Strategy

One year later, retailers still await the promise of chip-card security.   The one-year anniversary of the Europay, MasterCard, Visa (EMV) mandate is looming, yet delays by the card industry have left thousands of new chip readers unused and consumers with far less improvement in security than what was expected, according to a recent survey from the National Retail Federation.  

JLL has been selected to manage retail leasing for Woodmore Towne Center in Glenarden, Maryland, which is being expanded into a 245-acre mixed-use development.   Under construction at the location east of Washington D.C. off the Capital Beltway are 1,100 residential units, two hotels, and a million sq. ft. of office space. Expansion of the retail space, which has drawn Nordstrom Rack to the center, will bring it to a total of 800,000 sq. ft.  

Specialty retailer Conn’s is preparing for its newest round of securitization.   Conn’s has entered into an agreement to securitize approximately $700 million of retail installment contract receivables, with an expected Oct. 6 closing. The face amount of the notes to be issued is $1.12 billion, with an advance rate of 77.5% of the outstanding customer receivables portfolio balance. This equates to approximately 89.5% of net book value at July 31, 2015.   

Farm-and-ranch industry leader Tractor Supply has always been interested in the pet business, and it even operates two standalone HomeTown Pet stores in Tennessee.

Who says you can’t go home again?   Certainly not Gap Inc., which appointed Jamie Gersch as the senior VP, chief marketing officer of its Old Navy banner, reported adage.com. She replaces Ivan Wicksteed, who left the company in March. She will come aboard at the end of October.  

In response to public concern that wages at the low end of the pay scale were slow to rise, particularly for store managers and assistant store managers, the United States Department of Labor (DOL) updated the Fair Labor Standards Act (FLSA) regulations defining which white collar workers must be paid overtime pay.     The DOL estimates that more than 4 million employees nationwide who are not currently paid overtime will now have to be paid overtime, and the majority of those will be employees of retail stores and restaurants. 

Shoppers at select West Elm stores will soon have their very own listening rooms — with state-of-the art sound speakers.   The home furnishings retailer announced a partnership with Sonos to sell the company’s sound speakers and components in its U.S. stores and website, and to install “Sonos listening labs” in 16 West Elm stores. The listening rooms will be outfitted with West Elm’s signature modern furnishings and accessories and Sonos home sound system products.   

There is a leadership change underway at Stein Mart.   Dawn Robertson resigned from her position of CEO and company direc-tor. D. Hunt Hawkins, the chain’s president and COO, has been named interim CEO.