Corporate Governance

PetSmart continues to grow its store portfolio — and is also testing new formats.    The chain opened 20 stores across the U.S. and Canada for the quarter ending October 31, 2016. This adds to the 23 stores it opened in the first and second quarters, bringing the total number for the year to 43 new locations.   

The past year brought with it seismic shifts as the retail industry continued to adapt to the evolving digital landscape and changing shopping habits. It also brought with it a changing of the guard, as many companies anointed new leaders to steer their ships in a transformed marketplace.    Here are six newly arrived (or soon to arrive) CEOs to keep an eye on in 2017:    Jeff Gennette, Macy’s Inc.

Amazon Prime Video just made a massive move expanding its global reach.   The pure play’s video streaming service is now available in 200 countries, including The United States, the United Kingdom, Germany Austria, France, Canada, Japan, and other major markets, including India — a move that allows it go toe-to-toe with its biggest streaming competitor, Netflix.   

The good vibes, as well as the negative rumblings, that percolate through big events are an annual check on the pulse of an industry. In the case of retail real estate, I am happy to report that the positives seemed to outweigh the negatives at ICSC’s Deal Making show in New York last week.   Let’s start with the good stuff.  

Toys "R" Us Inc.’s sales fell in the third quarter amid weakness in the electronics and entertainment category.    The company reported a loss of $156 million for the October quarter, compared with a loss of $167 million in the year-ago period. The latest period included a net gain of $45 million related to the sale of its FAO Schwarz brand.   Revenue fell 2.3% to $2.28 billion, from $2.33 billion in the year-ago period.    

The new year will bring a new finance chief to Tailored Brands.  

Allen Edmonds, the nearly 100-year-old men’s footwear and accessories brand whose products are handmade in Port Washington, Wisconsin, has a new owner.   Caleres announced it has acquired Allen Edmonds from private equity firm Brentwood Associates for $255 million. In addition to operating stores under the Famous Footwear banner, Caleres has a diverse portfolio of footwear brands.  

Construction on Fifth+Broadway, a $430 million mixed use project destined for the former site of the Nashville Convention Center, will get underway in second quarter 2017, according to co-developers OliverMcMillan and Spectrum Emery. It will include 183,000 sq. ft. of retail space.   The mixed-use project will house the National Museum of Africa American Music and feature 345,000 sq. ft. of high-rise residential and 350,000 sq. ft. of offices. A 16,000-sq.-ft. roof-top event deck is also in the blueprints.  

To inject new life into its struggling chain, Sears Canada is hopes its newest venture will lure in shoppers — especially foodies.   A new partnership with two specialty supermarket operators is enabling Sears Canada to run high-end markets at dedicated locations. The chain is banking on grocery shoppers’ frequent store visits to bolster store visits, Canadian Grocer reported.  

American Apparel witnessed a bright light in its ongoing financial saga.   The beleaguered specialty retailer has court approval to use the remainder of its $30 million bankruptcy loan. American Apparel filed Chapter 11 in November, its second filing in 15 months.