Corporate Governance

Office Depot closing 300 more stores; to expand ‘store of future’ pilot
Just three months after its proposed acquisition by Staples ran into regulatory roadblocks, Office Depot unveiled its plans for the future as a standalone retailer. In its second quarter financial filing, the chain announced it would close an additional 300 stores during the next three years, a move that is anticipated to help cut annual costs by some $250 million by the end of 2018. Office Depot is also planning to cut costs by reducing procurement and general and administrative costs.
Construction employment on the rise, but qualified workers hard to find
Hard hats are in big demand, as construction employment increased in 228 out of 358 metro areas in the last year. According to a report just issued by the Associated General Contractors of America, which measured construction employment between June 2015 and June 2016, the status remained unchanged in 48 metro areas and dipped in 82 areas in the June-to-June timeframe.

Now Trending: Densification and the gravitational pull of the mixed-use center

The benefits of density and densification are a fundamental tenet of “new urbanism,” the guiding set of principles exerting a significant influence over real estate development, urban planning, and municipal land-use strategies.
eBay seeks new frontier for disruption

Having already served as an early innovator in e-commerce, eBay has turned its attention to a new emerging technology area. In an interview on CNBC, eBay CEO Devin Weng said the company intends to take a leading role in artificial intelligence. "We are planting the seeds right now to ensure that eBay is not only relevant, but a leader — a disruptor — in artificial intelligence," said Weng.
Macy’s names former Office Depot exec as legal lead

Macy’s, Inc. has named Elisa D. Garcia as chief legal officer, effective Sept. 7, succeeding Dennis J. Broderick, who is retiring after 29 years. Garcia, 58, has served in the same capacity for Office Depot since 2013. She was executive VP/general counsel for Domino’s Pizza prior to that.
Consumer confidence remains high despite contentious presidential race

Not even a political slug fest can shake the current consumer. The latest Nielsen Consumer Confidence Index showed that consumer confidence in the U.S. is on the rise, despite the uncertainty and starkly contrasting rhetoric around key economic issues. Per the Index, Americans remained optimistic in the second quarter with a three-point confidence increase to 113. In contrast, the global consumer confidence index for the same period was flat at 98. Other U.S. highlights include:
Cold Stone Creamery debuts Lebanese presence in Beirut

Ice cream lovers in Lebanon will soon have a new confectionary option, as Cold Stone Creamery has announced plans to open multiple locations throughout the country over the next few years, beginning with the capital city of Beirut. Kahala Brands, the parent company of Cold Stone Creamery, has granted MNM Investments Lebanon SAL, part of M1 Group, the master franchise rights to Lebanon under a 10-year master franchise agreement.
Petco to unveil four new stores this month

August is a busy month for Petco, as the pet specialty retailer will celebrate the grand opening and re-opening of four stores, including one new location, one remodeled store and two store relocations.
Children’s lifestyle brand acquired with plans to expand retail footprint

A premium children’s brand is planning a growth spurt. Private equity firm L Catterton has acquired Hanna Andersson for an undisclosed sum, with the intent of expanding the Swedish children’s apparel retailer across its channels. Hanna Andersson currently operates a robust e-commerce and catalog business in addition to 55 retail stores and 11 outlet locations.
GameStop adds 507 stores with acquisition

GameStop Corp. has acquired three AT&T mobility banners, which will add 507 wireless units to its global base of stores. The purchase price wasn’t disclosed.
Report: Retailers re-focus on investing in physical stores
CVS Health adjusted earnings for Q2 exceed analyst estimates

CVS Health on Tuesday reported an increase of 17.6% in net revenues for the three months ended June 30, 2016, to $43.7 billion.