Corporate Governance

New York -- Macy’s is set to unveil its new store banner, the off-price Macy’s Backstage, in the Queens borough of New York City and Huntington, New York, on Sept. 2.

The store offers a no-frills shopping experience, according to the Associated Press, which was given a sneak peek at the new format.

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West Sacramento, Calif. -- Raley’s Family of Fine Stores is entering the health and wellness space.

The privately owned supermarket company said it will debut a new, small-format store in the Sacramento, Calif., market in 2017 that focuses on health and wellness.

The 36,000-sq.-ft. store, being done in partnership with Stafford King Wiese Architects and Armstrong Development Properties, will be designed to be state-of-the art with a focus on the most sustainable features. The store is scheduled to begin construction in mid-2016.

Seattle – The flop of Amazon’s Fire smartphone device last year continues to have repercussions.

According to the Wall Street Journal, Amazon has laid off dozens of employees who worked on developing Fire at its Lab126 innovation center in Silicon Valley.

Moorestown, N.J. – Destination Maternity Corp. swung to a loss in a generally difficult second quarter of fiscal 2015.

Costs related to store closures and headquarters relocation helped drive the retailer to a net loss of $2.68 million from net income of $321,000 a year earlier.

Dallas – Some major retailers are participating in the 30th Retailing Summit conference hosted by The Texas A&M University’s Center for Retailing Studies at Mays Business School.

Marvin Ellison, the new CEO of The J.C. Penney Co. Inc. and Barry Beck, co-founder and COO of Bluemercury, which was recently purchased by Macy’s, will be among the speakers at the conference, held Oct. 8-9 at the Westin Galleria in Dallas.

Irving, Texas – Better timing of distribution expenses, the elimination of operating costs of 40 shuttered stores and an improved merchandising strategy helped drive sales growth at Michaels in the second quarter.

The retailer posted net income of $35.7 million in the second quarter, compared to a net loss of $48.6 million in the same period a year earlier.

Oak Brook. Ill. - Retail Properties of America Inc. has signed two new leases at its Gateway Plaza shopping center located in Southlake, Texas. Buybuy Baby and Cost Plus World Market, at Gateway Plaza located in Southlake, Texas. Buybuy Baby and Cost Plus World Market are both expected to open in fourth quarter 2015.

The 365,200-sq.-ft. power center is anchored by Kohl's, T.J. Maxx, Old Navy, Ulta Beauty and Bed Bath & Beyond, as well as many other prominent national retailers and restaurants.
 

Bolingbrook, Ill. -- Fast-growing Ulta Beauty shows no signs of losing its momentum as the specialty retailer reported better than-expected results for the second quarter and raised its guidance.

On its quarterly earnings call, Ulta said it will launch a national television advertising campaign.

Ulta’s net profits increased 8.5% to $74.2 million, from $60.8 million in the year-ago period, helped by an improved online assortment and less overall discounting.

Brisbane, Calif. – Bebe Stores Inc. continues to expand its global presence.

Bebe announced it has signed a five-year strategic cooperation agreement with Shanghai-based brand agency Longgoal LLC to open between 60 and 150 Bebe stores, shop-in-shops and third-party retailers in Greater China, Hong Kong, Macau and Taiwan. The first store is expected to open in the summer of 2016.

Birmingham, Ala. – Books-A-Million needs more best-sellers.

A lack of hit books hit fiscal results of Books-A-Million Inc. during the second quarter of fiscal 2015. Net loss grew to $5.8 million from $3 million the same quarter a year earlier, with costs and expenses rising or staying flat in the face of slipping revenues.

Net sales dipped to $107.9 million, from $108.3 million. Same-store sales dropped 0.3%.