Corporate Governance

More than 1-in-4 Rite Aid locations now reflect the latest in healthcare retailing — the company's Wellness store format, the concept that serves as a cornerstone to Rite Aid's overall health-and-wellness solution, John Standley, Rite Aid chairman and CEO, told analysts Thursday morning.

"From a strategic standpoint, it's important to note that our Wellness stores will serve as a primary vehicle for launching innovative merchandising solutions, expanded healthcare offerings and, over the next few years, our relocation and new store program," he said.

Cincinnati – Kroger Co. reported a 4% increase in its first-quarter profit, helped by the addition of Harris-Teeter, which the grocery giant acquired in January 2014. Kroger raised its net earnings and same-store sales forecast for the fiscal year.
   
The company earned $501 million in the quarter, up from $481 million in the year-ago period. The payment of $56 million to withdraw from two pension funds negatively impacted Kroger’s net earnings.

Johnson & Johnson has added UPS chairman and CEO D. Scott Davis to its board as director. Davis will serve on the audit committee and the regulatory, compliance and government affairs committee.

Davis has been with UPS for 29 years and was appointed its CEO in 2008. Under his leadership, the company has expanded its logistics network reach and capabilities throughout Europe, Asia and the Americas. Davis plans to retire Sept. 1, and will remain non-executive chairman of UPS’ board.

Oakbrook Terrace, Ill. — Mid-America Asset Management Inc. has announced that the firm recently secured new retail leases on behalf of three shopping centers in Chicago’s northwest suburbs.

Fruitful Yield has taken 6,630 sq. ft. in North Tower Plaza in Elmwood Park, Illinois. The 26,088-sq.-ft. center features Super Cuts, Great American Bagel and Subway. Mid-America represented the landlord, while JLL represented the tenant.

Fremont, Calif. -- The Men's Wearhouse has completed its acquisition of one-time-rival Jos. A. Bank Clothiers. The combined company has more than 1,700 stores, approximately 26,000 employees and sales of $3.5 billion on a pro forma basis.

The final price tag to combine the two retailers was $1.8 billion, or $65 per share.

CEOs from top CPG companies gathered in Paris this week for a meeting of the Consumer Goods Forum where the board voted on a set of common sense initiatives related to health and wellness.
 
The Forum’s board of directors reaffirmed its commitment to the implementation of its Health & Wellness Resolutions published three years ago and said it was committed to leading the industry on several specific fronts, including:

Specialty retailer Batteries Plus Bulbs is doubling down on its existing device repair business with plans to have the service in more than 650 stores by yearend.

Since August of last year, device repair was being tested in 40 markets nationwide and had grown to 275 stores, however the popularity of the service among consumers combined with the surging popularity of smartphones, iPods, tablets and other devices prompted the decision to expand the service to all stores, according to the company.

Plano, Texas - Rent-A-Center Inc. has named Mike Case to VP marketing strategy and insights. Case is responsible for global administration of customer insights/market research, marketing analytics, business innovation, CRM and loyalty.

Recently, Case served as VP marketing and senior loyalty officer for La Quinta Inn & Suites Earlier in his career, Case held leadership positions in organizations such as American Airlines, Brierley & Partners, Sage Telecom, First USA Bank and Virgin America.