Corporate Governance

Four years of construction in Miami’s Brickell financial district culminates on Thursday with the opening of a three-level, open-air retail center featuring the return of Saks Fifth Avenue to the city after a 30-year absence.  

Office Depot saw its profit rise in the third quarter as cost-cuts and a $240 million tax benefit helped to offset the impact of lower revenue.   Profit in the quarter totaled $44 million, topping analysts’ forecasts. Sales fell 7% to $2.84 billion.  

Grocery-anchored center specialist Phillips Edison has announced the acquisition of two more centers, making it three for the week.   It purchased the 257,979-sq.-ft. Southern Palms in Tempe, Arizona, which is anchored by the fresh format grocer Sprouts and also houses Planet Fitness, Firehouse Subs, Sally Beauty, and West Marine Products.  

Two of the nation’s largest retailers shared the No. 1 position in a ranking of the top U.S. retailers.    Walmart and Kroger Co. tied for first place (in the overall composite score) in Kantar Retail’s 2016 Retailer PoweRanking. The ranking is designed to identify the retailers currently setting the highest standards of performance as viewed by their trading partners, and to gain insight into what makes these retailers "best in class."  

As the centerpiece of today’s omnichannel world, customers expect a seamless experience no matter when, where or how they chose to shop. However, this explosion of multiple shopper scenarios is a significant challenge for retail operations.   Brands not only depend upon a seamless integration between online and in-store point-of-sale (POS) systems, but also contend with a paradigm shift of selling merchandise from a database rather than a physical store.    

Singles' Day, a festival that started in China some 20 years ago to celebrate being single, is fast approaching. And the country’s e-commerce giant is pulling out all the stops this year.   

Online growth — and along with it, online market share — continues to accelerate.   The trajectory is so strong that sales are on pace to hit $440 billion in 2017, a leap from $395 billion expected in 2016, according to “U.S. Online Sales Forecast: Omni-Channel Retailing Challenged by Its Success,” a report from FTI Consulting.   

Raley’s will unveil a new natural foods grocery store concept in spring 2017.   Called Market 5-ONE-5, the new format will debut in downtown Sacramento, Calif., and is described as a farmer’s market concept, with fresh products delivered daily. It will be operated independently of Raley’s, according to The Sacramento Bee. A press release about the new store quoted Raley’s CEO Michael Teel, but identified him only as “owner.”  

Zara, the trendy global fashion retailer, will soon assume a place between Macy’s and Nordstrom at the Cherry Hill Mall in suburban Philadelphia.