News Briefs
- 10/2/2025
Activist investor calls for new board chair policy at Target
An activist investor is seeking to block Target CEO Brian Cornell from staying on with the company as executive chairman.
The Accountability Board, an investment group whose portfolio also includes Walmart, Kroger, Five Below and others, has filed a shareholder proposal calling for Target to amend its bylaws to require the board chair to be an independent director. The move comes as Target CEO Brian Cornell is scheduled to hand over the reins to Michael Fiddelke and transition to the role of executive chairman in February 2026.
In making its case, the proposal states that sales growth at Target has been inconsistent and “there have been declines in foot traffic, and controversies abound.”
“The need for stronger independent board leadership has been painfully clear,” the proposal states. “Nevertheless, Target announced last summer that although Brian Cornell would resign as CEO, he’d remain a company executive and continue chairing the board in that capacity.”
In proposing an independent director, shareholders now have an opportunity to strengthen Target’s governance with a policy framework that ensures independent, non-executive board leadership, according to the proposal.
Responding to the proposal, a Target spokesperson told WWD: “We have received this shareholder proposal and the board will consider it in conjunction with planning for our 2026 annual shareholders meeting. We always welcome shareholder input and feedback.”
- 10/2/2025
Walmart investing $300M in North Carolina e-commerce fulfillment center
Walmart Inc. continues expanding its infrastructure to support timely delivery of online orders.
The discount giant plans to open a new fulfillment center in Kings Mountain, N.C. Walmart expects the estimated $300 million investment to create more than 300 new jobs in Gaston County, N.C.
The 1.2 million–square-foot facility is slated to open in 2027 and will ship large items such as patio furniture and lawnmowers directly to customers as soon as next-day.
“As our e-commerce business continues to grow, this new fulfillment center will play a critical role in helping us serve customers faster,” said Karisa Sprague, senior vice president, supply chain, Walmart U.S. “We’re excited to join the Kings Mountain community and proud to create long-term career opportunities where associates can grow and build their future with Walmart.”
Walmart has been engaging in a variety of initiatives to speed up delivery. In addition to its planned North Carolina online fulfillment hub, the company is opening at least five state-of-the-art fulfillment centers dedicated to e-commerce during the next three years.
[READ MORE: Walmart opens latest next-gen fulfillment center]
These also include expanding the use of drone delivery to new markets, as well as leveraging advanced geospatial technology to divide geographic areas into precise hexagonal grids for the purpose of optimizing delivery zones.
Based in Bentonville, Ark., Walmart operates 10,750 stores and numerous e-commerce websites in 19 countries.
- 10/2/2025
Big Lots marks return with grand opening celebration across all stores
Big Lots is kicking off its next chapter.
The discounter, which has been reopening stores under its new ownership during the past several months, will hold a grand opening celebration for all its reopened doors on Oct. 30. In the lead-up to the event, Big Lots is offering customers 10% off everything in the store (except prepaid gift cards) from Oct. 2–5.
In June, Big Lots launched its final wave of store reopenings, bring the total number to roughly 219 locations in 15 states. The openings followed Variety Wholesalers’ acquisition of the brand’s intellectual property and 219 store locations.
Big Lots has enhanced its product offerings, including an expanded furniture assortment with more styles, functions and price points, and a new apparel department for the entire family. Stores also feature a full assortment of everyday essentials, including non-perishable grocery staples and seasonal items.
“Our team has worked hard to restore the value, selection, and experience customers love,” said Lisa Seigies, president and CEO of Variety Wholesalers. “We listened to their feedback, expanded our furniture department, and brought back an exciting assortment of seasonal goods at unbeatable prices. We encourage customers who visited stores when we first opened to come back and see our expanded selection. Our assortment of items continues to get better every day.”
Variety Wholesalers operates more than 600 stores across 18 states, under banners that include Big Lots, Roses Discount Stores and Roses Express.
Earlier this year, Big Lots closed its sale agreement with Gordon Brothers Retail Partners. As part of the deal, Variety acquired about 200 Big Lots stores. The agreement came as the bankrupt chain was holding store closing sales at its approximate 950 locations nationwide.
- 10/2/2025
Popeyes to open 300-plus new locations in Mexico
Popeyes is plotting major growth south of the border.
The Louisiana-style fried chicken chain has announced new development agreements with regional franchisees in Mexico. The partnerships will bring over 300 Popeyes restaurants to Mexico over the next 10 years across the country’s various reasons.
