Corporate Governance

While Amazon’s purchase of Whole Foods Market signifies a staggering boost in its physical store breadth, the deal is much more valuable than that.   This is according to “LandMark Insights,” a report from PlaceIQ. The study analyzed more than 165 million anonymous and opted-in mobile device signals nationwide to determine visitation patterns and audience affinities, among other metrics. These transactions were compiled over a 90-day period.   

Under Armour founder and CEO Kevin Plank is stepping back from his role as president.   The sporting goods company announced that retail veteran Patrik Frisk will become president and COO, effective July 10. He will have responsibility for the company's go-to-market strategy and the successful execution of its long-term growth plan and report directly to Kevin Plank, who has also held the title of president since 2010.  

Eager to improve customer service and security at the front end, Forever 21 is converting its point-of-sale (POS) fleet to a single solution.   Through a partnership with Toshiba Global Commerce Solutions, the fast-fashion retailer is adding the vendor’s hardware, equipment and services across all its corporate stores around the globe. The agreement makes Toshiba the chain’s single point of contact for all POS systems, peripherals and original equipment manufacturer (OEM) front and back office retail store technology. 

Skechers has debuted a new store format in its largest mall location to date.    The company has opened a 24,000-sq.-ft. outlet store at Ontario Mills, Ontario, California, that houses one of the widest assortments of Skechers products under one roof, with dedicated departments for the brand's various lifestyle and performance collections for men and women. The new Skechers Superstore also features a fun kids’ area, complete with a candy shop and a theater space screening Skechers cartoons.  

Kohl's has ended its search for a new finance chief.   The retailer has appointed Bruce H. Besanko to the position of CFO, effective July 10.  He will replace Wesley McDonald, who announced plans in November to retire this spring after 14 years with the company.  

Tesco is launching a one-hour delivery service — a move that will enable the chain to go head-to-head with Amazon.   The U.K.-based supermarket giant introduced its new Tesco Now app, which enables shoppers in central London to choose from a range of 1,000 products, and have them delivered within an hour. Merchandise crosses categories such as fresh fruit and vegetables, meat, bakery goods and dairy, as well as pet, baby, health and beauty products.   

More than 50,000 sq. ft. of new shopping opportunities will soon be presented to shoppers at Ohio’s most popular retail destination.   Easton Town Center, which draws 21 million customer visits a year and houses more than 200 shopping and dining options is constantly in the process of re-curating its mix, and eight new tenants will open at the Columbus venue this year.  

Wages

California: A state overtime pay bill that matches the salary threshold of the Obama administration’s overtime regulation at $47,476 passed the Assembly and now heads to the Senate. The federal regulation is currently on hold due to a court injunction and Labor Secretary Acosta is expected to rescind the rule. New York recently instituted an overtime rate at a similar level.