Strategy

HSN, Inc. has appointed Rod Little as CFO, effective January 3, 2017.   Most recently, Little served as executive VP and CFO of Elizabeth Arden, where he led the company’s global finance and IT organizations and was instrumental in a turnaround that restored revenue growth and profitability, ultimately resulting in the company’s sale to Revlon.  Prior to that, Little was CFO for Procter & Gamble’s multi-billion dollar global salon professional division.   

In a new post on Target's A Bullseye View blog, Target CIO Mike McNamara explains the reasoning behind the retailer's decision to offer an extensive Cyber Monday promotion: 15% off site-wide and store-wide from Nov. 27 to Nov. 28.   McNamara says the retailer's move to combine stores and online for a more seamless holiday shopping experience marks a new chapter in Cyber Monday history.  

When it comes to holiday inventory, most retailers use their intuition and industry knowledge to make their sales projections, plan their promotional calendar, and schedule product reorders. This was fine when the season’s promotions were merely percentages off and customers purchased products in stores. But as the retail world becomes more complex, so too must retailers’ holiday plans. With an estimated 40% of retailers’ yearly profits on the line, intuition this holiday season just isn’t enough.  

Bed Bath & Beyond hopes its newest acquisition will help it “get personal” with its shoppers.  

Restaurant retail is in the midst of a revolution.    According to the Urban Land Institute, one of the key factors driving traffic at retail is the rise of new food concepts, which account for nearly 50% of shopping center growth nationally. The first volleys of this revolution were fired by a spate of new fast-casual concepts, but as the movement gains momentum, it is evolving from fast-casual to fresh-casual.   

Kimco Realty Corp. takes the top spot in Chain Store Age’s 12th annual Top Redevelopers survey, with 2,669,999 sq. ft. redeveloped. Kimco’s redevelopment reach in 2015-2016 spanned 19 states and Canada, as the company touched 39 projects in all.   (The survey analyzed redevelopment work from mid-year to mid-year in the 12-month period from June 2015 to June 2016.)       Vestar claimed the #2 spot, with 1,930,000 sq. ft. developed, followed by Westfield, with 1, 743 sq. ft. 

A federal judge in Texas issued a preliminary injunction blocking an Obama administration rule that would have allowed more employees to qualify for overtime pay by raising the salary limit to $47,476 from $23,660. The new regulations were set to take effect on Dec. 1.   The Labor Department said it “strongly disagreed” with the decision and was “considering all of our legal options.”        

Urban Outfitters posted sales and earnings for its third quarter that failed to meet analysts expectation amid a traffic slowdown and increased promotions at its Anthropologie and Free People stores.   Urban Outfitters earned $47 million, or 40 cents a share, in the third quarter ended Oct. 31, compared with $52 million, or 42 cents a share, in the year-ago period.   Sales rose 5% to $862 million, compared with $825 million a year ago. Same-store sales, which include online, rose 1%.  

J. Crew Group narrowed its loss in the third quarter even as its two-year sales slump continued amid a “difficult traffic environment.”     The retailer posted a net loss of $7.9 million in the quarter ended Oct. 29, compared to a loss of $759.7 million in the year-ago period. (J. Crew booked $845.9 million in impairment losses in the year-earlier period.)   Total revenue decreased 4. 2% to $593.2 million. Same-store sales fell almost 8%.  

The National Retail Federation welcomed a judge’s ruling late Tuesday that will prevent the Labor Department’s changes to federal overtime rules from taking effect as scheduled on Dec. 1.   U.S. District Judge Amos Mazzant issued a preliminary injunction in a lawsuit brought by NRF, attorneys general from 21 states and dozens of business groups arguing that the changes are unlawful. The ruling effectively pauses implementation of the rules until the courts reach a final decision on their legality.