Corporate Governance

Retailers Need to Think Like Restaurants
At the Converse Store on the Third Street Promenade in Santa Monica, “customization maestros” help sneaker fans manufacture their dream shoe.
Chain Store Age announces SPECS/2017 Advisory Board
Chain Store Age announced the selection of the Advisory Board for SPECS/2017, the annual retail event for store innovation produced by CSA and attended by retail and food-service executives involved in the planning, design, construction and maintenance of stores and restaurants nationwide. Now in its 53rd year, SPECS will host its 2017 conference in Orlando, Florida, at the Gaylord Palms, March 12-14. The event will focus on what’s next, and what is shaping the future of retail.

Amazon continues to expand Texas fulfillment network

Amazon announced plans to open a fulfillment center in Coppell, Texas. It will be the Internet giant’s eighth center in the Lone Star State. “Our ability to expand Texas operations within three short years is the result of two things: incredible customers and an outstanding workforce in the state,” said Akash Chauhan, Amazon’s VP of North American operations.
Can Sears be saved?

On Thursday, Aug. 25, Sears Holdings Corp., on the heels of another dismal quarter, announced it had accepted a capital infusion in the way of a $300 million loan by CEO Eddie Lampert’s hedge fund.
GameStop Q2 sales fall

GameStop Corp.’s revenue fell short of expectations in the second quarter as a lack of new game titles cut into its core business. Sales fell 7.4% to $1.63 billion in the quarter ended July 30. Same-store sales fell 10.6 %. Net income rose 10% to $27.9 million, in line with Wall Street projections.
Arts and crafts giant cuts sales outlook

Michaels Cos. said increased spending cut into its bottom line in the second quarter. The chain lowered its same-stores outlook for the rest of the year, citing a “choppy” retail environment. For the quarter ended July 30, the company posted a profit of $35.6 million, compared with $35.7 million in the year-ago period, amid spending to integrate recently-acquired arts and craft wholesaler Lamrite West and the timing of distribution expenses.
Ulta beats Street — again; Q2 sales jump 30%

Ulta Beauty on Thursday posted another spectacular quarter amid surging sales. It was the ninth consecutive quarter that the beauty retailer topped expectations. Ulta reported net income for the quarter, ended July 30, rose 21.3% to $90.0 million compared to $74.2 million in the year ago period. Net sales increased 21.9% to $1.07 billion from $877.0 million in the year-ago quarter.
Kohl’s bets big on beauty

Beauty and skin-care figure prominently in Kohl’s multi-year turnaround plan. The retailer recently finished adding beauty departments to all its stores, the Dallas Morning News reported, and even managed to do it couple years ahead of schedule.
New online tax legislation proposed

Various forms of online sales tax legislation have been introduced in Congress over the past 15 years but none have won passage. And now there is a new proposal.
Unexpected drop for Signet Jewelers

Signet Jewelers Ltd. reported its first drop in same-store sales in six years in its second quarter as the company continues to deal with rumors that it swapped expensive diamonds for cheaper stones. Signet, whose banners include Zale, Kay Jewelers and Jared, posted a 2.3% drop in same-store sales in the quarter ended July 30. Wall Street analysts had expected a slight increase. Net sales fell 2.6% to $1.37 billion.
Wine bar signs on at The Summit in Kentucky

The Summit at Fritz Farm has signed CRU Food & Wine bar to a growing roster of gourmet dining establishments at the $156 million project under construction in Lexington, Kentucky. The Summit, scheduled to open next spring, will feature 1 million-sq.-ft. of retail, 306 apartments, a boutique hotel, and 48,000 sq. ft. of Class A office space, according to developer Bayer Properties.
Construction begins on long-awaited center in Fresno

The cranes have arrived at the 92-acre lot along Clovis Avenue in Fresno, California, to erect the parking garage at what will be Fancher Creek Town Center, and the locals couldn’t be happier. “I think it’s super. We need something. You have to catch the freeway and go up north to get to anything,” resident Diana Williams told KFSN news in Fresno this week.