Corporate Governance

Container Store working on traffic troubles
Fewer shoppers were in the mood to buy containers last fall, as the Container Store blamed its third quarter performance on lower customer traffic.

The company said same-store sales declined 3.5% in the third quarter that ended Nov. 29.

“We were not satisfied with our comparable-store sales and are working to fix it. Traffic has been the culprit, as the average customer transaction was up 2%,” Container Store Group CEO Kip Tindell said.

But, Tindell added, traffic turned positive in the fourth quarter.
Bed Bath & Beyond makes its digital future
Growth decelerated at Bed Bath & Beyond during the third quarter but the $1.3 billion the company spent buying back stock enabled it to achieve analysts’ earnings estimates.

Report: 20 states join Family Dollar probe

Reuters is reporting a new complicating factor in the ongoing saga of efforts by Dollar Tree and Dollar General to buy Family Dollar.

Some 20 state attorneys general have joined the federal antitrust investigation of competing bids by Dollar General Corp. and Dollar Tree Inc. to buy Family Dollar Stores Inc., a development that potentially complicates the companies' efforts to win U.S. approval for a deal.

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No gifts for Toys 'R' Us this holiday

Santa did not bring any gifts this past holiday season for Toys "R" Us, as the toy retailer reported a drop in same store sales.

Toys “R” Us said same store sales in the United States fell 5%. The company said gross margins, however, improved, especially in the U.S., after the company was more "disciplined" in its promotional offers and more "rational" in its pricing strategy.
Macy's restructuring: 14 store closures, thousands of layoffs, perhaps an off-price focus

Cincinnati -- In response to changes in “where the customer is headed,” Macy’s chief announced on Thursday a sweeping reorganization plan that will close 14 under-performing stores, lay off thousands of workers and, most far-reaching, ready the retailer to respond to an omnichannel shopping environment.
Holiday sales results mixed; teen retailers got a boost

New York -- Teen retailers had a “less dreadful” holiday selling season than was anticipated. That’s how analysts are tempering the news that banners such as American Eagle Outfitters, Aeropostale and Urban Outfitters posted stronger-than-expected holiday results, released by most on Thursday.

In fact, say industry watchers, the strong sales figures look pretty shiny because they are exaggerated by pre-season low expectations, which were dragged down by fears of aggressive discounting and waning mall traffic.
Zulily mulls closing U.K. operations

Seattle -- A Seattle-based flash sales site may just be sputtering overseas, as a Forbes report on Thursday said that Zulily may shutter its United Kingdom operations, which currently serve as the concept’s first and only international office. According to Zulily CEO Darrell Cavens in a Forbes interview, changes in the apparel flash site’s international focus has led the company to consider its options.
Five Below names merchandising head

Philadelphia -- Teen value retailer Five Below has named Michael Romanko as its executive VP of merchandising, charged with overseeing merchandising strategy and operations. Romanko, who officially assumes the role on Jan. 19, will report to president Joel Anderson.
Nordstrom Rack to open at Marina Pacifica

Long Beach, Calif. -- Nordstrom, Inc. announced plans to open a Nordstrom Rack at Marina Pacifica Mall in Long Beach, California. The 24,000-sq.-ft. store is scheduled to open in fall 2015. The property is managed by NewMark Merrill Companies.

The new Nordstrom Rack will occupy a former Loehmann's space and join a mix of tenants including Best Buy, ULTA Beauty, Pier 1 Imports, AMC Theaters, Barnes & Noble, Sports Authority and Ralphs.
Olive Garden and Longhorn Steakhouse join Cross County Shopping Center

Yonkers, N.Y. -- Tom Rettaliata of Ripco Real Estate leased 13,840 sq. ft. to Darden Concepts in the Cross County Shopping Center located at 8000 Mall Walk in Yonkers, New York.

The area previously used for parking is now occupied by two freestanding restaurants: Olive Garden (7,448 sq. ft.) and Longhorn Steakhouse (6,392 sq. ft.). Olive Garden opened on October 27, 2014, and Longhorn Steakhouse opened on November 17, 2014.

The landlord, Brooks Shopping Center LLC, was represented by Guy Mercurio of Macerich.
CBL & Associates Properties names former Target exec to board

Chattanooga, Tenn. -- CBL & Associates Properties, Inc. announced the appointment of John Griffith to its board of directors. Griffith fills the unexpired term of Tom DeRosa, resulting from his retirement from CBL's board effective Jan. 7.

Griffith served as executive VP of property development for Target Corporation until his retirement in May 2014. He joined Target in 1999, and played an instrumental role in its expansion and the development of new store prototypes and formats.
Walmart Neighborhood Store opens at Palmetto Gardens Plaza

Miami Gardens, Fla. -- Palmetto Park, the owner of Palmetto Gardens Plaza, announced that its new anchor tenant Walmart Neighborhood Store has opened. The new store occupies 40,000 sq. ft. of the 63,000-sq.-ft. shopping center, located at 3799 NW 167th St. in Miami Gardens.

Palmetto Gardens Plaza will also feature T-Mobile, Cell Phone Repair, and Lee Nails, among other retailers, when construction on the remaining portion of the plaza is complete by the third quarter of this year.