Corporate Governance

Every company has liquidation inventory: returned, excess, obsolete or damaged merchandise that can’t go back on store shelves. Though most organizations would rather not admit they have a need for it, liquidation is the rule – not the exception – in retail.  

Luxury department store retailer Neiman Marcus is looking for relief from its heavy debt.   The company has hired Lazard Ltd. to explore debt restructuring options, but it is no immediate risk of bankruptcy, reported Reuters.   

For good reason, retailers in recent years have sought to understand the shopping habits and preferences of the millennial generation. The oldest millennials, born in or after 1980, are now well into their thirties – and have certainly reached maturity as consumers. It’s now time to shift the focus and look at the next generation behind these millennials to see if they differ from their digital-savvy counterparts.    

Target’s omnichannel journey may have started five years ago, but newly-emerging digital touchpoints continue to change the game.   By leveraging machine learning to tap into customer demand, the mass merchandiser is defining which touchpoints are not only valuable, but influencing its shoppers’ paths-to-purchase. The initiative was discussed at the “Determining New Omni-KPIs To Hit Goals And Key Drivers” session at eTail West 2017, in Palm Springs, California, Feb. 27-March 2.  

CBL has sold Cobblestone Village, ad 96,891-sq.-ft. center in Palm Coast, Florida, to RCG Ventures, a privately funded real estate investment group. The selling price was not disclosed.   The Belk-anchored center is a quarter-mile from the Interstate 95 interchange and is adjacent to Lowe’s and Walmart. It was “highly sought after by a variety of institutional and private investors,” said John Crossman, president of Crossman & Company, which handled the sale on behalf of CBL.  

Vestar has been retained as the property manager for Plaza Paseo Real, a grocery-anchored property in Carlsbad, California. With the addition of the 147,848-sq.-ft. center, Vestar will be managing more than 2 million sq. ft. or retail space in the San Diego area.   The center off Interstate 5 is anchored by Von's Pavilion and Cinépolis Luxury Cinemas and also houses Wells Fargo, Supercuts, GNC, Laseraway, and Tin Leaf Fresh Kitchen.   

Amazon is once again expanding its commitment to private label.   The online giant’s Elements line, which was originally launched as a baby products line, quietly introduced a vitamins and supplements category on Feb. 21 — the first addition to the Elements brand in years, according to TechCrunch.  

Another online retailer has made the jump to the physical space.   Brilliant Earth announced plans to open three new locations, in San Diego, California; Washington, D.C.; and Denver, during the spring and summer. The new showrooms will join the retailer’s five other existing locations in San Francisco, Los Angeles, Boston and Chicago.  

Ross Stores continues to maintain an aggressive store expansion strategy.   The retailer recently opened 23 Ross Dress for Less stores and five dd's Discounts stores across 15 different states in February and March. The new locations are part of the company's plans to add approximately 70 Ross stores and 20 dd's locations during 2017.  

Coinciding with its management transition plan announced last summer, Tractor Supply Co. appointed Kurt Barton to senior VP, CFO and treasurer.   Barton succeeds Anthony Crudele, who retired after serving as CFO for the past 11 years. Crudele and Barton have worked together over the last seven months to ensure a smooth transition of all responsibilities, according to the retailer.