As the holiday season is round the corner, retailers are on their toes to offer the best to their customers and make the most of the festive period. Retail bellwethers are hiring additional staff, paying extra wages, rolling out latest forms of delivery and payment modes as well as bringing exciting and superb deals including early Black Friday offers for the guests.
Treading the same path, renowned discount retailer Big Lots, Inc. ( BIG Quick Quote BIG - Free Report) has partnered with DailyPay, a major technology platform allowing associates to access or save their pay as they earn it, without waiting for a traditional payday. The company is also ramping up its hiring activities. Through DailyPay, the associates will be able to immediately access their accrued pay. Hence, this collaboration will allow Big Lots to provide its nearly 35,000 store and distribution center staff with an immediate access to their earned income. This move comes just before the holiday season and the company is likely to onboard 15,000 associates to efficiently manage its "BIGionaire" shoppers in the festive phase. The company is taking up hiring events nationwide on Tuesdays and Saturdays across its 1,421 stores with full-time and part-time jobs available for persons aged 16 years and above. Big Lots offers an exciting program of perks with a 30% store discount in addition to the extra discounts on cell services, tickets and computers among others. We note that the company’s shopping experience including part treasure hunt and part everyday necessities along with special Big Buys wherein articles are purchased in limited quantities at exceptional price are commendable. Big Lots also offers “Buy Online Pick-up In Store” (BOPIS) functionality and curbside pickup to its customers. Also, the company’s same-day service at Instacart and Pickup seems profitable. Additionally, it looks to widen the payment-type choices on sites including Apple and GooglePay. It is also reducing transaction friction by introducing its third mobile wallet payment program, PayPal. Its Rewards program is also appealing. It integrated web and store capabilities to drive returns, pricing, consistency and order visibility. The company’s store-related initiatives are also worth a mention. For instance, considering strength in its furniture assortment, management is steadily testing new sales and staffing model in about 35 stores. It continues to see double-digit sales growth across such stores. Also, the Lot and Queue Line has been enriching customers’ shopping experience for a while now. Wrapping Up
Big Lots is leaving no stone unturned to tap every opportunities in the market, as clear from its efforts to leverage marketing strategies, with loyalty databases and e-commerce enhancement.
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The stock currently carries a Zacks Rank #5 (Strong Sell). Its shares have gained 7.9% in the year-to-date period compared with the
industry’s growth of 13.8%. We note that the company has been grappling with supply-chain and freight headwinds as well as other inflationary pressures for a while. Key Picks in Retail Abercrombie ( ANF Quick Quote ANF - Free Report) has a long-term earnings growth rate of 18% and a Zacks Rank #1 (Strong Buy), currently. You can see . the complete list of today’s Zacks #1 Rank stocks here Tapestry ( TPR) has a Zacks Rank #2 (Buy) and a long-term earnings growth rate of 12.3% at present. Children’s Place ( PLCE Quick Quote PLCE - Free Report) has a long-term earnings growth rate of 8% and is presently Zacks #2 Ranked.