Finance & Capital Management

By Phillip M. Perry

Overcast with clearing skies — That’s the economic forecast from a major research firm as retailers enter a new year. Drizzly conditions will remain at least for the first half of 2013 as consumers hold tight to their pocketbooks. By the summer, though, light should break through the clouds as the resolutions of critical national uncertainties encourage corporate hiring, capital investment and consumer spending.

Secaucus, N.J. -- The Children's Place Retail Stores Inc. reported Monday that its CFO Steven Baginski has resigned the company, effective immediately.

According to the retailer, Baginski is leaving to pursue other interests.

Former COO and CFO of The Talbots Inc., Michael Scarpa, has been named Baginski’s successor, effective Dec. 3.  

Scarpa also worked at Liz Claiborne Inc. for 25 years.
 

Jeff Gordman is following in the family tradition. As president, chairman and CEO of Gordmans, he leads a company whose roots go back nearly 100 years, to when his grandfather opened a store in downtown Omaha in 1915.

From that one store, the company evolved over the years, eventually expanding beyond Nebraska. It also added a discount division, Half Price Stores. By 1990 the company had 32 stores, equally divided between the two divisions.

"A huge win," is how National Retailer Federation president and CEO Matt Shay characterized the biggest shopping weekend of the year during media briefing Sunday afternoon.

More people shopped more often in more places over the weekend and in the process pushed spending to a record $59.1 billion compared to $52.4 billion during the comparable four day period the prior year, according to an NRF survey of 4,000 shoppers.

ATLANTA — Coca-Cola has seen strong progress toward its goal to place 5 million women entrepreneurs across the Coca-Cola value chain by 2020 and plans to expand its initiative.

Called the 5by20 initiative, the program launched originally in four pilot countries: Brazil, India, South Africa and the Philippines. Coca-Cola plans to broaden its scope to a total of 12 countries, adding China, Costa Rica, Egypt, Haiti, Kenya, Mexico, Nigeria and Thailand. By the end of 2012, 5by20 will reach 300,000 women.

ARLINGTON, Va. — Retail Industry Leaders Association president Sandy Kennedy has responded to the White House report predicting the massive tax increases consumers could face if policymakers fail to avert the fiscal cliff.

The report was authored by the National Economic Council and the National Council of Economic Advisors.

WASHINGTON — The National Retail Federation has issued a statement from president and CEO Matthew Shay on the new White House report, “The Middle-Class Tax Cut’s Impact on Consumer Spending & Retailers.”

SECAUCUS, N.J. — The Children's Place has appointed Michael Scarpa as its new EVP and CFO, effective Dec. 3. Scarpa replaces Steven Baginski, who will be leaving the company, effective immediately, to pursue other interests. He will report to Jane Elfers, president and CEO.

New York -- Apple Inc. operates the most successful retail stores by a significant margin, according to RetailSails, a retail and consumer goods consulting firm. Apple stores averaged $6,050 per sq. ft. in the past 12 months, double those of Tiffany & Co., which ranked second, generating sales of $3,017 per sq. ft.

Here is RetailSails list of the 10 retailers with the highest sales per square foot:

Philadelphia -- Versa Capital Management, a Philadelphia-based private equity investment firm, has acquired Eastern Mountain Sports (EMS), effective immediately. Terms of the deal were not disclosed.

Mark Walsh, a Versa principal and chairman of Bob’s Stores, a northeastern apparel retailer that is part of the Versa portfolio, will serve as chairman of the board of EMS, which operates 69 stores in 12 Eastern states.