Corporate Governance

Lowe's Canada has made some strides since it acquired RONA Inc. in May.   At the time, the company had made a number of promises to RONA stakeholders, including that it would maintain RONA's multiple retail banner strategy, its local and ethical procurement strategy, and the vast majority of its employees and senior executives. It also promised to enhance distribution services to affiliate dealers, among other things.  

Sears is taking the saying, “it is better to give than to receive” to heart.   Coinciding with its “Season of Wishes” holiday campaign, the department store chain is rewarding shoppers at Sears Hometown and outlet stores who donate $5 to Make-A-Wish with a “Very Merry Santa Sale” pass for an extra discount between Dec. 15 and Dec. 24.   

Stephen Tucker has been appointed as FTD Companies’ new executive VP.   Tucker will also serve as CFO, replacing Becky Sheehan, who is leaving the company to pursue other opportunities. He will take on the new role as of Jan. 1, 2017.   

Four senior executive promotions have been announced by Mid-American Real Estate Corporation.   Brian Adams, Greg Bayer, and Willie Hoag have all been named principals at the Oakbrook, Illinois-based company, a real estate services company that also operates in Michigan, Minnesota, and Wisconsin. Peter Scannell has been promoted to senior VP.  

When the Northern Lights Center in Anchorage, Alaska, was owned by folksy former governor Wally Hickel, things were good for Title Wave Books. The midtown neighborhood was in decline, rent was cheap, and husband-and-wife owners Julie Drake and Steve Lloyd were able to make a living from their low-margin inventory.  

Neiman Marcus Group doubled its loss in its first quarter amid sliding sales.   The luxury department store retailer posted a net loss of $23.5 million in its first quarter, ended Oct. 29, compared to a loss of $10.5 million in the year-ago period.    Sales fell 7.4% to $1.08 billion, from $1.16 billion last year.   Same-store sales fell 8%. It was the fifth straight quarter of decline.  

More of the nation’s underserved teens will have access to free technology tools and training thanks to Best Buy.   The chain plans to add nine new Best Buy Teen Tech Centers to its year-round support network in 2017. The announcement was made Tuesday, at the opening of Best Buy’s newest Teen Tech Center, in Denver, Colorado.  

A recent Washington Post article pointed out that Anthropologie posted four straight quarters of flat or declining comparable sales and J. Crew saw comparable sales drop 10% in the last year. Banana Republic has seen a decline in comparable sales for the past 13 months, including a staggering 14% plunge in July. Weak sales numbers have also plagued Gap and Ann Taylor.  

Retailers and restaurants in the United States won’t get any relief in 2017 in the battle to win customers.    That’s according to Fitch Ratings' Outlook report, which says that retailers will continue to face a competitive environment in 2017 as they navigate changing customer preferences.