Apparel

Macy’s longtime CEO, Terry Lundgren, will step down in the first quarter of 2017, to be succeeded by a company veteran.    Lundgren, who has been CEO of the department store giant since 2003,  is stepping down as the retailer finds itself challenged with a transformed retail landscape and changing consumer demands.  He will be succeeded by Jeff Gennette, 55, who was named president of Macy’s in 2014 after serving as chief merchandising office since 2009. 

Retail tenants are not only reporting a strong performance for  the year so far, but are also optimistic about the next six months.  

Timberland announced a goal to double its footprint in five U.S. cities by 2020 -- but not in the conventional year.   Each year for the next five years, the brand will choose a different city with a Timberland  store, and match its retail floor space with the creation or restoration of an equivalent amount of green space in that city.  

Restoration Hardware Holdings Inc. (RH) has appointed Hilary Krane to its board of directors, effective immediately.   Krane is the executive VP, chief administrative officer and general counsel of Nike Inc. She will also serve on the board’s audit committee. Prior to joining Nike in 2010, Krane held various roles at Levi Strauss & Co., including senior VP, general counsel and corporate affairs.  

H&M isn’t letting a weak second quarter performance stand in the way of its ambitious expansion plans.   The Swedish retailer’s profit in the quarter, which ended May 31, fell 17% to 5.357 billion Swedish kronor ($649.6 million), according to MarketWatch, as unusually cool weather dimmed sales of spring clothing and a strong U.S. dollar added to its costs. The strong dollar will have a negative impact on purchasing costs for the third quarter and a neutral effect in the fourth, the chain said.  

Specialty apparel retailer Lands' End is making a number of new executive appointments in the marketing and merchandising areas of the company.

Belk Inc. is expanding its senior leadership team.   The company, which operates 293 stores in 16 Southern states, named Randy Whitaker as executive VP, chief stores officer, effective June 27. He comes to Belk after more than 15 years at Victoria’s Secret, having most recently served as executive VP of store operations. His previous roles at Victoria’s Secret include senior VP of finance, real estate and stores, and VP of real estate integration.   

Five Below is adding two more stores to its already considerable Texas portfolio.    The fast-growing extreme-value retailer will open two stores in the Rio Grande section of Texas, in the towns of Brownsville and Mission, on June 24, 2016, giving it a total of 53 locations in the state.    The Rio Grande area stores are two of approximately 85 new Five Below stores is opening in 2016,  on top of  71 new stores it opened in 2015.