Corporate Governance

Home goods retailer’s sales tumble in Q2
A combination of restructuring costs, Hurricane Harvey and a new accounting standard took its toll of Bed Bath & Beyond’s second quarter results. For the quarter ended Aug. 26, the home goods retailer reported net sales of about $2.9 billion, a decrease of about 1.7% from the same time last year. Comparable sales also decreased by approximately 2.6%, surpassing analysts’ expectations of a 0.7% decrease.
Discount giant will rely on its own workforce for holiday rush
Walmart is bucking the holiday hiring trend again this year. Unlike other competitors that are hiring thousands of temporary workers to service shoppers during the holiday season, the discount giant plans to offer extra hours to its current associates. These shifts will staff traditional roles like cashier and stocker, and newly created technology-empowered positions, such as personal shoppers and Pickup associates, according to Walmart.

Licensing agreement helps teen retailer expand into India

American Eagle Outfitters is entering an emerging global retail market. The teen retailer is preparing for its debut in India. American Eagle’s expansion will be supported through a multi-year license agreement with the Aditya Birla Group. The Indian conglomerate has an extensive retail portfolio, as well as strong digital and omnichannel capabilities. The first stores are expected to open in Mumbai and Delhi in Spring 2018.
UPS kicks off holiday hiring spree

UPS is ramping up its holiday workforce. The company plans to hire approximately 95,000 seasonal employees to support an anticipated increase in package shipments during the 2017 holiday shopping season. UPS expects increased delivery volume to span between early November and January 2018. This marks the fourth straight year that UPS is hiring this number of employees for the holiday season, according to Reuters.
Amazon adds first hospitality partner to its Shop with Points program

Amazon is giving Hilton Honors members a new way to redeem their points. The global hospitality company is joining Amazon’s Shop With Points program, a move that will enable Hilton Honors members to redeem their loyalty points for purchases on Amazon. Hilton is the first hotel brand to join Amazon’s program.
Report: Two high-profile discount retailers join call for replacement of 'Dreamer' legislation

Walmart and Target are among the companies pressuring political leaders to find a solution for the roughly 800,000 immigrants known as “Dreamers.”
FedEx to hike shipping rates by almost 5%

FedEx will have new shipping rates starting January 1, 2018. All subsidiaries, FedEx Express, FedEx Ground and FedEx Freight, will increase their shipping fees by an average of 4.9%. The company is also imparting additional surcharges across other services. For example, FedEx Express shipping rates will spike by an average of 4.9% for U.S. domestic, U.S. export and U.S. import services. FedEx One Rate pricing will increase by an average of 3.5%.
Report: Toys ‘R’ Us preps for a turnaround with ‘Project Sunrise’ plan

Looking toward the future, Toys ‘R’ Us’ CEO has established a recovery plan. In a meeting at Toys “R” Us’ pop-up store in Times Square, chief executive David Brandon outlined the company’s turnaround plan, internally called “Project Sunrise.” From a high-level, it includes integrating its online and in-store shopping experiences, adding faster shipping and better technology and customer service, according to Reuters.
Toys ‘R’ Us files for bankruptcy protection; keeping stores open

Toys "R" Us filed for Chapter 11 bankruptcy protection late Monday night in federal court in Richmond, Va., with an eye to revamping its long-term -- and massive -- debt totaling more than $5 billion.
Analysis: Beyond debt, Toys ‘R’ Us faces massive market structural challenges

While today's decision does not necessarily mean it is game over for Toys "R" Us, it brings to a close a turbulent chapter in the iconic company's history. A combination of high debt and severe structural changes in the industry created a toxic mix against which Toys "R" Us had little choice but to restructure and try to put itself on a firmer footing.
Malls and the mixed-use fix

As architects who have completed lots of projects for retail, we are often approached by mall owners looking to resurrect properties by turning them into mixed-use developments. The truth is that while mixed-use can be a fix for troubled malls, it’s not an easy fix.
Brixmor works to re-open 14 Irma-damaged properties

A limited number of tenants have been able to re-open their stores at 14 Brixmor properties severely damaged by Hurricane Irma. The company’s remaining 116 properties in Florida, Georgia, South Carolina, and Alabama are open and operating. The partially opened properties, which were not named in the report from Brixmor, suffered wind and water related damages and power outages.