excluding fuel. Total revenue grew, too, by 5.7% to $161.6 billion. Read more here.

Wayfair Inc. (No. 10)

Wayfair reported total net revenue increased 3.7% to $2.9 billion in the third quarter ended Sept. 30.

The online furniture retailer reported a larger increase in U.S. net revenue, which grew 5.4% to $2.6 billion. Meanwhile, international revenue declined 7.0% over the same period. Net loss was $163 million.

Read more about Wayfair’s earnings results here.

So what does it mean?

• Apparel results were mixed, but Revolve’s involvement with TikTok shop hints at future possible avenues of growth for savvy retailers.
• Pitney Bowes reported volume declines similar to what UPS previously recorded. Both fulfillment vendors will rely on the upcoming holiday season to reinvigorate business.

Ecommerce earnings calendar

Here’s when to expect other ecommerce earnings this quarter:

• Amazon.com Inc.: Oct. 26
• Best Buy Co Inc.: Nov. 21
• Chewy Inc.: Dec. 6
• Costco Wholesale Corp.: Dec. 14
• The Gap Inc.: Nov. 16
• The Home Depot Inc.: Nov. 14
• Lowe’s Cos Inc.: Nov. 21
• Macy’s Inc.: Nov. 16
• Target Corp.: Nov. 15
• Walmart Inc.: Nov. 16

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