Strategy

The retail industry is accustomed to weak same store sales at Sears and Kmart, but the magnitude of the decline the company experienced in the first quarter was large even by its standards.

The first of Macy’s new off price Backstage stores aren’t due to open until this fall, but already the retailer is adding more locations for an off price format heralded as a key growth initiative.

The nation’s largest department store retailer created a stir earlier this year when it disclosed plans to open its first four Backstage stores in the greater New York area. The two additional locations are also in close proximity to New York. The stores are about 30,000-sq.-ft. and are staffed by 30 to 45 employees.

Crate & Barrel is joining Toys"R"Us and other retailers shutting down Manhattan flagship locations due to skyrocketing rent prices.

Bentonville, Ark. -- Speaking at Wal-Mart Stores’ annual shareholders meeting in Bentonville, Arkansas, president and CEO Doug McMillon told the more than 14,000 assembled associates and shareholders that he is more worried about the enemy within the company than competitors.

“The truth is the real villains are lurking within the company,” said McMillon. “Our real villains are things like bureaucracy, complacency, a lack of speed, or a lack of passion.”

New York -- Brick-and-mortar stores are still relevant, with 87% of consumers planning to shop physical retail at least as often as they did in 2014, according to a study by TimeTrade Systems. What’s more, 65% of respondents report that if an item they want is available online or in a nearby store, they prefer to shop in the store.

New York -- The mayor of New York City, Bill de Blasio, said Thursday that Walmart stores are not welcome in New York City, Newsday reported. His attitude is much different from his predecessor, Michael Bloomberg.

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New York -- Just under half of retail firms expect industry expansion, and over two-thirds will consider seeking additional financing in the coming year. And 45% believe the sector will expand in the year ahead. That’s according to a survey by GE Capital of C-suite executives at middle market companies (ranging from $10 million to less than $1 billion in sales).

Performance in the middle-market retail sector was positive over the past year, the survey found, with 75% of firms reporting improved year-over-year financial performance.

Dallas -- 7-Eleven’s first-ever U.S. airport terminal location has opened at Los Angeles' International Airport. The 950-sq.-ft. store is in the pre-security arrivals level of the Tom Bradley International Terminal.

The store carries a mix of fresh and hot foods, beverages, snacks, travel-size personal care products and nonfood items.

New York -- Target Corp. will beat Amazon.com by following three core philosophies,  the retailer’s top digital executive (and former Amazon.com exec) Jason Goldberger said during a keynote address at the annual Internet Retailer Conference and Exposition, in Chicago.

Gloucester City, N.J. — The board of directors of Nest announced that Robert Almond, Jr. will take over as CEO of Nest, a 20-year-old multi-facility business advisor specializing in consulting, technology and financial solutions.