Strategy

It’s closing time for Bebe Stores.   The struggling apparel retailer said on Wednesday, June 7, that it reached agreement with substantially all of its retail store landlords to terminate their existing leases. The cost to terminate the leases is estimated to be approximately $65 million.  

Meijer plans to open its smallest urban store yet — but with a twist.   The Grand Rapids, Michigan-based grocer’s newest store will be nearly 30,000 sq. ft., but it won’t feature the Meijer moniker. Instead, the store will go by the name, Bridge Street Market. Construction begins in July, and is expected to be open for business in the early fall of 2018.  

Walmart is once again raising the stakes in the online grocery game.   In another move that takes a direct hit at AmazonFresh Pickup, the discounter quietly began testing an automated kiosk at a single store in Oklahoma. The 20-ft.-by-80-ft. kiosk, which resides in the parking lot at the Walmart Super Center in Oklahoma City, is fulfilling hundreds of grocery orders placed by customers who shop online or through their mobile browser, according to The Oklahoman.  

Despite 16 consecutive years of positive same-store sales growth among key categories, Casey’s General Stores’ top and bottom line revenues missed the mark in the fourth quarter.  

Williams-Sonoma's West Elm division has tapped a company veteran as its new president.    Alex Bellos, head of Williams-Sonoma's Rejuvenation and Mark and Graham brands, is succeeding Jim Brett as president of the West Elm brand. On Tuesday, Brett announced he was resigning from the company to take a position as CEO of J.Crew.   

Already navigating tumbling sales, Macy’s is preparing for even tighter margins.   At the company’s annual investor day, Macy’s CFO Karen Hoguet said that second-quarter gross margins are running about 1 percentage point below what they were last year. The company is slashing costs in a bid to maintain its earnings forecast, which it reaffirmed on Tuesday, according to Bloomberg.  

New shopping center development in the Chicago metropolitan area will barely top 1 million sq. ft. in 2017, a nearly 50% plunge from just two years ago, according to Mid-America Real Estate Corporation.   “While new construction is not as robust as previous years, adaptive reuse of existing retail space continues to offer an opportunity for expanding retailers,” said Andy Bulson, the company’s director of suburban tenant representation.   Where new GLA does appear, reveal