Corporate Governance

Fresh Market cooks up higher profits -- and an exit plan
The Fresh Market will cede some of its market share to its biggest competitor even as it posted strong fourth quarter earnings and an upbeat outlook for 2015.

The company announced that it would be exiting California by the end of this month and closing all three of its remaining stores there, as it focuses on its stores in the eastern part of the United States. The company also cited slower “organic store growth” as another reason for the decision.
Big Lots to re-launch omnichannel strategy
Big Lots Inc. did what it was supposed to do in the fourth quarter -- and more, as the discount retailer reported a better-than-expected 3% increase in same store sales.

The company also announced a new omnichannel initiative that it expects to put in place by the first quarter of fiscal 2016. Big Lots has dabbled in online selling in the past, but had discontinued those operations after not getting the strategy down quite right. Now the company says it is looking to fully embrace omnichannel retailing in-store and on its website with a new initiative launching this year.

Gander Mountain expands southwest footprint

Residents of Texas and Oklahoma will have two more places to buy guns this month when new Gander Mountain Company stores open with huge firearms departments.

Gander Mountain will open two new locations in Texas and Oklahoma on March 12. The new store in Killeen continues the brand's major expansion into the Texas market and will be the 20th store in the state. The new location in Tulsa marks Gander Mountain's entry into Oklahoma and the 27th state overall.
America's largest mall proposed in Miami area

Sea lions, submarines and enough space for 800 stores. That's what the owners of the Mall of America in Minnesota are proposing for the American Dream mall in the Miami suburbs, which could some day be America's biggest mall, according to the Miami Herald.

The newspaper says the project is estimated to cost $4 billion, span 200 acres and employ more than 25,000 people.
NRF encourages retail pros to "Dream BIG"

Twenty retail industry professionals dreaming of making it big in the retail industry have a unique opportunity thanks to the National Retail Federation.

NRF is collaborating again with University of Phoenix School of Business to award 20 full-tuition scholarships to retail industry professionals who want to enhance their careers through education.
Toy industry names new leader

The U.S. Toy Industry Association has a new CEO who brings a unique perspective to an organization whose members account for more than 90% of U.S. toy sales.

Stephen J. Pasierb will join the U.S. Toy Industry Association (TIA) at the end of April as president and CEO. He succeed current President and CEO Carter Keithley who is retiring and will be responsible for leading the growth, development, and oversight of TIA.
Bloomingdale’s to open outlet store in Manhattan

Cincinnati -- Bloomingdale’s will open an outlet store in fall 2015 in the heart of Manhattan’s Upper West Side. It will be the 14th Bloomingdale’s Outlet store and the first in a major urban center.

With 25,000 sq. ft. on three levels, Bloomingdale’s Outlet on Broadway will offer a range of off-price apparel and accessories, including women's ready-to-wear, men's, children's, women's shoes, fashion accessories, jewelry, handbags and intimate apparel.
Tax benefit boosts Q2 profit at Costco

Issaquah, Wash. – A tax benefit in connection with a special cash dividend helped boost net income at Costco Wholesale Corp. a better-than-expected 29% to $598 million from $463 million in the company’s second quarter of fiscal 2013.

Sales increased 4% to $26.9 billion and membership sales grew 5.8% to $582 million, with total revenues increasing 15.8% to $27.5 billion during the quarter ending Feb. 15.
Vestis Retail, operator of Bob’s Stores, EMS and Sport Chalet, names CFO

Meriden, Conn. -- Vestis Retail Group, which operates Bob’s Stores, Eastern Mountain Sports and Sport Chalet, has Susan J. “Sue” Riley to CFO.

Riley brings 30 years of financial management to her new role at Vestis, where she worked on a consulting basis as interim CFO in recent months.
Online crafts marketplace Etsy looks to go public with $100 million IPO

Brooklyn, N.Y. - Etsy Inc., the popular online bazaar where people sell artsy goods and handmade crafts and clothing, has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO) in which it hopes to raise at least $100 million.
Roundy’s net income doubles in Q4; will open five stores

Milwaukee – Roundy’s Inc. reported net income of $7.5 million in the fourth quarter of fiscal 2014, more than double $3.5 million in the same quarter the prior fiscal year. A shift from net after-tax loss to net after-tax income from 27 Rainbow stores that were closed or sold drove net income growth.

Roundy’s plans to open five new stores in fiscal 2015, including one in the first quarter.
Senator calls for Lumber Liquidators investigation

Toano, Va. – Sen. Bill Nelson (D-Florida) is publicly calling for federal agencies to investigate the formaldehyde levels in wood flooring sold at Lumber Liquidators Holdings Inc. Nelson, highest-ranking Democrat on the Senate Committee on Commerce, Science and Transportation Committee, sent an open letter to the heads of Consumer Product Safety Commission, Centers for Disease Control and Prevention and the Federal Trade Commission.