Popeyes says the expansion plans demonstrate the brand's “commitment to delivering its bold, Louisiana flavors” to one of Latin America's “most dynamic and fast-growing” QSR markets. The announcement builds on Popeyes’ recent international growth, following openings in several markets such as Costa Rica, Italy and the Balkans. The chain operates in more than 45 countries around the world.
"Mexico represents a tremendous growth opportunity for Popeyes, and we're thrilled to be partnering with experienced and passionate franchisees who share our vision," said Duncan Montero, Latin American and Caribbean president of Restaurant Brands International (RBI), the parent company of Popeyes.
Star Louisiana, a long-standing Popeyes developer, is renewing its commitment to develop the brand in Jalisco in Mexico's western region. Border Crunch will lead the expansion in the northwest region, while Grupo Euro will drive development across the central region and Grupo Berny will oversee growth in the southeast region.
[READ MORE: Firehouse Subs plots 100 new locations in Mexico]
"Our unique New Orleans-style menu, including Popeyes’ famous chicken, resonates deeply with guests,” added Montero. “We're confident in our ability to win in Mexico over the long term."
Founded in 1972 and known for its Louisiana-style Cajun menu featuring spicy chicken, chicken sandwiches, chicken tenders and other regional items, Popeyes operates more than 5,000 locations worldwide.
RBI operates over 32,000 restaurants in more than 120 countries and territories. Its other restaurant brands include Burger King, Tim Hortons and Firehouse Subs.
- 10/1/2025
Ikea buys building in SoHo as site for new store
Ikea is continuing its expansion in New York City.
Ingka Investments, the investment arm of Ingka Group (the largest Ikea retailer in the world), said it has acquired a "prime retail and office property" on Broadway at Spring Street in Manhattan. The site, in the heart of SoHo, will be the future home of Ikea's second store in Manhattan. It is currently home to a Nike flagship.
Ingka is buying the building from Jeff Sutton, Wharton Properties. Reuters put the purchase price at $213 million.
Ingka Group will operate the entire building, comprising of five and half floors plus a lower level, for a total of 53,000 sq. ft. Built in 2016, it is one of very few newly constructed properties in SoHo. The Ikea store will occupy the first and second floors, with the lower level used for storage and other back-office facilities, covering approximately 25,000 sq. ft. The upper four floors will be renovated for premium office use.
“This marks Ingka Investments’ fourth acquisition of prime commercial real estate to support Ikea’s growth in the world’s leading cities," said Peter van der Poel, Managing Director of Ingka Investments. "Through property ownership, we can secure Ikea presence at the most important retail hubs while keeping affordability at the core."
The acquisition follows the company's 2024 investment in 570 Fifth Avenue, a retail and office tower being developed by Extell Development Company. It will house the first Ikea store in Manhattan.
[READ MORE: Ikea to invest over $2.2B in new U.S. stores, pick-up sites during next three years]
- 10/1/2025
Total Wine & More signs 32,000-sq.-ft. lease to fill New Jersey center
Total Wine & More has gotten closer to its goal of operating 300 stores by the end of 2025.
The nation’s largest independent retailer of wine, beer, and spirits will serve as an anchor at the North Village Shopping Center in North Brunswick, N.J. in a 32,000-sq.-ft. space at the 124,000-sq.-ft. property.
“Total Wine & More’s strong brand identity, broad consumer appeal, and focus on delivering an exceptional shopping experience make it a perfect fit for this location,” said Ed Vasconcellos, the Levin Management Corp. (LMC) executive who represented the landlord in the lease negotiations. “Total Wine’s strong brand identity and it’s exceptional shopping experience make it a perfect fit for this location”
Total Wine will join co-anchor Trader Joe’s at North Village, whose other tenants include Michaels, Staples, Ulta Beauty, Panera Bread, Smashburger, Chili’s, and Mattress Warehouse and more.
According to Placer.ai, the center draws more than 2.5 million visits a year. Situated along Route 1, one of central New Jersey’s busiest retail corridors, the property a densely populated trade area that is rife with shopping options.
“North Village Shopping Center has always been part of the North Brunswick community and reaching full occupancy with Total Wine & More is a proud milestone,” said Matthew K. Harding, chief executive officer of LMC. “Together, Trader Joe’s and Total Wine will attract shoppers from well beyond the local area and strengthen the center as a regional destination.”
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