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Stamford-based Synchrony to end card partnership with Gap


Stamford-based Synchrony to end card partnership with Gap
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Photo: Patrick T. Fallon / Bloomberg
STAMFORD Synchrony, the country’s largest private-label credit card provider, will end next year its two-decade partnership with Gap Inc., after the companies were unable to agree on a program renewal.
Stamford-based Synchrony has been issuing cards for Gap for about 22 years, with the latter comprising one of Synchrony’s five-largest retail card partners. Their program includes about 11 million open card accounts, with balances totaling approximately $3.8 billion at the end of March. The portfolio represents about 5 percent of Synchrony’s loan receivables.
Synchrony is headquartered at 777 Long Ridge Road in Stamford, Conn. ....

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Walmart Officially Sells Seiyu Shares


Founded in 1963, Tokyo-based Seiyu operates more than 300 stores throughout Japan.
Global investment firm KKR and Rakuten DX Solution, a subsidiary of internet services company Rakuten, have completed their previously reported share purchases in Japanese retailer Seiyu GK from Walmart. As a result of the transactions, KKR owns a 65% stake in Seiyu, and Rakuten DX Solution owns a 20% stake in the company. Walmart, meanwhile, retains a 15% stake in Seiyu. New York-based KKR is making its investment from its Asia private equity fund. 
Under the new ownership structure, Seiyu can avail itself of the combined retail expertise and innovation of KKR, Rakuten and Walmart, as well as ramp up its digital transformation to become Japan’s top omnichannel retailer. ....

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Walmart's New Strategy to Beat Amazon


Executive Editor
The move from Walmart is the latest development in the retailer s bid to attract more shoppers to its e-commerce offering. 
Walmart is taking yet another step in its battle to compete with Amazon and other retailers on same-day delivery.
Walmart is removing the $35 order requirement for its Express delivery service just a few months after scrapping the same minimum order rule from its Walmart+ subscription service. 
The move from Walmart is the latest development in the retailer s bid to attract more shoppers to its e-commerce offering. Walmart s growth in the e-commerce segment has been higher than Amazon in the last three fiscal quarters of the pandemic as the company has attracted scores of shoppers to its grocery pickup service during the pandemic. ....

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