Marketing

The retail industry lost one of its legends this week when Eugene Ferkauf, founder of the E.J. Korvette chain of stores passed away at his Manhattan home.

Before Sam Walton or Harry Cunningham opened their first discount stores 50 years ago, Ferkauf established the principles of discount retailing with his stores in the New York area. The first Korvette’s store opening in 1948 and at its peak the company operated 45 stores.

New York -- Kate Spade New York announced Thursday that it will buy its Japanese JV partner Sanei International’s 51% share in Kate Spade Japan.

The move, said Kate Spade, is part of an aggressive international push that includes recent store openings in the United Kingdom, Dubai and Kuwait, as well as further expansion into Brazil with additional store openings in Rio de Janeiro and Sao Paulo planned for this summer.

New York -- Eugene Ferkauf, founder of the E.J. Korvette chain, died Tuesday at the age of 91, said Yeshiva University, where he was a longtime former trustee and benefactor, the New York Times reported.

"He was a brilliant entrepreneur, innovator and pioneer of the discounting concept," said Burt Flickinger, III, managing director of the retail consultancy Strategic Resource Group, in the report.

Canton, Mass. -- Casual Male Retail Group said Thursday that it has named Derrick Walker as senior VP and chief marketing officer.

Walker was previously VP marketing for Lenscrafters. He has also served as VP marketing for Finish Line and as director of marketing for RadioShack.
 

Dallas -- Tuesday Morning Corp. said Wednesday it has ousted CEO Kathleen Mason and will launch a search for a new chief executive.

Mason was named president and CEO in 2000 and has come under fire as the closeout retailer has suffered slowing sales and widening losses.

Tuesday Morning also announced that executive VP and COO Michael Marchetti has been promoted to president and COO and will service as interim CEO until a successor for Mason is found.

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

Seattle -- Tommy Bahama Group said Wednesday that Joel Gardner has been promoted to senior VP retail, and Bornie Del Priore has been named VP of Tommy Bahama Footwear, a new division for the company.

Gardner has been with Tommy Bahama since 2006, most recently as VP retail planning and merchandising. Before joining Tommy Bahama, he was VP retail at The Orvis Co.

Del Priore has spent the last four years at Tommy Hilfiger USA, most recently as executive VP accessories. She also spent 15 years at Ralph Lauren Footwear.

NEW YORK — Five minority- and women-owned businesses have successfully completed the inaugural Workshop development program to become official vendors of Macy's. The five enterprises include  Bella Tunno, Big Girl Cosmetics, Cenia, Kane & Couture and Lamik Beauty, and all have begun selling products at select Macy’s locations and/or on Macys.com.

AMSTERDAM — Royal Ahold's U.S. subsidiary saw net sales jump 2.8% to $7.8 billion during first quarter 2012, the company said Wednesday.

ATLANTA — Ahead of its investor and analyst conference, Home Depot has provided an update on its strategic priorities and long-term financial targets.

Home Depot's strategic goals include creating a stronger connection with customers and simplifying its business, improving merchandise assortment and value, improving shareholder value,and developing a competitive platform across all commerce channels.