Corporate Governance

Walmart has announced plans to launch a smartphone trade-in program on the same day Apple announced the iPhone 5s, featuring an all-new A7 chip and a 64-bit desktop-class architecture for fast performance, as well as the iPhone 5c, which builds on the iPhone 5 and comes in five different colors. 

Restoration Hardware plans to open full line design galleries in Greenwich, Atlanta and Los Angeles in 2014, and is currently in negotiations to open more than 30 locations in other key markets. The next generation full line design galleries will be larger and showcase the company’s assortment and new businesses.

Philadelphia -- Five Below saw net income surge to $4.1 million for the quarter ended August 3, up from $1.2 million in the year-ago period. Sales climbed 34.9% to $117.1 million from $86.8 million, and same-store sales increased 6.6%. The company had, by the quarter’s end, opened 32 of its previously announced 60 new stores on tap for 2013.

Washington, D.C. -- Walmart VP of global technology services and strategic partnerships Fumbi Chima has been elected to the World Affairs Council – Washington, D.C., board of directors.

Chima is responsible for Walmart’s vendor management office, project management office and its global technology services office in India, as well as the IT asset management team.

Boston -- City Sports announced that it will open its latest retail store this week at 225 Franklin Street, marking the company's eighth store in its hometown Boston market and first in the city's financial district.
 
The Franklin Street store will open the week of Sept. 9, giving a fresh look to the space once occupied by State Street. This will be the brand's second new store in the Boston area this year, following the opening of City Sports' Chestnut Hill location at The Street this past spring.

Dallas -- Tuesday Morning Corp. said it has appointed Jeffrey Boyer as executive VP, chief administrative officer and CFO, effective immediately. Boyer fills both the existing chief administrative officer vacancy and replaces outgoing CFO Stephanie Bowman.

Boyer previously was CFO, then COO of 24 Hour Fitness Worldwide, and has also served as CFO of Michael’s Stores and Kmart Corp.  

Carlisle, Pa. -- Ahold USA said that Giant Food of Landover, Md., divisional president Anthony Hucker is leaving his position, effective Sept. 13, to pursue another opportunity.

Ahold USA executive VP operations Bhavdeep Singh will oversee the Giant-Landover division on an interim basis until a permanent replacement is named, the company said.
 
Hucker was appointed president of Giant-Landover on October 2011, having previously worked at Walmart.

Pennsylvania Real Estate Investment Trust is repositioning its Moorestown Mall in suburban Moorestown, N.J., by bringing in tenants associated with urban life.

For instance, a number of new tenants include independent chef-owned restaurants like those found in urban edge neighborhoods.

The goal is to reposition the suburban mall with an urban environment.

WinCo Foods has agreed to develop an 85,000-sq.-ft. modern grocery store at Old Orchard Village East in Lewisville, Texas.

WinCo Foods, founded in Idaho in 1967, is an employee-owned discount grocery that operates 87 stores and plans to expand into Dallas-Fort Worth metro region with 15 new stores over the next several years.

The deal will take the Old Orchard Village East center from 60% leased to 100% leased and make it possible to carry out a $20 million transformational redevelopment.

Philadelphia – The Pep Boys - Manny, Moe & Jack has acquired 17 Discount Tire Centers in Southern California from AKH Co. These 17 stores are located throughout the greater Los Angeles market, from Bakersfield to Orange County.