Finance & Capital Management

Broadening responsibilities at a business brings with it an exponential increase in worries. And retail is no exception.

As the traditional CFO role expands beyond accounting and compliance to a more strategic role and partner to the CEO, the capabilities that future CFOs will need to bring to the table are also evolving.

With the retail CFO’s role evolving so quickly in the last few years, what changes will the future bring? Look for CFOs to be hired from outside the company, oversee more divisions and spend significant time overseas in an increasingly global retail world.

The finance function, of course, will continue to be critical, especially for public companies.

Also the CFO role may encroach further on operations, particularly in an era of consolidation — store closures necessitated by mergers likely will fall under the domain of the CFO.

Defining the scope of a CFO’s oversight is challenging because it’s still evolving. Besides the overarching responsibility of overseeing and reporting finances, the role now often includes strategic planning, technology and investor relations.

New areas of reporting, including corporate social responsibility and environmental performance, are also being added.

Strategist, adviser, communicator, futurist: Retail chief financial officers have seen their role broaden so much in recent years that, in some cases, they have become virtual partners with the CEO. Once responsible primarily for financial stewardship, the CFO is embracing a growing number of additional roles encompassing strategic planning, technology and perhaps even a bit of crystal ball gazing.

Philadelphia -- In a surprise announcement, The Pep Boys - Manny, Moe & Jack said that its president, CEO and director Mike Odell has resigned. Director John Sweetwood was named interim CEO, effective immediately, while the company searches for a permanent CEO.

The departure of Odell, who was appointed CEO of Pep Boys in fall 2008, comes weeks after the auto-parts and service company reported a loss for the second quarter, which it credited to declines in its tire and do-it-yourself segments.

Albany, N.Y. – The global Big Data market, worth $6.3 billion in 2012, is expected to reach a value of $48.3 billion in 2018. According to a new study from Transparency Market Research, a year-on-year compound annual growth rate (CAGR) of 40.5% during the period 2012-2018 will produce that figure.

Dublin, Calif. - Ross Dress for Less will open a new store in Southern California, on Oct. 11. The store is located in the La Mesa Center in the city of La Mesa, a suburb of San Diego.  

This new opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year. 

Dublin, Calif. – DD’s Discounts, a division of Ross Stores Inc., will open a new store in Houston, on Sept. 27. The store is located in the Mission Bend Shopping Center in the Mission Bend neighborhood.

Including this new location, DD’s Discounts will operate more than 150 locations in 15 states and is on schedule to complete its expansion plan to open approximately 20 locations in 2014.