Corporate Governance

99 Cents Only recently changed its fiscal year from the Saturday closest to the end of March, to the Friday closest to the end of January, to be in line with its retail industry peers. But during the shortened fiscal year consisting of 44 weeks, from March 31, 2013 to Jan. 31, the company widened its net loss.

Total net sales were $1.53 billion, down 8% from $1.66 billion. Same-store sales rose 3.7%.

St. Louis – Save-A-Lot will open a new 140,000-sq.-ft. food distribution center in Aurora, Colo., in June 2014. Save-A-Lot currently services its stores in this market out of the company’s distribution center located in Dallas.

Pep Boys is looking to accelerate a range of digital and physical offerings as part of a strategy called, “Road Ahead,” after the omnichannel efforts resulted in 152% growth.

Pep Boys operates 800 locations in 35 states with 7,500 service bays which differentiates the company from parts-only players such as AutoZone and Advance Auto Parts who perform basic services in their parking lots such as changing batteries or wiper blades.

By Jim Rallo, president, retail supply chain group, Liquidity Services Inc.

The retail industry has seen its fair share of challenges in recent years with decreased foot traffic through stores as consumers move online to purchase products. Regardless of where consumers purchase goods, returns are an issue with the NRF estimating the amount of merchandise returned in 2013 totaling $267.3 billion.

Atlanta -- Simon Property Group said it will undertake a series of improvements to Phipps Plaza, which is located in Atlanta's Buckhead district.

The plans include extensive interior makeover, providing a fresh new look and feel to the interior space of the mall, with upgraded LED lighting, new paint, new warm wood accents, an updated railing system, luxury soft seating and lounging areas with Wi-Fi connectivity and chargers. In addition, restrooms will be upgraded and a hotel-like concierge service center will be installed.

Gap’s Banana Republic brand has named Marissa Webb as creative director and EVP of design, effective April 28. She will report to global president of Banana Republic, Jack Calhoun.

Webb will be responsible for guiding the brand’s overall creative direction, as well as leading global product design for Banana Republic Women’s, Men’s and Accessories.  

New York -- Best Buy Inc.’s president of U.S. retail stores, Shawn Score, 48, has retired, effective immediately, after spending 29 years with the company. His responsibilities will be assumed by Best Buy’s chief human resources officer, Shari Ballard.

Ballard joined Best Buy in 1993, and has served in a variety of executive positions, moving into the HR position in 2013. Ballard will continue to head up human resources in addition to taking on the new duties.

Hoffman Estates, Ill. -- Sears Holdings has named Arun Arora pany as senior VP and president, Home Services. In his new role with the company, Arora will be accountable for all aspects of the company's Home Services business, including in-home repair services, service contracts, carry-in repair, Sears home improvement services, parts direct, commercial sales (all Sears Holdings product categories) and Sears franchise businesses.