Corporate Governance

Nordstrom has added the title of chief innovation officer to its executive team.   The department store retailer named company veteran Geevy Thomas to the new position. Thomas, who most recently served as president of Nordstrom Rack, brings 34 years of experience in all areas of Nordstrom to this role, beginning as a salesperson and then moving into store, regional and buying management roles.   

Apparel retailers might be in for tough going if proposed tax reforms pass.  

BJ’s Wholesale Club is knee-deep in a company-wide initiative to add processes that allow it to operate more efficiently.   It has taken a major step by partnering with Glory Global Solutions to roll out cash automation solutions across its 200-plus-club chain. As cash still accounts for around 30% of consumer transactions in the U.S., it remains extremely important to retailer margins. However, the process of moving money is complex.   

The National Retail Federation is donating $1 (up to $10,000) to RetilROI for every unique session review on the NRF mobile app at the association’s annual “Big Show” in New York City.    RetailROI (the Retail Orphan Initiative) is a charity started by the retail community to help orphans and vulnerable children worldwide through clean water, education and computer learning projects.  

Amazon is bolstering end-user cyber-security.   The online giant’s cloud services group quietly acquired cyber security firm harvest.ai, a San Diego-based startup that uses machine learning and artificial intelligence to analyze online user behavior, according to TechCrunch.  

Voice-activated technology and connected devices are among the hot tech trends that caught the attention of Target executives at the annual Consumer Electronics Show in Las Vegas.   Target posted the faves of some of its executives on a blog on its website. Here’s a sampling:   

As the retail industry settles into 2017, CIOs industry-wide are dusting off their To-Do lists, and creating a game-plan on how to implement this year’s top priorities.   While these projects will run the gamut, retail is facing an inflection point — one that is influenced by new, “smarter” solutions that will not only change the trajectory of how businesses operate, but how chains will communicate with employees and customers.   

O’Connor Capital Partners has acquired The Shops at Stonefield in Charlottesville, Virginia, from Edens for $121 million.   The 231,761-sq.-ft. Town Center portion of the property, which is two miles from the campus of the University of Virginia, opened in 2013. A 33,422-sq.-ft. Northside portion was completed in 2016. Key Tenants include Trader Joe’s, Regal Cinema, Pottery Barn, Brooks Brothers, and Bluemercury.  

As the new year gets underway, it’s time to look forward to the changes and trends 2017 will bring. For retailers, that includes some new consumer behaviors in addition to the always-expected technological advances.   While change might seem overwhelming, it can also provide fresh opportunities for sales. And with a little planning, retailers can stay ahead of competition to meet the demands of their customers.    To help guide you into the new year, here are a few of our 2017 retail predictions.

Despite disappointing results from some retailers, overall holiday sales are shaping up to be in line with industry projections.