Corporate Governance

Two outlet mall projects in southern Michigan have been abandoned and another will miss its scheduled opening date, according to a report in the Detroit Free Press.  

In-store background music isn’t just for the enjoyment of customers and associates anymore.   PetSmart has selected Mood Media to take the audio experience to a whole new level with customized music designed to appeal not only to shoppers but also their four-legged friends.  

Regency Centers announced it has closed on land that will house the central shopping center in Tustin Legacy, a master-planned community taking shape in Orange County, California. Development costs are expected to hit $40 million.   The 112,000-sq.-ft. Village at Tustin Legacy will be anchored by a Stater Bros. Market, and Regency reports that 80% of the remaining retail space is leased or committed. It will be the 11th property for Regency in Orange County, following on the recently completed Village at La Floresta in Brea.

Dick’s Sporting Goods is expanding its footprint in the Houston market.   The retailer is looking to open six stores this fall in the Houston area, up from the five it had previously announced, the Houston Business Journal reported.   In November, General Growth Properties announced it had signed lease agreements with Dick’s to open in five GG shopping centers in Houston: Baybrook Mall, Deebrook Mall, First Colony Mall, The Woodlands Mall, and Willowbrook Mall.

Hhgregg continues to reshape its executive team.    The consumer electronics and appliance chain promoted Kevin Kovacs to CFO. He is assuming the role from Robert Riesbeck, who was recently appointed president and CEO. Since joining Hhgregg in 2009, Kovacs held the roles of VP/controller and director of tax and treasury   In other moves, Hhgregg promoted Sam Johnson to chief retail officer. Since joining Hhgregg in 2010, Johnson has served in the role of senior VP of stores.   

The momentum at Coach Inc. continued in the fourth quarter, as the company reported healthy same-store sales growth at its North American stores and better-than-expected earnings.   

It’s no secret that Abercrombie & Fitch has been developing a new prototype.   The chain will unveil its new look early next year, at Polaris Fashion Place, in Columbus, Ohio. The store will herald a new direction for the brand with a new aesthetic and updated merchandise selections. It will be situated on the lower level near Madewell.     Abercrombie has already introduced a new look for its Hollister store brand.  

Doug McMillon, president and CEO of Wal-Mart Stores, and Mark Lore, co-founder and CEO of Jet.com, discussed Walmart’s acquisition of the online site and other industry topics on CNBC’s “Squawk Box.”