Corporate Governance

Apple to double size of Fifth Avenue flagship
Apple is going really big in Manhattan. The retailer is expanding its flagship at the General Motors building on Fifth Avenue from its current 32,000-sq.-ft. to over 77,000 sq. ft. The Apple space is renowned for the glass cube located on the street level. While the store is undergoing the expansion, Apple has temporarily moved into a space in the building that was formerly occupied by FAO Schwarz.
Why controversy is good for Starbucks
Starbucks Corp.’s plan to hire 10,000 refugees over the next five years (in its stores in 75 countries around the globe) has proved to be one of the socially progressive retailer’s most controversial moves to date. The initiative, a response to President Trump’s executive order barring refugees from seven Muslim-majority countries, has many conservatives and Trump supporters calling for a boycott of the coffee chain.

Dick’s Sporting Goods to take former Sears space at Capital City Mall

Dick’s Sporting Goods will be relocating one of its stores in the Harrisburg, Pennsylvania, metro to space formerly inhabited by Sears at PREIT’s Capital City Mall.
Abercrombie set to unveil new, more ‘inclusive’ store prototype

For the first time in more than 15 years, Abercrombie & Fitch is launching a new store format for its namesake banner.
U.K. retailer set to acquire Nasty Gal

After all was said and done, the formerly high-flying and now bankrupt Nasty Gal had only one suitor. Online British fashion retailer Boohoo moved a step closer to acquiring the Los Angeles-based fashion brand after no other qualifying bidders came forward.
Report: Alibaba sets up shop in Australia

To tap growing global demand among shoppers in Australia and New Zealand, Alibaba opened its new international office in Melbourne. On Saturday, Feb. 4, the e-commerce giant opened its new headquarters as a means of extending its reach — and product availability — to shoppers across the two countries, Reuters reported.
Tiffany CEO out

On the heels of disappointing financial results, Tiffany & Co. said that Frederic Cumenal has stepped down as CEO, effective immediately. Cumenal, who had run the company since April 2015, is being succeeded on an interim basis by chairman and former CEO Michael Kowalski, while the company searches for a permanent replacement.
Mega-mall in Florida gets preliminary approval

The largest proposed mall and entertainment center in North America has been granted its first approval. The comphrehensive master plan of the massive, 6.2 million-sq.-ft. American Dream Miami project won preliminary approval from the Miami-Dade County Commission, reported The Read Deal.
Teen retailer files for Chapter 11 — again

The Wet Seal has filed for Chapter 11 bankruptcy protection for the second time in a little over two years. The move comes after the struggling teen apparel retailer said it planned to close all its stores after it was unable to find a buyer or fresh capital. The company’s website is still selling merchandise, with all goods discounted.
Whole Foods Market, El Paso, Texas

Whole Foods Market makes its El Paso debut with a store that reflects the culture and flavor of the locale. The 45,000-sq.-ft. store is bright and colorful, with a lively atmosphere. Individual departments stand out with their own distinctive color palette and lighting, with signage in both English and Spanish. The space features a meeting room for community events, and an 82-seat bar and restaurant (“Thunderbird Taproom”).
Levin named to manage two New Jersey centers

Levin Management Corp. has been named as the exclusive managing agent for two New Jersey shopping centers — Raintree Towne Center in Freehold and Mansfield Plaza in Hackettstown. The 134,000-sq.-ft. Raintree is anchored by a Stop & Shop supermarket and includes CVS, Starbucks, and Hallmark. It is located on Route 537 near the CentraState Medical Center and Freehold Raceway Mall. Mansfield Plaza, a 156,000-sq.-ft. property, features a 14-screen Cinepolis complex and a ShopRite supermarket.
Hudson’s Bay reportedly approaches Macy’s about a takeover

A blockbuster deal in retail could be on the horizon. Or not. Canada’s Hudson's Bay Company has approached Macy’s about a takeover, reported The Wall Street Journal, citing people familiar with the matter. The talks between the companies are in the early stages and could lead to something other than an acquisition, according to the Journal, such as a deal for Macy’s real estate, which could be valued at roughly $14 billion. The talks could also go nowhere.