Corporate Governance

The Store of the Year, ShopWithMe (photo above), and all the other winning projects in the Retail Design Institute’s 45th annual International Store Design Competition are highlighted in this special report from Chain Store Age.

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Beatrice Lafon, the CEO of teen accessories retailer Claire's Stores, has resigned and been replaced by a current member of the board, according to a Securities and Exchange Commission filing.

Troy Alstead, the longtime Starbucks executive who resigned as COO in February 2016, is ready to take his next professional step.

According to the Puget Sound Business Journal, Alstead is planning to open a 57,000-sq.-ft. “sustainable social hub” in Gig Harbor, Washington. Offerings will include a restaurant, bar and café as well as a 20-lane bowling alley and meeting and party rooms.

L Brands turned in a disappointing sales performance in April, a rarity for a chain that has turned in consistently strong monthly results.

The parent company of Victoria’s Secret reported a 1% increase in same-store sales, below Wall Street expectations of a 4.8% gain.

Sales for the month increased to $737.5 million, up from $724.6 million in the same month last year.

The company’s Bath & Body Works division saw a 5% increase in same-store sales while Victoria's Secret posted a 1% decrease.

The Limited has entered the fast-growing value retail sector.

Moving under the radar, The Limited has quietly debuted a new store concept, called Backroom at the Limited, in six malls across the nation.

The format offers a mix of work-to-weekend apparel, jewelry and accessories, with the merchandise made exclusively for the Backroom as well as the Limited’s outlet stores.

It’s a shame (or maybe a good thing) Hemingway and Bukowski did not live in an age where a vast assortment of alcohol is available a click away.

Omnichannel beer/wine/liquor delivery service Drizly is launching a new service that provides digital drinkers with a product selection far beyond the scope of local stores. Currently available in Boston and Washington, D.C., Drizly Connect lets users shop across tens of thousands of beer, wine and spirits products for next-day delivery orders.

In a not unexpected move, Fairway Group Holding Corp., operator of the Fairway Market supermarket chain, filed for Chapter 11 bankruptcy protection.
   
The company filed a “prepackaged” bankruptcy restructuring under which its lenders agreed to exchange existing debt for new equity and debt in a reorganized company. Supporting lenders agreed to vote in favor of the plan and exchange their loans for common equity and $84 million of debt of the reorganized company.

Under Armour is losing two key members of its executive team.

Chief merchandising officer Henry Stafford and chief digital officer Robin Thurston are both stepping down from their positions in July. No reason was given for their departures.

Stafford joined Under Armour in 2010 as the apparel team lead. He will be succeeded on an interim basis by Kip Fulks, who most recently served as Under Armour’s chief marketing officer.