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Amazon to open fashion store where algorithms suggest what to try on

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Amazon.com Inc’s recipe for the department store of the future includes algorithmic recommendations and what one corporate director called “a magic closet” in the fitting room.

The online retailer is making another push to grow its fashion business, announcing on Thursday it will open its first-ever apparel store this year, with a tech twist. “We wouldn’t do anything in physical retail unless we felt we could significantly improve the customer experience,” said Simoina Vasen, a managing director.

At 30,000 square feet (2,787 sq meters), the planned “Amazon Style” shop near Los Angeles is smaller than the typical department store. Model items are on the racks, and customers scan a code using Amazon’s mobile app to select the color and size they would like. To try on the clothes, which are stored in the back, shoppers enter a virtual queue for a fitting room that they unlock with their smartphone when it is ready.

Inside, the dressing room is “a personal space for you to continue shopping without ever having to leave,” Vasen said. Each has a touchscreen letting shoppers request more items that staff deliver to a secure, two-sided closet “within minutes,” she said.

“It’s like a magic closet with seemingly endless selection,” Vasen said.

The touchscreens suggest items to shoppers too. Amazon keeps a record of every good a customer scans so its algorithms personalize clothing recommendations. Shoppers can fill out a style survey as well. By the time they arrive in a fitting room, employees have already deposited customers’ requested items and others that Amazon has picked.

Shoppers can opt out with a concierge’s help, Amazon said.

Amazon has unveiled tech to help customers choose outfits before. The company has surpassed Walmart Inc as the most-shopped clothing retailer in the United States, according to analyst research.

But it still has room to expand and compete with the likes of Macy’s Inc and Nordstrom Inc, which have opened smaller-format stores. Amazon’s lineup of physical grocery and convenience shops have yet to upend brick-and-mortar retail.

The company’s new store aims to attract a broad range of shoppers with hundreds of brands, Vasen said, declining to name examples.

It has hundreds of associates, and no cashier-less checkout like some Amazon stores, Vasen said. Still, using a biometric system known as Amazon One, customers can pay with a swipe of their palm.

 

(Reporting By Jeffrey Dastin in Palo Alto, California; Editing by Christian Schmollinger)

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World's fastest passenger jet goes supersonic in tests – CNN

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YYJ delays: RCMP called to Victoria International Airport | CTV News – CTV News VI

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Travellers who have a flight planned at Victoria International Airport (YYJ) on Tuesday are being warned of travel disruptions due to police activity.

Sidney/North Saanich RCMP say the airport was closed after a suspicious package was discovered around 1:30 p.m.

Cpl. Andres Sanchez of the Sidney/North Saanich RCMP says that the airport was closed to all incoming and outgoing flights “out of an abundance of caution.”

He said the airport will remain closed until police “can be sure it is safe for the public to travel.”

‘INCENDIARY DEVICE’

“The package was located at the departures/check-in [area], so it was brought in by a passenger,” said Sanchez Tuesday afternoon.

The package was flagged by Canadian Air Transport Security Authority (CATSA) staff who spotted what appeared to be an “incendiary device” within a bag, he said.

“CATSA employees performed the checks that you normally do at a departure situation at the airport,” he said.

“They scanned the bag and found there were items inside that could be of a dangerous nature and at that point police were called to the scene to investigate further,” he said.

Mounties say a specialized RCMP team has been called in from the mainland to remove the bag from the premises and to “ensure the package is dealt with in a safe manner.”

PASSENGER UNDER INVESTIGATION

Sanchez says the individual who brought the bag is under investigation, but it’s unclear if any criminal charges will be recommended yet.

“Again, because we don’t know what’s in that bag we can’t speak further on that,” he said.

In the meantime, people are asked to avoid the airport for the next few hours, according to RCMP spokesperson Sgt. Chris Manseau.

Around 4:20 p.m., the airport said all scheduled commercial flights for the next two hours were cancelled.

The airport is working with airlines to keep them updated on the status of flights.

Police say they hope the airport will be able to reopen Tuesday night, but it’s uncertain how long the investigation at the property will take.

Travellers should check the YYJ website for the latest updates on their flights, according to the airport. 

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​Scotia hikes dividend, smashes Q2 profit estimates – BNN

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Bank of Nova Scotia opened earnings season for Canada’s Big Six on Wednesday with a beat and a dividend hike as profit climbed in all its major divisions other than capital markets.

Scotia said its net income in the fiscal second quarter, which ended April 30, rose to $2.75 billion from $2.46 billion a year earlier. On an adjusted basis, Scotia earned $2.18 per share; the average estimate among analysts tracked by Bloomberg was for $1.97 in adjusted per-share earnings.

The bank also announced its quarterly dividend will rise to $1.03 per share from $1.00, effective July 27.

“Continued loan growth of 13 per cent, an improving net interest margin, strong customer balance sheets, combined with prudent expense management, positions the Bank well to grow its earnings,” said Brian Porter, Scotia’s president and chief executive officer, in a release.

Profit in Scotia’s core Canadian banking division soared 27 per cent year-over-year to $1.18 billion in the latest quarter. Credit quality was a swing factor compared to a year earlier, as Scotia released $12 million from the unit’s provisions for loan losses in the most recent quarter; a year earlier, it booked $145 million in new provisions for loans that could go bad.

Scotia said it had an average of $271.8 billion in residential mortgages on its Canadian loan book during the fiscal second quarter, up almost three per cent from the prior quarter.

Growth in Scotia’s international division was even more pronounced, as net income surged 44 per cent year-over-year to $605 million as provisions for loan losses fell and revenue climbed.

Scotia’s Global Banking and Markets division was a profit drag, as net income slumped six per cent year-over-year to $488 million, which the bank attributed to higher non-interest expenses and lower non-interest income.

In a report to clients after the results were released, Barclays Analyst John Aiken said he doesn’t think Scotia will be an outlier with the profit slump in its capital markets business.

However, Aiken did flag that the drop in Scotia’s Common Equity Tier 1 capital ratio to 11.6 per cent from 12.0 per cent in the previous quarter might not sit well with investors.

“The only real knock on the results will likely be Scotia’s lower-than-peer regulatory ratio, which was drawn down again from share repurchases. While we believe that [Scotia] is heading towards a much more efficient capital level, the market does not like outliers, particularly where capital and an uncertain outlook is concerned.”

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