Corporate Governance

Target gets in bed with popular mattress-in-a-box brand
An online start-up has turned to a traditional retailer to help grown its brand. Target Corp. has entered into a partnership with Casper, an online brand credited with disrupting the mattress category. Target will start selling the brand’s mattresses and other products, including a few exclusive items, beginning on June 18.
Dollar Tree signs five leases in New Jersey
Dollar Tree is making headway on its strategic move into the nation’s most densely populated state. The value chain has executed five leases at locations in New Jersey, the largest a 12,230-sq.-ft. inline space at Plainfield Plaza, a grocery-anchored center in Plainfield, according to R.J. Brunelli, Dollar Tree’s real estate representative in the state. Other locations: Toms River: 10,200-sq.-ft. freestanding space on Route 37

Study: Automation puts millions of U.S. retail jobs at risk

Automation may be mission-critical to operational longevity in the retail industry, but it could be creating a significant pool of “stranded workers.” Six million to 7.5 million retail jobs likely will be automated out of existence in the coming years, leaving a large portion of the retail workforce at risk of becoming “stranded workers.” Retail cashiers are at highest risk for automation technologies, and women hold 73% of these positions.
Nike gets its footing — in the cloud

With its epic product launches, Nike’s digital channels can get unprecedented levels of interest and demand. And crashes are unacceptable. The athletic goods giant is on pace to hit $50 billion in revenue by 2020, a goal that Nike expects to hit with the support of its digital strategy, according to Mike Wittig, VP infrastructure, Nike.
Meijer enters new territory

Meijer is expanding its already considerable footprint in its home state of Michigan. Meijer on Thursday opened its first locations in Michigan’s Upper Peninsula area, in Escanaba and Sault Ste. Marie. The 192,000-sq.-ft.-supercenters, built to Leadership in Energy and Environmental Design (LEED) standards, are the latest in a $375 million investment this year that includes the construction of seven new Meijer supercenters and remodel projects for 22 additional stores in Indianapolis, Illinois, Michigan, Ohio and Kentucky.
Original Penguin, Aspen, Colorado

Original Penguin has opened a pop-up in Aspen. The 800-sq.-ft. shop reflects the brand’s upcoming new store concept, which is based on a well-balanced, playful aesthetic that the company’s describes as “mid-century quirk.” At the same time, the store design is quintessentially Original Penguin with nods to the retailer’s 60 years of heritage. Walnut wood textures against crisp, white backdrops create warmer tones throughout the store.
NRF: Consumption tax system would cause retail spending, jobs to fall

The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax. The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.
New Jersey town center changes hands

The Azarian Group has acquired The Livingston Town Center in Livingston, New Jersey in a $21.2 million trade arranged by Cushman Wakefield. The 11-year-old lifestyle retail property houses a diverse mix of 28 restaurants and shops, including Fan Bistro, an upscale Asian spot, Restore Cold Pressed Juices, and Dentistry with a Smile. Fit 36 and Xtend Barre are scheduled to open there soon.
Fort Worth’s West 7th district gets a new name

West Elm will be opening its first Fort Worth location in rebranded urban retail development in the town’s Cultural District. Heretofore known as West 7th, The Woodmont Company decided to call upon a more colorfully named street in the neighborhood to rebrand the shopping and entertainment district as Crockett Row at West 7th.
Things are looking up at Gap, led by Old Navy

Gap Inc.’s reported a 12% jump in first quarter profit amid another strong performance from its Old Navy division. Net income rose to $143 million, or 36 cents per share, in the quarter ended April 29, from $127 million, or 32 cents per share, a year earlier. Its results easily beat the Street, which had predicted earnings of 29 cents per share.
Off-pricer’s Q1 earnings beat Street

Expansion-minded Ross Stores turned in a solid performance in its first quarter amid what its CEO called “uncertainty and volatility” in the retail environment. The off-price retailer, which is opening some 80 to 90 stores annually, reported earnings per share for the quarter ended April 29, 2017 of $.82, up from $.73 in the year-ago period. Net earnings grew to $321 million, compared to $291 million in the prior year.
CBRE survey: Retail global expansion cools off; U.S. remains the most active

When it comes to expanding globally, the United States is the leader of the pack. That’s according to CBRE Group Inc.’s 10th annual study of international retail expansion, which surveyed 166 cities across 51 countries regarding how many international retailers had debuted in their markets in 2016. The survey found that retailers’ expansion into new markets increased by 2% in 2016, down from 3.1% in CBRE’s 2015 study.