Corporate Governance

Cincinnati -- Macy’s on Wednesday announced several key initiatives to drive its growth going forward, ranging from new store ventures to digital efforts to an international foray.

Macy’s may be counting on key growth initiatives to generate sales during the holidays after reporting another disappointing quarter of financial results.

The company says same store sales declined 2.1% in the second quarter ended Aug. 1. Profit fell to $217 million, or 64 cents a share, from $292 million, or 80 cents a share, a year earlier. Total sales fell 2.6% to $6.1 billion, missing analysts’ estimates for $6.23 billion. Gross margin narrowed to 40.9% from 41.4% a year earlier.

New York -- Macy’s CEO and chairman Terry Lundgren is talking about why the department store giant decided to stop carrying Donald Trump’s menswear collection.

In a report on CNBC, Lundgren said the decision was a business one.

Seattle -- REI has named its first-ever CIO. The outdoor specialty retailer company is also on the hunt for talented techies to join its ranks.

REI promoted Julie Averill to CIO, where she will continue to lead REI’s technology organization. A 25-year technology veteran, Averill joined REI in 2014 and most recently served as VP of information technology.

Photo: At Broadway and 68th, a 30,000-sq.-ft. store takes shape.

New York -- Lowe’s is giving an overhaul to its store format strategy when it makes its Manhattan debut on Aug. 17.

The North Carolina-based retailer is set to open two stores in the Big Apple, with the first opening on the Upper West Side on Monday, and the second, in the city’s Chelsea neighborhood, in September.

REI has grown to 140 stores in 33 states with a sizable e-commerce operation. Imagine what the company will be able to do now that it has finally named a chief information officer and gotten aggressive about recruiting technology talent.

The national outdoor specialty retailer elevated Julie Averill to the role of CIO after the 25 year technology veteran joined the company last year as senior vice president of information technology. She joined REI from Nordstrom where she served as the department store retailer’s vice president of technology.

Barnes & Noble is tops when it comes to the most powerful “Back-to-School” retail brands, according to a new survey.

New York -- Macy’s has joined the increasing number of retailers tapping into their real estate assets.

Macy’s on Wednesday announced a real estate purchase agreement with developer Tishman Speyer to sell several of the nine floors of the Macy’s store on Fulton Street in Brooklyn, New York. The real estate transaction is expected to be completed in the fourth quarter, and Macy’s is expected to record a gain of approximately $250 million in its fiscal fourth quarter of 2015.