Corporate Governance

Jacksonville, Fla. -- Stein Mart plans to open 10 new stores this year as part of the company's largest store expansion since 2007.

The expansions begin with new locations in the Miami, Washington, D.C., and Las Vegas areas set to open this spring. This year's new store openings will bring the company's total nationwide store count to more than 270.

The announcement of this expansion follows the company's fiscal 2013 same-store sales growth of 3.7%.

Mexico City – Wal-Mart de Mexico reportedly plans to increase business investment 7% during fiscal 2014 as it shifts focus from opening new stores to remodeling existing stores. According to Reuters, Wal-Mart de Mexico will spend about $1.1 billion in fiscal 2014, while increasing total floor space by about 5%.

Tokyo – Major Bitcoin exchange Mt. Gox has reportedly gone offline with no advance notice or explanation. According to NBC News, the Mt. Gox website is blank, its offices are closed, its Twitter account has deleted all tweets, and all trading has been halted.

London -- Interbrand announced that it has acquired one of the United Kingdom’s leading international retail design consultancies, HMKM. The move, which recognizes the importance of brand experience in an increasing digital and omnichannel retail environment, brings together two highly complementary companies, uniquely prepared to meet the challenges of the current retail landscape, Interbrand said.

Houston - Concerned Pantry Shareholders (CPS), a group led by JCP Investment Management LLC and Lone Star Value Management LLC, together a significant shareholder of The Pantry Inc. has sent an open letter to the shareholders of The Pantry. The letter highlights what CPS terms the prolonged underperformance at The Pantry and the critical need for significant change in the company's board of directors.

Dallas -- Tuesday Morning Corporation has appointed Douglas B. Sullivan as senior VP for real estate and Michael J. Jones as senior VP and CIO. Most recently, Sullivan served as executive VP for development at Michaels Stores, where he led the company's real estate strategy development and rollout.  

Jones's recent experience includes serving as executive VP and CIO for Florida-based Systemax (TigerDirect), where he was responsible for strategic business systems development, website, technology and support.

Seattle – Starbucks is expanding its Evolution Fresh cold-pressed juice to more than 360 corporate stores in the Chicago and greater Midwest areas. This brings the total number of Starbucks locations and grocery stores offering Evolution Fresh products to more than 9,000 across the U.S.

Oakville, Canada – Tim Hortons is unveiling a strategic four-year growth plan for 2014-2018 called “Winning in the New Era.” The plan, which has specific segments for the Canada, U.S., and international markets, includes the opening of 300 new U.S. locations by 2018.

New York – Macy's Inc.'s fourth-quarter profit increased 11%, but the chain’s sales missed forecasts as ongoing winter storms caused a sales slump in January. The company also announced plans for new Macy’s stores in Sarasota, Fla.; Las Vegas; and The Bronx, N.Y., in fiscal 2014. A new Bloomingdale’s will open in Palo Alto, Calif., to replace an older store in the same shopping center.

True Value's Mobile Order App for smartphones is putting more power into the hands of retailers, according to the co-op.

The True Value mobile ordering app, which began as a concept about 18 months ago, is now in its sixth month of operation. It's in use at about 1,800 retailers making thousands of orders, said Rosalee Hermans, head of information technology for True Value.