Corporate Governance

Amazon has again raised the stakes in the home shipping war.   Almost a year after raising its free shipping minimum for non-Prime customers from $35 to $50, Amazon subtly announced on its website that it is once again honoring free shipping on orders of $35.  

Chain Store Age is proud to announce the 2017 Breakout Retailer Award winners. In its second year, the award honors emerging retail/restaurant concepts that are innovative in their segment and show strong potential for growth.    

In a move that could attract more tech start-ups, New York City will be the home to one of the newest innovation labs.   The 250,000-sq.-ft. “Union Square Tech Hub,” which was announced in December, will include 58,000 sq. ft. of “fluid space” for startups, and a 36,500 sq.-ft. tech training center, reported TechCrunch.   

Nike has brought its experiential retail format to Miami Beach. The company has opened a two-story, digitally connected, 31,000-sq.-ft. store on Lincoln Road, in the heart of Miami Beach.   Similar to Nike’s new store in Manhattan’s SoHo, the Miami location is designed to deliver the best of Nike products and personalized, immersive experiences services through a series of unique spaces. These include zones dedicated to running, soccer and basketball where consumers can try out the brand’s latest products.

Round 1, the retail center amusement concept from Japan, has signed a lease for the vacated Macy’s anchor space at Northwoods Mall in Peoria, Illinois. Washington Prime Group, the mall’s owner, purchased the store from Macy’s last month.   Washington Prime CEO Lou Conforti hailed the singing as an example of a corporate objective to use redevelopment to foster “differentiated tenancy, especially dining and entertainment alternatives.”  

Target plans to renovate its downtown Minneapolis flagship, adding an array of new features.   The discounter will invest $10 million in a full-store remodel for the location, which opened in 2001, reported The Journal.     Less ambitious updates are planned for other Target stores in the Twin Cities area.    

An inconsistent U.S. marketplace and the sale of one of its business units contributed to lower fourth quarter sales for VF Corp.   The company, whose brands include The North Face and Timberland, reported that its net sales fell 0.1% to of $3.2 billion, for the quarter ended Dec. 31, 2016.    Total revenue came in at $3.3 billion, down 0.2%.  

The $500 million sale of online diamond and jewelry retailer Blue Nile has been completed.   The company was acquired by an investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners for $40.75 per share in cash. The transaction, first announced on Nov. 7, 2016, was approved by shareholders on Feb.2, 2017.