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Department Store

  • Tiffany on hunt for new CFO

    The chief financial officer of Tiffany & Co. is stepping down. The high-end jeweler disclosed in a regulatary filing that CFO Ralph Nicolette is resigning, effective May 20, 2016. Nicolette, who was appointed to the position In April 2014, is leaving to become CFO of consumer products company Newell Brands Inc. (Newell was formerly known as Newell Rubbermaid.) Prior to Tiffany, Nicolette was CFO of Cigna Corp., and Alberto Culver.

  • Nordstrom joins retail bloodbath

    Even luxury department stores got no love from shoppers in the first quarter. Following a pattern set by Macy’s and Kohl’s, Nordstrom reported dismal results for the first quarter, including a steep drop in profit, with the only positive sign being the company’s off-price division. The retailer lowered its full-year outlook.

  • Big surprise from Sears—a new store format

    Sears Holdings has been making news lately mostly by closing stores. But in an unexpected move, the troubled retailer announced plans to test a freestanding appliance specialty store concept .

  • Spring retail funk hits Kohl’s as Q1 profit plunges

    Call it a spring retail funk. The day after Macy’s posted disappointing results for its first quarter, Kohl’s Corp. upped the ante, reporting an 87% drop in net income amid heavy one-time costs. Kohl’s net income for the three months that ended April 30, was $17 million, down 87% from the $127 million Kohl's earned in the year-ago period. Excluding impairments, store closings and one-time costs, net income was $58 million, down 55%.

  • In the Mix(ed Use) at RECon

    ICSC’s annual RECon convention has long been a rite of spring for many real estate professionals. For three decades, RECon has brought dealmakers and decision-makers to Las Vegas, and today the event regularly attracts more than 30,000 attendees.

  • Rough going for Macy’s

    Macy’s on Wednesday reported its fifth consecutive decline in same-store sales, and announced plans to improve its performance, from new product launches to more off-price shops. The nation’s largest department retailer also reduced its sales and earnings guidance for the year. Similar to many retailers, Macy’s is challenged by an overall retail environment marked by sluggish traffic, increased competition and cautious consumers.

  • Bon-Ton exec joins Gordmans’ management team

    Gordmans Stores has appointed Michael F. Ricart senior VP stores, effective May 9, 2016. Ricart joins Gordmans from Bon-Ton Stores Inc. where he was senior VP stores since 2012. He the company in 1999 as a regional VP stores and has held several roles of increasing responsibility during his 16 years tenure. Prior to Bon-Ton Stores, he held multiple positions in buying and store operations at Macy's.

  • Gap Q1 sales plummet; talks streamlining

    The nation’s largest U.S. apparel retailer is looking to streamline its model. Amid first quarter same-store sales declines across all its brands, Gap Inc. said it is identifying opportunities to streamline its business to be more efficient and flexible. The retailer also is evaluating its Banana Republic and Old Navy store fleets, mostly outside of North America, with an eye to sharpening its focus on geographies with the greatest potential.
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