Finance & Capital Management

Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales.   The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.  

Digital payments are getting a boost through a new partnership.   A strategic agreement between Citi and PayPal will enable Citi cardmembers to use their credit cards with PayPal seamlessly online, in-app or in-store in 2017. The agreement makes Citi the first global bank to partner with PayPal and tokenize cards for customers that want to use PayPal for in-store purchases, across Mastercard and Visa portfolios in the U.S.  

CVS Health has embarked on a three-step streamlining initiative with a goal of saving approximately $3 billion from 2017 to 2021.     Two-thirds of the savings will be seen in CVS’s retail/long-term care segment, with the remaining one-third of savings seen in the pharmacy benefits manager category.        

Century 21 is expanding into a new market.   The New York City-based off-price retailer will open its 12th store to date, and first in the state of Florida, at Sawgrass Mills, in Sunrise. The 85,000-sq.-ft. store will open on Dec. 16.    The Florida location will feature the retailer’s C21-On-1 Stylist Program, providing shoppers with the opportunity to book a free one-on-one appointment with a fashion stylist.         

Still on the hunt for a new chief executive, Pier 1 Imports has tapped its chairman to serve in the role on an interim basis.     The home furnishings and décor retailer has appointed Terry E. London, chairman of the board, to the position of interim president and CEO. His appointment takes effect on January 1, 2017, in conjunction with the planned departure of Alex W. Smith, the current president and CEO of Pier I, on December 31, 2016.  

The past year brought with it seismic shifts as the retail industry continued to adapt to the evolving digital landscape and changing shopping habits. It also brought with it a changing of the guard, as many companies anointed new leaders to steer their ships in a transformed marketplace.    Here are six newly arrived (or soon to arrive) CEOs to keep an eye on in 2017:    Jeff Gennette, Macy’s Inc.

Amazon Prime Video just made a massive move expanding its global reach.   The pure play’s video streaming service is now available in 200 countries, including The United States, the United Kingdom, Germany Austria, France, Canada, Japan, and other major markets, including India — a move that allows it go toe-to-toe with its biggest streaming competitor, Netflix.   

The good vibes, as well as the negative rumblings, that percolate through big events are an annual check on the pulse of an industry. In the case of retail real estate, I am happy to report that the positives seemed to outweigh the negatives at ICSC’s Deal Making show in New York last week.   Let’s start with the good stuff.  

Toys "R" Us Inc.’s sales fell in the third quarter amid weakness in the electronics and entertainment category.    The company reported a loss of $156 million for the October quarter, compared with a loss of $167 million in the year-ago period. The latest period included a net gain of $45 million related to the sale of its FAO Schwarz brand.   Revenue fell 2.3% to $2.28 billion, from $2.33 billion in the year-ago period.    

The new year will bring a new finance chief to Tailored Brands.