Corporate Governance

From increased budgets to a desire for free shipping to gifts for pets, PwC’s “2016 Holiday Outlook” report predicts the following trends will drive the upcoming holiday season:    1. Bigger holiday budgets: Shoppers will likely spend 10% more this holiday season; an average of $1,121 each. And consumers with annual household incomes less than $50,000 will likely increase their percentage spending levels even more than consumers overall.  

One of Minnesota’s highest-volume malls is about to get a $76 million renovation that will give it new retail space and sight lines and – more rare these days – a new department store tenant.   Rosedale Center, a 1.14-million-sq.-ft. property situated between the Twin Cities of Minneapolis and St. Paul, will soon break ground for a two-level Von Maur store and parking deck with 1,100 spaces, according to owner JLL. Macy’s and J.C. Penney already do business there.  

Wal-Mart Stores and Target Corp. stand at very different junctures, according to new report from Moody's Investors Service.    Walmart is starting to reap more discernible rewards as it adapts more quickly to a rapidly-changing consumer landscape -- and with fewer missteps -- than Target has managed, according to the report, "Wal-Mart Stores, Inc. and Target Corporation: Walmart Is Gaining Momentum, While Target Is Still Clawing Back Lost Ground."  

Two major retail organizations delivered some early holiday cheer to retailers.   The National Retail Federation and the International Council of Shopping Centers issued their annual holiday forecasts on Tuesday, and both predicted holiday shoppers will spend more this year than they did last year.   

The retailer opened 11 new stores in the U.S. and Canada for the quarter ending Aug. 1, 2016. This adds to the 12 new stores it opened in the first quarter, bringing the total for the year to 23.    PetSmart is on track to achieve its goal of 80 net new stores in 2016.   The new stores average around 14,000 sq. ft., with service offerings such as grooming and pet training.  

WalmartLabs’ newest project is giving comrades and competitors alike, a peek into its open-source software.   The retail behemoth has migrated its online platform to a React-based application platform over the last year, one that was built in-house by WalmartLabs. Now Walmart’s innovation division is open-sourcing this platform, reported TechCrunch.  

Construction is underway at a planned 185,000-sq.-ft. center that will bring a top-level roster of value retailers to the western Kentucky town of Hopkinsville. Thompson Thrift is the developer.   Hopkinsville Town Center, located just north of Clarksville on the Tennessee border, will count Hobby Lobby, TJ Maxx, Ross Dress for Less, Ulta, Burke’s Outlet, Hibbett Sporting Goods, and Rack Room Shoes among its tenants when it opens in late 2017 or early 2018.  

Tools and storage giant Black & Decker is reportedly among the suitors interested in purchasing Sears’ Craftsman line of tools, Bloomberg reported.   Sears announced plans in May that it would consider options for its Craftsman, Kenmore and DieHard brands.