Corporate Governance

Francesca's Holdings Corp. is on the hunt for a new chief merchant.   The apparel retailer announced that Laurie Hummel, executive VP and chief merchandising officer, has left the company. It did not provide a reason for her departure.    Hummel joined Francesca's in November 2015. Previously, she served two years as senior VP and divisional merchandise manager at Kohl’s. Before that, she was with State Stores.   

Westwood Financial hired away DDR’s finance chief, hailing the move as central to its evolution from a “real estate sponsor into a sophisticated real estate institution,” according to Co-CEO Randy Banchik.   New Executive VP Matt Lougee will facilitate financing for Westwood’s retail investments, oversee capital formation and investor relations, and negotiate joint ventures. Lougee spent the entirety of his career to date at DDR, departing the company as senior VP of finance.  

Citing favorable demographics and a steady income stream, Nazareth Enterprises acquired the Walmart Central Shopping Center in Folsom, California for $39.7 million.    Besides Walmart, the 139,377-sq.-ft. center contains a 24-hour Fitness SuperSport Gym, the 99Cent Store, and Great Clips. It’s shadow-anchored by a Super Walmart.  

The nation's largest retailer continues to beef up its defenses against Amazon.   Walmart is expanding its online grocery delivery pilot via Uber to Orlando and Dallas. The pilot is currently ongoing in Phoenix and Tampa, Fla. (The chain also runs its own grocery delivery service in Denver and San Jose, California.) Walmart announced the expansion just days prior to a scheduled vote by Whole Foods Market's shareholders on its pending acquisition by Amazon.  

Back-to-school advertising appears to be losing some of its resonance with consumers.    Walmart, Target and Old Navy scored the highest awareness levels among consumers (with children under the age of 18) in a survey of BTS advertising from 30 retailers by YouGov BrandIndex. But many retailers scored less than last year.   

The parent company of Hudson's Bay, Lord & Taylor and Saks Fifth Avenue has appointed a 25-year retail veteran as its new finance head.   HBC named Edward Record as CFO, effective August 28, 2017. He succeeds Paul Beesley, who, as previously announced is leaving HBC.   Record joins HBC after more than three years as CFO of J. C. Penney Company. In July, he announced he was stepping down from the company to "pursue other interests."  

Levin Management Corp. will be building, leasing, and managing a new neighborhood center on the former site of an auto repair shop in Union, New Jersey.   Rising household incomes in the area make it a prime location for new retail in a dense urban region, according to Levin’s senior VP of Leasing and acquisitions Joseph Lowry, who points to a daytime population 86,000 and an average household income of $110,000.  

Jo-Ann Fabric and Craft Stores is changing the way it connects with shoppers.    Coinciding with efforts to “modernize” its brand, the arts and crafts retailer is adopting mobile technology as a means of fostering collaboration and enhancing the shopping experience. Jo-Ann’s new mobile app will enable users to shop for supplies, find project ideas, redeem mobile coupons, and find and share project “How-To’s.”  

The paucity of parking in Boston could scuttle hopes of residents there to obtain their first Wegmans supermarket.   A Wegmans had for years been in Samuel Associates’ planned Landmark Center expansion in the Fenway section of town. But, with parking lot rates zooming upwards in Boston, the developer is now leaning toward keeping the garage it was to demolish to make room for the supermarket, reports the Boston Globe.