Retail

Matthews, N.C. -- Shareholders of Harris Teeter Supermarkets on Thursday voted overwhelmingly to approve the previously announced merger with The Kroger Co.
 
Under the terms of the agreement, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own.

Upon closing of the transaction, Harris Teeter’s common stock will no longer be publicly traded and Harris Teeter will be a wholly owned subsidiary of Kroger.
 

Harris Teeter’s shareholders voted to approve the previously announced merger agreement among Harris Teeter, Hornet Acquisition and Kroger.

Approximately 98.6% of the votes cast were in favor of the agreement, representing approximately 82.5% of Harris Teeter’s outstanding common stock as of Aug. 22.

Across America, big-box centers are powering back up

Power centers have proven themselves to be a resilient asset class in recent years. First the recession cut into business. Then e-commerce leveled some of their big-box tenants, hurt others and ignited a downsizing trend.

Yet research from Washington, D.C.-based CoStar Group shows that only 2% of power centers have vacancy rates of 40% or higher and probably won’t recover. Another 6% have vacancy rates of 20% to 40% and are in serious condition but may recover.

It’s easy these days to get caught up in the frenzy as online sales growth outpaces total retail sales growth. But let’s not lose sight of an important fact: The physical store still remains the most crucial brand touchstone for shoppers. It’s also where the overwhelming majority of retailers still rack up their volume. And according to nearly every reputable forecast, that isn’t likely to change anytime soon.

Sister publication Drug Store News has learned that Mary Kelly has been appointed EVP and chief merchandising officer at Rexall Pharma Plus.

Kelly, who has more than 26 years of experience leading business teams in Canada and the United States, joins the company after four years at Shoppers Drug Mart, most recently as EVP, merchandising and category management. Prior to that, Kelly served 17 years at Target in a variety of key leadership positions in merchandising and pharmacy, and at Revco Drug Stores and Eli Lilly before that. 

New York - Fairway Group Holdings Corp., the parent company of Fairway Market, is opening a 65,000-sq.-ft. store in Nanuet, N.Y., on Oct. 10.

"We're excited to make our newest home at this premier shopping destination in Nanuet and are also very pleased to be creating more than 300 new jobs in the area," said Charles Santoro, Fairway Market's executive chairman.

JustFab blends fashion, commerce and technology in its first physical store

JustFab, the fast-growing fashion subscription e-commerce brand, has joined the growing ranks of pure online players venturing into brick-and-mortar. The company made its retail debut in Glendale Galleria, Glendale, Calif., opening a 3,000-sq.-ft. flagship that combines digital and traditional retailing.

Supermarket chain Raley's is teaming up with a web portal that offers discounts to members of the chain's loyalty card program.

Aisle50 announced the partnership with the California-based chain, which will offer it at all its 120 Raley's Bel Air and Nob Hill Foods locations. Aisle50 works by allowing customers to purchase items online and then pick them up in the store, receiving discounts using their loyalty cards.