Finance & Capital Management

Another larger-than-life retail showcase is coming to the Big Apple.

Victoria’s Secret plans to open a 64,000-sq.-ft. store on the corner of Fifth Avenue and 51st Street. The space was formerly occupied by Forever 21, which moved out after just seven months of operation.

“It’s a very big deal from a brand standpoint,” Stuart Burgdoefer, CFO, L Brands, parent of Victoria’s Secret, said at the company’s annual investor conference.

Specialty athletic retailer City Sports never found its footing and, despite bringing in a veteran retailer to lead the 18-store operation, it has commenced going-out-of-business sales.

Gordon Brothers Group & Hilco Merchant Resources are managing the going-out-of-business process, which began Nov.6 at City Sports’ 18 stores in the Maryland, Massachusetts, New York, Pennsylvania, Virginia and Washington, D.C.

Over the past 15 years or so, fast-fashion has evolved from a trend to a phenomenon to an industry standard, one that has largely redefined the U.S. apparel retailing landscape.

From home-grown Forever 21 to Swedish import H&M, the market is awash in stores offering cheap, on-trend clothes at low prices. Most recently another import entered the mix, Primark, which opened its first U.S. store in September, in Boston, the first of eight announced locations.

Bass Pro Shops is exploring a bid for rival outdoors retailer Cabela's according to an exclusive report from Reuters. The news service says Bass Pro is working with an investment bank on the potential offer. Cabela's has recently begun to explore its options and has also reached out to private equity firms to solicit interest, Reuters says. [Reuters]

Walgreens may have to shutter as many as 3,000 stores in its bid to buy Rite Aid, or 65% of Rite Aid's store base, according to one real estate analyst in a Fortune story published Thursday, including 1,000 locations Walgreens is willing to jettison as part of any FTC negotiation and another 2,000 locations after the merger is complete.

DSW Inc. has promoted its omnichannel retailing chief to be its new CEO as the company positions itself for long-term growth.

The company said Roger L. Rawlins, executive VP and CIO, will succeed Michael R. MacDonald as CEO effective Jan. 1. MacDonald, who is retiring from DSW and from the board of directors, will remain with the company through the end of the year to help ensure a smooth transition. Rawlins will be appointed to the DSW board effective Jan. 1.

Lumber Liquidators has selected a banking executive to be its next CEO even as the company continues to struggle from the financial effects of a flooring scandal earlier this year.

The retailer has appointed board member and First Capital Bancorp veteran John Presley as CEO, replacing founder and acting CEO Thomas Sullivan. Sullivan will remain on the board as founder.

Whole Foods is trying to get its groove back, but after reporting weak fourth quarter results it is not clear when that will be as the company expressed concern about the competitive climate and the impact on its profit margins.