Finance & Capital Management

Seattle -- REI has named its first-ever CIO. The outdoor specialty retailer company is also on the hunt for talented techies to join its ranks.

REI promoted Julie Averill to CIO, where she will continue to lead REI’s technology organization. A 25-year technology veteran, Averill joined REI in 2014 and most recently served as VP of information technology.

New York -- Two retail and consumer product goods veterans have joined Target's board of directors.

The company announced Wednesday that its board of directors elected Donald R. Knauss, former executive chairman and former chairman and CEO of the Clorox Company, and Robert L. Edwards, former CEO of Safeway Inc., as new directors, effective immediately.


Boston -- Online home furnishings retailer Wayfair is losing less money than before and gaining new customers at a rapid pace.

The retailer reported a loss of $19.3 million for the second quarter, ended June 30, down from a loss of $28 million, in the year-ago period.
 
Revenue increased to $491.8 million, up 66.4% year over year. Direct retail revenue, consisting of sales generated primarily through the sites of Wayfair’s five brands, increased to $440.3 million, up 80.8% year over year.

New York -- Macy’s has joined the increasing number of retailers tapping into their real estate assets.

Macy’s on Wednesday announced a real estate purchase agreement with developer Tishman Speyer to sell several of the nine floors of the Macy’s store on Fulton Street in Brooklyn, New York. The real estate transaction is expected to be completed in the fourth quarter, and Macy’s is expected to record a gain of approximately $250 million in its fiscal fourth quarter of 2015.

Boston -- Simon announced plans for a major renovation to Boston’s Copley Place that will begin in September and include interior and exterior enhancements to the retail portion of the property.

In addition to physical upgrades, Simon will continue to add a number of luxury retailers to the property. The majority of the project will be completed by the summer of 2016 with Copley Place remaining fully open throughout the renovation.

Cincinnati -- Macy’s on Wednesday announced several key initiatives to drive its growth going forward, ranging from new store ventures to digital efforts to an international foray.

Macy’s may be counting on key growth initiatives to generate sales during the holidays after reporting another disappointing quarter of financial results.

The company says same store sales declined 2.1% in the second quarter ended Aug. 1. Profit fell to $217 million, or 64 cents a share, from $292 million, or 80 cents a share, a year earlier. Total sales fell 2.6% to $6.1 billion, missing analysts’ estimates for $6.23 billion. Gross margin narrowed to 40.9% from 41.4% a year earlier.

Online home furnishings retailer Wayfair is losing less money than before and gaining new customers at a rapid pace.

At a time when the Chinese currency is being devalued and Macy’s financial results are disappointing investors, the company is forming an exclusive partnership with Alibaba.

Two retail and consumer product goods veterans are the newest members of Target's board of directors.