Corporate Governance

The National Retail Federation on Thursday pointed a dire outcome if the new overtime regulations are implemented as is.     The NRF told the House Small Business Committee that the new regulations  will lead to hiring freezes and layoffs for full-time workers if enacted as planned December 1.   “Proponents of this rule have touted the changes as a welcomed job creator,” NRF senior VP for government relations David French said. “These claims are riddled with partial truths.”

Ralph Lauren Corp. made headlines with its June 7th announcement that it planned to close 50 stores and lay off 1,000 employees as part of a restructuring in response to lower sales.     The announcement  didn't go into specifics about the luxury brand’s plans to correct its course. But some industry insiders speculate that the background of Ralph Lauren CEO  Stefan Larsson, who took the reins of the company in September,  holds the key.   

Macy’s longtime CEO, Terry Lundgren, will step down in the first quarter of 2017, to be succeeded by a company veteran.    Lundgren, who has been CEO of the department store giant since 2003,  is stepping down as the retailer finds itself challenged with a transformed retail landscape and changing consumer demands.  He will be succeeded by Jeff Gennette, 55, who was named president of Macy’s in 2014 after serving as chief merchandising office since 2009. 

Chain Store Age recently visited Wayfair Next, the in-house innovation lab in the Boston headquarters of online home furnishings retailer Wayfair Inc.

Steven Conine, co-founder of Wayfair and Mike Festa, director of Wayfair Next, discussed the lab’s mission and the importance of innovation in retail.

Ross Stores will open eight new dd’s Discounts stores in the coming week, bringing the coverage of its moderately priced apparel chain to near 190 units. Ribbons will be cut at stores in Delano, Fairfield, and Stockton, California; Margate and Palm Springs, Florida; Marrero, Louisiana; and Pasadena, Texas.  

The renovation of Philadelphia Mills, that city’s largest outlet shopping center, is now complete according to owner Simon. New entrances, lighting, flooring, and dining pavilion highlight the project, which was begun in 2014.   The renovation attracted several new retailers to the location, among them Express Factory, Rack Room Shoes, Steve Madden, and Starbucks.  Longtime tenants such as Saks Off 5th, HomeGoods, and Marshalls followed Simon’s lead with store re-dos of their own.  

Think online is the biggest challenge traditional retailers face? Think again.  

Some things are easier said than done. And increasingly, that notion applies to closing stores.   Although analysts and investors say that retail companies need to continue to shrink their store portfolios, the decision to do has become increasingly complex for merchants, many of whom have already shed their most unprofitable locations, according to a CNBC report.