Corporate Governance

Wegmans Food Markets is expanding its footprint with a new concept.    In a first for the 101-year-old grocer, Wegmans said it will open a two-level store, at Natick Mall, Natick, Mass., with direct access to the shopping center. The 134,000-sq.-ft. store will be located in a building that formerly housed one of the mall's anchors, J.C. Penney.    

There's a new person running things at Sears Canada.    Brandon Stranzl, executive chairman of Sears Canada has been removed from his day-to-day responsibilities of running the company in order to work on a management bid for the retailer, the Globe & Mail reported. Sears COO Becky Penrice is now leading the chain's executive team.   

U.S. consumer sentiment rose to its highest level since January in early August, reflecting optimism in the overall economy and in personal financial prospects.     The University of Michigan's consumer sentiment index rose to 97.6 in the first half of August from 93.4 in July, which was an eight-month low.  Economists estimated the index would hit 94 in August.   

Two urban-focused athletic footwear and apparel retailers have merged.   Private equity firms Bruckmann, Rosser, Sherrill & Co. and Goode Partners completed a transaction that will merge DTLR and Sneaker Villa (Villa). The merged company will operate nearly 240 stores covering 19 states and the District of Columbia, spanning the East Coast from New York to Florida, the Midwest, the Southeastern U.S. and Texas.    

Walmart reported better-than-expected results for its second quarter amid surging online sales and an increase in store traffic.    Walmart's total revenue for the period ended July 31 rose 2.3% to $123.36 billion for the quarter, better than analysts had expected. U.S. store visits increased 1.3% over the year-ago period.   

The second quarter numbers show that Walmart remains firmly on the front foot and is more than holding its own in a challenging and competitive retail market. It is particularly pleasing to see sales growth accelerate since Q1 -- a clear sign that the various initiatives and investments are paying dividends.  

The nation's largest home improvement retailer has found a new use for its store roofs.   The Home Depot is partnering with GE's Current unit and Tesla on a rooftop solar project in 50 stores across five states (California, Connecticut, Maryland, New Jersey, New York, and the District of Colombia.) The initiative will reduce electricity grid demand by an estimated 30% to 35% annually at each location. Under a power purchase agreement, Home Depot will lease its roof space and buy the output from the systems.   

Chipotle Mexican Grill is making a move to retain existing customers and attract new ones.    The fast-casual chain is partnering with Deloitte Digital to transform its mobile customer experience. The creative digital consultancy within Deloitte Consulting LLP, will redesign Chipotle's iOS and Android ordering apps, a move that will improve digital ordering and enhance the customer experience. The new apps will launch in the fall, with additional channels following by the end of the year.  

The Cato Corp. swung to a loss in the second quarter amid continuing negative sales trends.    The apparel retailer reported a net loss of $0.9 million, or a loss of $0.03 per diluted share, for the quarter ended July 29, compared to net income of $15.9 million, or $.57 per diluted share, for the year ago period.   Sales for the second quarter fell 13% to $205.0 million, down from $236.7 million last year. Same-store sales plunged 14%.   

Howard Schultz, the politically progressive — and famously outspoken — founder of Starbucks Coffee Corp., weighed in on the rally and violence in Charlottesville, Virginia, and its aftermath in an emotional speech to company employees.    Speaking at a standing-room only employee forum, Schultz did not specifically blame or criticize the President, saying he would let his (the President’s) actions speak for themselves. But the legendary retailer left little doubt of how he felt.