Corporate Governance

Peoria, Ill. -- Cullinan Properties is relocating its corporate headquarters. Cullinan Properties has purchased 18,320-sq.-ft. of space at GEM Terrace Office Condominiums in East Peoria, Illinois from EM Properties. The entire building is 26,000-sq.-ft. and features steel-frame construction and a glass-curtain wall exterior.    Other occupants of the building include Heritage Bank, Validus Technologies, Legacy Investments Services and Consociate Dansig Group. 

Walmart’s Japanese subsidiary Seiyu plans to close 30 stores and remodel 50 others next year in an effort to strengthen its every day low price strategy.

Los Angeles -- PizzaRev, a fast-casual build-your-own pizza concept, is adding five franchise groups to develop the brand throughout Denver, Washington D.C., Las Vegas, Long Island, New York and Columbus, Ohio. PizzaRev plans to open at least 40 franchise locations across the markets.   Beyond its 12 corporate locations in greater Los Angeles, PizzaRev currently operates franchise locations across four states.  

Technological advancements and shifting shopper expectations have prompted Meijer and GE Lighting to embark on a major merchandising and first-of-its-kind education initiative.

As incandescent bulbs continue to disappear, the retailer and its largest light bulb supplier are creating a new shopping experience which will help shoppers navigate the many new options available as they prepare for the longer winter nights.

Indianapolis –- Consumer electronics retailer Hhgregg Inc. swung from profit to loss in a generally difficult second quarter of fiscal 2014. Hhgregg reported a net loss of $10.38 million, compared to net income of $3.68 million in the same quarter the prior fiscal year. Net sales dropped 11% to $505.86 million from $568.31 million. Same-store sales declined 11.4%. Growing expenses and declining gross profit helped push the chain into the red.

Minneapolis –- Hair salon chain Regis Corp. and specialty footwear retailer Red Wing Shoes both recently engaged Insight Inc. to refresh their store systems.

 

Regis rolled out the Insight Retail Ready program to refresh its network infrastructure, server, wireless and points of sale in more than 2,000 U.S., Canada, and Puerto Rico SmartStyle salons located in Wal-Mart stores. 

New York –- Online retailer Gilt has added the Alipay EPass payment option to its checkout, making it easier for consumers in China to shop using its e-commerce platform. The partnership provides a more seamless experience for Chinese Gilt members, allowing them to pay through their existing Alipay accounts directly on the Gilt website.  

Atlanta -– Net income at Havertys dropped 17% to $7.82 million in the third quarter of fiscal 2014 from $9.49 million in the same period the previous fiscal year, with higher selling, general and administrative (SG&A) expenses dampening profits. Havertys plans to open one new store in the fourth quarter of fiscal 2014 and four in new stores in the first half of 2015, three in new markets.   Net sales climbed 3% to $198.5 million from $192.72 million. Same-store sales rose 1.9%.