Corporate Governance

Mickey Drexler out as CEO of J.Crew Group
It is the end of an era in retail. One of the most prominent — and legendary — chief executives in retail is stepping down. Millard “Mickey” Drexler will step down after almost 15 years as J. Crew’s CEO as of July. He will continue in his role as chairman. Drexler is the former CEO of Gap Inc., which he built into a retail powerhouse. He was abruptly fired in 2002 by Gap founder Donald Fisher amid slumping sales and the chain's falling stock. (Prior to Gap, Drexler oversaw a turnaround of Ann Taylor.)
Walmart leverages ‘employees’ for last-mile delivery initiative

Casual clothing and workwear retailer on the hunt for a new CFO

Duluth Holdings is losing its finance chief. Mark DeOrio, the company’s CFO, will retire at the end of 2017. DeOrio will remain in his role until the next finance chief is appointed, and he will then assist with his successor’s transition until his retirement. DeOrio has held the role since August 2010. He also served as senior VP of operations from 2010 to January 2015.
Amazon expands distribution fleet in California

Amazon is bolstering fulfillment efforts in the Golden State. The online giant will open an 855,000-sq.-ft. fulfillment center in Fresno, California. The new facility will specialize in handling smaller-sized items such as books, electronic devices and children’s toys. The Fresno facility will be the fifth warehouse in the state’s Central Valley. Amazon currently operates three fulfillment centers in Tracy and Patterson, and a fourth facility under construction in Sacramento.
Sur La Table plots localization and expansion strategy

High-end kitchenware retailer Sur La Table is on a mission to optimize its individual market and expansion strategies. “Now, more than ever, being able to localize is the key to success,” said Ben Rosenfeld, senior VP of stores at Sur La Table.
Office supplies giant sells operations in China

Office Depot is selling off another international unit. The office supplies giant announced it will sell its stores in China to Shanghai M&G Colipu Office Supplies Co., Ltd. The public, China-based public company manufactures and sells writing instruments, as well as stationery products for offices and students.
Macy’s shakes up digital team

Macy’s named two key leaders in a move to bolster the company’s digital initiatives. The department store chain named Yasir Anwar as its executive VP and CTO, effective immediately. In this new role, Anwar will oversee all technology functions for Macy’s, including expanding the company’s technological capabilities and further driving mobile and digital growth.
Boot Barn sales rise in fiscal Q4, still misses Street

Even with a jump in sales, unanticipated operating expenses and e-commerce snafus took a toll on Boot Barn’s fourth quarter for fiscal 2017.
Five Below hits it out of the park in Q1

Teens’ demand for slime to fidget spinners helped boost Five Below’s first quarter sales, comps and earnings well above expectations. For the first quarter ended April 29, the teen value retailer reported a net income of $8.4 million compared to $6.8 million in the first quarter of fiscal 2016. Meanwhile, the chain’s sales increased almost 21% to $232.9 million, from $192.7 million in the first quarter of fiscal 2016.
Unemployment drops to lowest level post-recession

The unemployment rate has hit a new, but welcomed milestone. The U.S. unemployment rate is now 4.3%. This is the lowest it's been since 2001. However, job gains missed the mark by a wide margin. The economy only added 138,000 jobs last month, missing the 185,000 mark expected by analysts. Job gains have occurred with an average monthly gain of 181,000 over the past 12 months.
Historic Hudson’s Bay store opens event venue

Hudson’s Bay Co.’s is taking advantage of the views and design of its iconic Calgary building in a new way. Through a partnership with restaurant group Oliver & Bonacini, the retailer is transforming the entire sixth floor of its 104-year-old building into an event venue. The 18,000-sq.-ft. space, called The Hudson, features meeting rooms on either side of a large common area, and two large event spaces that can accommodate up to 700 people, according to The Calgary Herald.
Walmart CEO: ‘Associates are the secret to our success’

Walmart is no stranger to innovation. However, when defining the secret to the company’s success, Walmart’s chief executive Doug McMillon said he just has to look within the company’s proverbial four walls.