Strategy

Current media reporting on the state of physical retail is mostly doom and gloom. But analysts at real estate research company CoStar listened in on the latest wave of Q1 earnings calls and discovered a generally bullish attitude for brick-and-mortar retail among developers.   “I just think the [negative] narrative is a way ahead of itself," a CoStar report quoted Simon Properties CEO David Simon as saying.   

Is Neiman Marcus about to be involved in a lawsuit as opposed to a merger?  

Gymboree Corp. is planning a significant reduction in its store fleet.   The retailer is looking to close hundreds of stores part of a restructuring under bankruptcy court protection, The Wall Street Journal reported. The final number of stores, however, has yet to be determined.  

Amazon’s fashion journey may have just hit a bump in the road.   Cathy Beaudoin, the online giant’s president of fashion, has left her post — a position she has held for eight years, reported Business of Fashion.  

Best Buy is extending its reaching into the fast-growing smart home market by teaming up with a company that makes and installs smart devices.      The retailer and Vivint Smart Home announced a partnership, called Best Buy Smart Home powered by Vivint, whereby experts from Vivint will be placed in Best Buy stores to give shoppers advice about smart home devices and installation. The program will start rolling out this summer.   

The retail environment in Canada is proving more challenging than some U.S. retailers had anticipated.     Express said it will close all 17 of its stores in Canada, and discontinue its Canadian operations through its Canadian subsidiary, Express Fashion Apparel Canada Inc. The retailer will continue to operate 635 stores in the United States.      

Job losses are piling up in the retail industry amid ongoing store closings.    The retail industry experienced 11,669 job cuts in April, the highest total among all industries, bringing the year-to-date total to 50,133, according to a report released Thursday from global outplacement consultancy Challenger, Gray & Christmas. That is up 36% from the 36,977 retail-sector job cuts announced in the first four months of 2016.   

Still awaiting approval on its acquisition by Bass Pro Shops, Cabela’s reported disappointing sales for its first quarter.    Total revenue in the quarter decreased 3.4% to $834.9 million, less than expected. Revenue from retail store sales decreased 3.9% to $542 million.   Online and catalog sales fell 12.6% to $136.1 million. Same-store sales fell 8.9%. U.S. comparable store sales decreased 9.1%.   

The United Kingdom is preparing for Amazon’s newest technology hub — a lab that will focus on innovations from artificial intelligence to machine learning.   The online giant plans to open a new 60,000 sq. ft. development center in Cambridge this fall. The facility will have the capacity to employ more than 400 associates, including machine learning scientists, knowledge engineers, data scientists, mathematical modelers, speech scientists and software engineers.  

Crate & Barrel has named a new chief executive some three weeks after it let its former one go.   The home furnishings chain has appointed Neela Montgomery as CEO. Montgomery, most recently served as board chair of Crate & Barrel parent Otto Group, will assume the role effective August 1, 2017. She replaces Doug Diemoz, who left in April. http://www.chainstoreage.com/article/crate-barrel-ceo-out