Corporate Governance

Walmart is upping some managers’ salaries in anticipation of the Department of Labor’s new overtime rule, scheduled to take effect Dec. 1, 2016.     The retailer, the nation’s private employer, raised salaries for entry-level managers from $45,000 to $48,500 annually, Reuters reported, with the increase going into effect in September. Under the new rule, employers are required to pay overtime to salaried workers earning less than $47,500 a year. The current threshold is $23,660 a year.    

Whole Foods Market has received an award for deploying cutting-edge, advanced refrigeration technology.   The grocer received the 2015-2016 “Best of the Best” award from the EPA’s GreenChill Partnership for using an advanced, more environmentally sustainable refrigeration system at its store in Dublin, California.  

Driving innovation across Ralph Lauren’s channels has become a family affair.   David Lauren, the son of designer Ralph Lauren, was appointed vice chairman and chief innovation officer for the fashion brand.   Lauren’s new role coincides with the company’s “Way Forward” business plan designed to revive sales and reinstate the company’s “hip” reputation, Bloomberg reported.  

The nation’s largest specialty toy retailer finds itself in a sweet spot as its most critical selling season approaches.   After years of just cutting costs, Toys “R” Us is starting to put money back into operations, as it looks to grow sales and traffic, Bloomberg reported. And for the first time in a while, the company is building inventory.  

Experienced investment industry executive David R. O’Reilly has been named chief financial officer of The Howard Hughes Corporation and will assume the office on Oct. 17. He fills the vacancy left by retired CFO Andrew Richardson.   O’Reilly joins the company from Parkway Properties, a Florida-based real estate investment trust whose portfolio is focused on office properties.  Previously, he served in senior executive positions at Banyan Street Capital, Barclays Capital, and Lehman Brothers.  

Hhgregg Inc. is the latest retailer to give its store employees off for Thanksgiving Day.   The appliances and consumer electronics retailer announced it will close its 220 stores on the holiday, and reopen them at 7 a.m. on Black Friday.  To date, approximately 42 national retailers and the nation’s largest mall have announced they will not be open on turkey day (see list at end of story.)  

It’s shaping up as a busy fall for Ross Stores.   The retailer is opening 25 Ross Dress for Less ("Ross") stores and nine dd's Discounts stores across 16 different states in September and October.   The new locations round out the company's expansion plans to add approximately 90 locations in 2016.  

MOM’s Organic Market started as a produce delivery company based out of the founder’s mother’s garage and has grown into a 16-store grocery chain.     “We carry much more than Trader Joe’s and less than Whole Foods,” founder Scott Nash told The Washington Post.  

Simon and General Growth Properties veteran Tom Martin has joined McWhinney’s development team as VP of mixed-use operations and general manager of Dairy Block.   A McWhinney press release said that Martin will also hold the title of Mayor of Dairy Block, a mixed-use project the company is building in the Lower Downtown, or LoDo, section of Denver. The neighborhood houses Coors Field, Union Station, boutiques, and galleries.  

Watch out, 7-Eleven and other c-store retailers. Amazon is thinking about entering your turf.   Having opened bookstores and with a planned entry into the drive-up grocery store space under construction in Seattle, the Internet giant is now considering opening convenience stores,  reported the Wall Street Journal.   The c-stores, with an internal code name of “Project Como,” would be available only to AmazonFresh subscribers, according to the report.