Corporate Governance

Iconic San Francisco jeweler opens luxury flagship
The 165-year-old Shreve & Co. has opened a flagship in its San Francisco home town. The two-level, 15,000-sq.-ft. store is Shreve's first new, permanent location in 110 years and features a modern, luxurious design. The centerpiece is a dramatic, free-floated, elongated semi-spiral staircase that offers sweeping views of the store. A waterfall chandelier of lights and crystals is suspended inside the arch of the stairway. A cascade of crystals and lights hangs from the 30-foot ceiling.
Homes good retailer files for bankruptcy — again
Gracious Home has filed for Chapter 11 bankruptcy reorganization, its second filing in six years. In its filing, the 53-year-old retailer, which operates stores in New York City, said “there is a viable business remaining, albeit on a smaller scale.” Gracious Home previously filed for Chapter in August 2010, citing a sales decline due to the 2008 financial crisis.

GNC closing all stores — for one day — for major revamp

GNC Holdings is changing its pricing structure and marketing, and adding tech enhancements to its store environment as it looks to replace what it described as “an old broken model.” The company announced that all corporate stores will close on Dec. 28 and reopen on Dec. 29, when GNC will offer customers a “dramatically improved experience with the launch of One New GNC.”
Walmart unveils prize-linked savings program

Walmart has added to its financial service offerings with a new savings program. The program, called “Prize Savers,” is a prize-linked savings incentive program available to holders of Walmart MoneyCard, the chain’s branded reloadable pre-paid debit cards, the Associated Press reported.
Pier I tops Street

Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales. The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.
Rent-A-Center taps Walmart tech exec for new role

Rent-A-Center has appointed Lety Nettles to fill the newly created position of VP of digital integration. Most recently she served as a technology executive designing integration framework and change practices for Walmart.
Citi and PayPal join forces

Digital payments are getting a boost through a new partnership. A strategic agreement between Citi and PayPal will enable Citi cardmembers to use their credit cards with PayPal seamlessly online, in-app or in-store in 2017. The agreement makes Citi the first global bank to partner with PayPal and tokenize cards for customers that want to use PayPal for in-store purchases, across Mastercard and Visa portfolios in the U.S.
CVS Health to close 70 stores

CVS Health has embarked on a three-step streamlining initiative with a goal of saving approximately $3 billion from 2017 to 2021. Two-thirds of the savings will be seen in CVS’s retail/long-term care segment, with the remaining one-third of savings seen in the pharmacy benefits manager category.
How Amazon’s Transportation Plans Could Impact Retailers

The pressure is on for retailers to not only meet customer expectations, but to exceed them as differentiation in the retail industry becomes paramount. Amazon has raised the bar for expectations with offers such as same-day delivery and free shipping, as well as spread its influence to become one of the world’s biggest retailers.
Post-Election Analysis: What's Next for Labor?

With most of the business community absorbed in the quadrennial D.C. parlor game of parsing cabinet picks and what they might mean for their industry's agenda going forward, little attention has been paid to what lies ahead for the labor community.
Off-pricer to make Sunshine State debut

Century 21 is expanding into a new market. The New York City-based off-price retailer will open its 12th store to date, and first in the state of Florida, at Sawgrass Mills, in Sunrise. The 85,000-sq.-ft. store will open on Dec. 16. The Florida location will feature the retailer’s C21-On-1 Stylist Program, providing shoppers with the opportunity to book a free one-on-one appointment with a fashion stylist.
Two retail chief executives to star in season premiere of ‘Undercover Boss’

Popular CBS reality show “Undercover Boss” will kick off its upcoming season with back-to-back one-hour episodes on Dec. 21 featuring two CEOs of national retailers. The show’s first hour will feature Sharon Price John, president and CEO of Build-A-Bear Workshop, who will learn how building bears and other furry animals isn't all fun and games. For a video preview, click here.