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Pedestrians pass a JC Penney store in New York. J.C. Penney will no longer have a chief merchandising officer, once one of the most powerful jobs in retail, further demonstrating the industry's turmoil. Its current CMO John Tighe, will be leaving the company and will not be replaced, the retailer said on Friday. The erstwhile glorified ability of industry leaders to spot trends in advance, which catapulted many retail executives to the role of CEO, has become increasingly irrelevant. Simply, fashion no longer brings shoppers to stores; it is an evolving mix of service, selection and price. Amazon and Wal-Mart are experimenting with in-home package delivery. Kohl's is accepting Amazon returns in its stores. Subscription services like Stitch Fix are choosing and shipping clothes for clients through data-driven personal shopping. Grocer Kroger is joining Lidl in entering the apparel business.
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His criticism comes after a leak of financial papers from Bermuda has revealed the secret investments of the rich and famous, including the Queen. Sir Vince said the British overseas tax havens were a "bizarre anomaly". The premier of Bermuda said the investments were legal, and the UK bore ultimate responsibility for the rules. On Sunday BBC Panorama broadcast its year-long investigation into the Paradise Papers, a massive leak of financial documents from Bermuda-based law firm Appleby. The documents have raised questions over the investments of Conservative Party donor Lord Ashcroft, Everton FC owner Farhad Moshiri, and offshore investments made by the Duchy of Lancaster. Sir Vince, a former business secretary, said: "The Paradise Papers suggest that a small number of wealthy individuals have been able, entirely legally, to put their money beyond the reach of the Exchequer." Sunday's edition of Panorama reported that former Conservative Party chairman Lord Ashcroft remained a non-dom , and continued to avoid tax despite attempts to make peers pay their full share. The leaked documents show that between 2000 and 2010, Lord Ashcroft received payments of around $200m (£150m) from his offshore trust in the Bermuda. Media playback is unsupported on your device Media captionWatch Lord Ashcroft try to avoid Richard Bilton’s questions about his offshore trust. Lord Ashcroft said he would not comment on the allegations because of the way he had been treated by BBC Panorama in the past. Sir Vince said: "Given these revelations, including news that Conservative donors benefited from these arrangements, we need a parliamentary select committee to investigate fully who decided what and why." He also criticised former Prime Minister David Cameron, after the government backed down from developing a company register for British overseas territories. He said: "David Cameron was initially attracted to the idea [of a register], but when the overseas territories said on a visit to London that they were against it, he backed down." The Paradise Papers puts into question the practise of using highly secretive offshore tax havens, which is legal.http://www.bbc.co.uk/news/uk-41883472
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