Corporate Governance

Let’s talk about pizza, shall we? A truly historic and transformative moment occurred in Cincinnati, Ohio early this month that changes the way college students can satisfy their late night munchies. Xavier University installed the nation’s first Pizza ATM. It’s open 24 hours a day, seven days a week and serves up fresh, restaurant-quality pizza cooked in minutes. The school’s dining service announced the occasion with a Tweet that reads, “One small step for pepperoni, one giant leap for pizzakind.”  

Modell’s Sporting Goods will open two stores in the New York metro area on August 25, bringing its total store count to 156 locations.     The openings include Modell’s 11th location in Brooklyn, and a store in in Mount Kisco.    Both locations will feature a wide selection of top brands such as Nike, Under Armour, Adidas, Reebok, Spalding and more.

Not all retailers are reducing their store portfolios.    DSW Inc. announced it will open 21 stores nationwide between August and October. The footwear and accessories retailer currently operates 482 stores in 42 states.     "New store growth is an important and exciting piece of the DSW formula,” said Valara Gee, VP of stores, DSW.   

On Aug. 8, Walmart announced it would buy Jet.com -- one of the fastest growing e-commerce companies in the U.S. -- for a whopping $3 billion.   

John Byrde, General Manager, Omnichannel Technologies of omnichannel commerce solutions provider Radial, discusses challenges and opportunities for retail CFOs who are evaluating IT decisions.

 

Chain Store Age: How do you meet the needs of the modern omnichannel consumer?

Consumers expect to spend the same or less on holiday gifts this year.   That’s according to Berkeley Research Group, whose 2016 Holiday Retail Outlook report also identified five major challenges facing retailers as they head into the holiday season.  

Sears is piloting a concept that could breathe new life into its apparel offerings.    

Forest City Realty Trust may be on its way to having a greatly reduced investment in the mall industry and a bigger one in apartments and office assets.   The Cleveland-based firm announced it is reviewing strategic alternatives for its retail portfolio. Forest City holds ownership stakes in 14 regional malls across the country and 19 specialty retail centers, mostly in New York City. The East River Plaza, which fronts the FDR Drive in Manhattan at 116th Street, is a Forest City property.  

Ikea is extending its renewable energy commitment with plans for its first biogas-powered fuel cell system on the East Coast.    The home furnishings giant contracted Bloom Energy, Sunnyvale, California, for the design, development and installation of the system, which will be located at Ikea’s location in New Haven, Connecticut. Combined with the 940.8-kW solar array that was installed atop the store in 2012, the fuel cell project will help generate a majority of the store’s energy onsite.   

Best Buy Co. exceeded analysts’ expectations on several fronts in its second quarter.   Profit surged a better-than expected 21% in the quarter ended July 30, rising to $198 million from $164 million in the year-ago period.   Best Buy’s overall revenue totaled $8.5 billion, which was basically flat with last year, but also better than expectations.