Department Store

New York — Wal-Mart Stores named  Greg Penner, 44, to the new role of vice chairman, a move that positions him to be a successor to chairman Rob Walton. Penner, 44, is Walton’s son-in-law and has served on the board since 2008. The appointment was announced Friday morning at the company's shareholders' meeting.

The move strengthens the Walton family’s control of the board. Walton, 69, is the son of Wal-Mart founder Sam Walton.  

New York -- Costco Wholesale Corp. was among the retailers who topped sales expectations in May as warmer weather encouraged consumers to go out and shop.

Costco’s same-store sales rose 6% in May, with a 6% rise in U.S. sales and a 4% increase in international sales, better than analysts had expected.

At L Brands, owner of Victoria's Secret and Bath & Body Works, same-store sales were up 3 in May, better than projections. Total revenue for the month rose 4% to $763.6 million.

No company hired more veterans last year than Walmart, but that distinction was only enough to earn the company the 23rd spot on Military Times annual ranking of the best companies for veterans.
 

From the 156-year-old Macy’s to the online startup Zady, Fast Company’s annual ranking of “The World’s Top 10 Most Innovative Companies in Retail” shows how diverse the retail landscape had become — and the changing nature of retail innovation.

Here’s a quick recap (I’ve added some comments following Fast Company’s qualifiers):

1. WARBY PARKER: For being the Warby Parker of Warby Parkers.

Persistent winter weather took a bite out of Stein Mart’s net income in the first quarter, but the retailer rallied once the weather improved. It closed the quarter with total and comparable-store sales increases, and the upward trend has continued through May.

The company reported total sales for the four-week period ended May 31 of $109.6 million, a 2.2% increase over total sales of $107.3 million for the four-week period ended June 1 last year. Comparable store sales for the month increased 0.4% from comparable store sales for the same month last year.

Emma & Roe, a new concept from Australia-based, global jewelry retailer Michael Hill International, has opened its doors in Queensland, Australia. Focused on the jewelry charms business, Emma & Roe stands out for its bold but feminine visual stylings. Clean lines are accented with touches of elegance to balance Emma & Roe’s sophistication and moments of playfulness. The color palette features a signature berry color, complemented by a fresh, youthful bright pink and a neutral slate grey.

Store closings are hardly an infrequent topic in this space. As a barometer for both the performance of individual brands and the market at large, they are an important part of the equation for any retail analyst. Store closings are part of healthy portfolio management for any brand, and, on a larger scale, bankruptcies and reorganizations are a reflection of the market at work.

Middleton, Wis. -- American Girl, a division of Mattel, announced plans to open its newest store at Scottsdale Quarter, an open-air lifestyle center owned by Glimcher Realty Trust and located in Scottsdale, Arizona.

The 12,000-sq.-ft. store is slated to open in late summer of 2015 and will be located within a new 180,000-sq.-ft. expansion of the property.