Corporate Governance

Iconic accessories brand to open first New York City store
Vera Bradley in entering the New York City market, opening a digitally-savvy flagship in Manhattan’s SoHo neighborhood. Scheduled to open in September, the two-level, 2,700-sq.-ft. store will carry the complete Vera Bradley collection, ranging from handbags and travel items to eyewear and jewelry, and debut the brand's newly redesigned logo and store concept.
September 15 deadline set for bids on Hastings leases
Bids to assume the leases of 120-plus Hastings Entertainment stores will not be accepted after Sept. 15, announced RCS Real Estate Advisors. The chain’s inventory was earlier purchased by Hilco Merchant Resources and Gordon Bros. Retail Partners after the music, movie, and video game chain was unable to emerge from Chapter 11. Hastings Entertainment was founded in 1972 by Sam Marmaduke, who as head of Western Merchandisers first convinced Walmart to carry music and continued to supply the chain until 1994.

The Body Shop continues global expansion efforts

The Body Shop is staking a new claim in South American as it opens its first location in Chile. Lured by a population of 17.8 million, and a stable and prosperous customer base, The Body Shop’s new store is located in Santiago, Plaza Egaña Mall — a property that is called the most sustainable mall in Chile.
Sales rise at Dollarama, beating expectations

While some specialty chains struggle to meet earnings predictions, Dollarama reported better-than-expected second quarter results. The Montreal-based discount chain’s net income was $106.4 million for the second quarter of fiscal 2017, ended July 31, 2016 — up 11.4% from $95.5 million for the same period last year.
PREIT installs Amazon lockers at 15 malls

PREIT unveiled Amazon lockers at 15 of its mall locations on the East coast, making it one of the first mall owners to engage in this most physical of online-offline integrations. Amazon shoppers who choose the locker option when checking out are notified when their packages have been delivered and can go to the locker location to pick them up. Consumers gain an added convenience and mall tenants get Web shoppers in their stores.
Mexican developer to build 14 ‘Malltertainment’ centers

Mexico City-based developer Grupo GICSA announced plans for 14 new experiential retail centers it will format under the trademarked term, “Mallterntainment.” GICSA is perhaps best known as the developer of the Paseo Arcos Bosques retail center in Mexico City (above). Malltertainment developments will hew to four pillars, according to GICSA: • Average area of 2 million sq. ft.;
The Buckle sales continue to slip in August

Following a revenue miss in the second quarter, sales continue to slide at The Buckle. For August, same-store sales fell 14.8%, a decrease exceeding the company’s 10.9% same-store loss in July, and a 10.8% drop in the second quarter. Net sales for August also dipped 14.0% to $87.2 million for the four-week period ended August 27, 2016, compared to $101.4 million for the same fiscal month last year, ended August 29, 2015.
PetSmart prepares for more ‘connected' customer experience

PetSmart is no stranger to “using every connection to bring pet parents closer to their pets.” Reinforcing its mission statement, PetSmart will add a next-generation platform that will unify the omnichannel shopping experience, and make it easier for the brand to engage with consumers throughout their path-to-purchase.
Sales keep sliding at J.Crew

J. Crew Group’s efforts to pump up sales at its core brand didn’t quite take off in the second quarter. Total revenues at J.Crew Group decreased 4% to $569.8 million in the second quarter. Total same-store sales fell 8%, its eight consecutive quarterly decrease, with a 9% decline at the company’s namesake brand and a 3% increase at Madewell. J. Crew reported a net loss of $8.6 million, compared with $13.6 million a year ago.
Aeropostale: Not dead yet

Aeropostale may still live to see another day thanks to a last-minute bid. In a development that no one saw coming, a consortium of landlords, liquidators and others joined together to make a $243.3 million offer to save 229 Aeropostale stores, Fortune reported. The group includes General Group Properties, Simon Property Group, Gordon Brothers Retail Partners, Hilco Merchant Resources, and Authentic Brands Group.
Lowe’s Foods opens at master-planned community in North Carolina

Lowe’s Foods rang in retail this week at Morganton Park South in Southern Pines, North Carolina, opening a 50,000-sq.-ft. anchor store in the center that is part of the 188-acre Morganton Park master-planned community. Lowe’s, which recently executed a re-branding, is a fixture in North Carolina, where it has done business since 1954. Its neighbors in the center are still to be determined. Leasing agent Lincoln Harris reports that most of the 21,000 remaining square feet in the center remains available.
Commentary: Chipotle class-action suit should be wake-call for retailers, restaurants

This week, 10,000 current and former Chipotle employees filed a class-action lawsuit claiming back wages, working off the clock and various labor violations. The suit should finally be the wake-up call necessary to get c-suite executives at restaurant, retail, hotel & lodging, convenience stores and other labor-intensive industries to take the issue seriously because the Chipotle case may be the tip of the iceberg.