Strategy

Nordstrom  plans to shutter its location at Horton Plaza, in downtown San Diego.  The store, which opened in 1985, will remain open through August 26, 2016.   "These are always tough decisions to make, but in taking a look at the store's performance and our business needs into the future, we believe this is the best direction to take," said Jamie Nordstrom, president of stores for Nordstrom. "We look forward to serving our loyal Horton Plaza customers at our other San Diego stores.”  

Watch out Best Buy, the nation’s largest ecommerce retailer is on your tail.   According to a report by barrons.com, Amazon has moved ahead of Walmart to take the number two spot, behind Best Buy, as the nation’s largest electronics retailer.    

J.C. Penney announced a positive development on the financial front.   The department store retailer announced it has successfully completed refinancing its $2.25 billion five-year senior secured term loans, which should generate about $24 million in interest expense savings.  

Malls and outdoor centers are increasingly seeking out small and local merchants to help them stand out from the competition.   Kimco, for example,  has expanded a program that offers small businesses one year of free rent and reduced property charges, CNBC reported.  Originally started in California four years ago, the program has since been expanded to centers in 19 states.    

Sports apparel retailer The Finish Line topped Street estimates for its first quarter, turning in a solid performance in a challenging retail environment.    The company reported net income of $9.63 million for the period ended May 28, down 29.9% from $13.73 million in the year-ago quarter, amid higher costs.     Net sales rose 2.28% to $453.52 million, higher than expected,  from $443.39 million in the same quarter last year. Same-store sales increased 1.5%.  

Retail group argues for  debit card swipe fee regulations.   The National Retail Federation said Congress should reject a proposal from the head of the House Financial Services Committee to repeal a cap on debit card swipe fees. According to the NRF, the fees have saved consumers billions of dollars over the past five years.  

Ralph Lauren Corp. made headlines with its June 7th announcement that it planned to close 50 stores and lay off 1,000 employees as part of a restructuring in response to lower sales.     The announcement  didn't go into specifics about the luxury brand’s plans to correct its course. But some industry insiders speculate that the background of Ralph Lauren CEO  Stefan Larsson, who took the reins of the company in September,  holds the key.   

The National Retail Federation on Thursday pointed a dire outcome if the new overtime regulations are implemented as is.     The NRF told the House Small Business Committee that the new regulations  will lead to hiring freezes and layoffs for full-time workers if enacted as planned December 1.   “Proponents of this rule have touted the changes as a welcomed job creator,” NRF senior VP for government relations David French said. “These claims are riddled with partial truths.”

Chain Store Age recently visited Wayfair Next, the in-house innovation lab in the Boston headquarters of online home furnishings retailer Wayfair Inc.

Steven Conine, co-founder of Wayfair and Mike Festa, director of Wayfair Next, discussed the lab’s mission and the importance of innovation in retail.

Whole Foods Market continues its expansion in the Chicago market, opening a store in the city’s Hyde Park neighborhood. It’s the grocer’s 26th Chicagoland location.