Strategy

Two outlet mall projects in southern Michigan have been abandoned and another will miss its scheduled opening date, according to a report in the Detroit Free Press.  

In-store background music isn’t just for the enjoyment of customers and associates anymore.   PetSmart has selected Mood Media to take the audio experience to a whole new level with customized music designed to appeal not only to shoppers but also their four-legged friends.  

A company relatively unknown outside its home base has entered the U.S. retail market in a deal to acquire Mattress Firm Holding Corp., the largest mattress retailer in the United States.   

Gary Friedman, CEO of Restoration Hardware, is not denying reports that the ultra-luxury home furnishings company may one day sell fully designed and outfitted homes.

Aeropostale is negotiating a potential sale to private equity firm Versa Capital Management LLC, Reuters reported. Versa specializes in distressed investments.      In court papers filed at the end of last week,the retailer said it has been in discussions with Versa regarding a possible stalking horse bid at the chain’s bankruptcy auction later this month. The bid by Versa could include a cash payment for Aéropostale’s inventory, and the assumption of more than 500  

Gap Inc. unveiled preliminary results for the second quarter that were not very promising as Banana Republic continues to bleed. The retailer said revenue and same-store sales slipped for the month of July, and for the second quarter, which ended July 30. Gap’s net sales for the quarter were $3.85 billion, compared with $3.90 billion for the second quarter last year.

Wal-Mart Stores announced it will acquire retail start-up — and would-be Amazon rival — Jet.com for approximately $3 billion in cash. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.   The deal will go a long way to helping Walmart expand its e-commerce growth and customer reach, and also give it more firing power as it competes with Amazon.  And Jet.com’s popularity with millennials will help the discounter attract a younger, higher-income customer. 

VF Corporation announced the promotion of Jim Pisani to the position of global brand president, Timberland, effective immediately.   Pisani most recently served as president of VF’s licensed sports group.