Corporate Governance

Specialty bedding retailer Mattress Firm has reduced its utility costs by more than $1 million by using an automated energy management system to control its HVAC and lighting.

As cost savings continue to be the name of the game in retail, supply chain has come under even closer scrutiny as a major expense to be controlled. Chain Store Age talked with George Prest, COO of the Material Handling Industry of America (MHIA), about what lies ahead for the supply chain and global trade, as well as the association’s inaugural trade show MODEX, to be held in early 2012. 

What one trend do think will most shape the supply chain in 2012?

Retailers have pulled out the stops this holiday season, especially when it comes to experimenting with cutting-edge digital technologies. But innovation shouldn’t be reserved for the holidays — it is something that should be infused into the shopping experience all year long.

From dazzling LCD/LED video displays to rotating mannequins to staircases with color-changing LED lights, Uniqlo’s Manhattan flagship is massive in scope and bold in design.

The three-level, 89,000-sq.-ft. store is the largest Uniqlo outlet in the world. It’s a big store for a company with big ambitions: Uniqlo parent Fast Retailing Co., the world’s fourth-largest apparel retailer, is targeting $50 billion in global sales by 2020.

At a time when many bookstores, independents and chains, are struggling, Half Price Books remains on an upward trajectory, adding stores and expanding into new markets. The company opened its first store in 1972 in a converted, 1,000-sq.-ft. laundromat in Dallas, and now operates 113 stores across 16 states. It is the largest family-owned new and used bookstore chain in the United States.

New York City -- Mattress Firm Holding Corp. raised about $105.6 million after pricing its initial public offering at the top of its expected range.

The retailer priced the IPO of 5.6 million shares at $19 each. It had expected shares to sell initially for $17 to $19 each.

Mattress Firm said it will use most of the offering's net proceeds — about $95 million after expenses — to repay $84.4 million in debt and pay fees to its biggest shareholder, Boston private equity firm J.W. Childs.

Indianapolis -- The Finish Line announced that Chris Ladd will join the company Nov. 21 as executive VP, chief digital officer. Ladd’s responsibilities will include providing vision, leadership and strategy to develop and implement initiatives across the enterprise including digital and mobile commerce, social media and other key components of the multichannel experience.

He comes to Finish Line from Lululemon, a 150-store specialty retailer of yoga-inspired athletic apparel, where he served as senior VP, Global Ecommerce.

New York City -- With the start of the 2011 holiday shopping season approaching, retailers need to ensure they have plans in place to address the increased risk of a flash mob event, according to Marsh, a leading insurance broker and risk advisor.

Nashville, Tenn. -- Kirkland’s net profit in its fiscal third quarter as operating expenses and cost of sales rose, and same-store sales declined. But its results still beat Wall Street's expectations. The company earned $1.2 million, compared with $2.3 million a year earlier.

Operating expenses rose 8% to $31.3 million, while the company's cost of sales rose 7% to $60.9 million.

Sales rose 5% to $97.1 million, from $92.7 million. Same-store sales were down 3.6%.
 

El Segundo, Calif. -- Fresh & Easy Neighborhood Market announced it is hiring for more than 20 stores that are set to open early next year.

The company expects to hire more than 600 employees for the new stores, which will be opening in California and Nevada.