eCommerce

It’s official: The long-awaited Westfield World Trade Center in downtown Manhattan is finally ready to open its doors.   Likely to become of the city’s most visited retail destinations, the shopping center will celebrate its grand opening on Aug. 16. With 365,000 sq. ft. of retail space, it will feature more than 100 global and local fashion, beauty, lifestyle and technology brands.  

Target Corp. has tapped another veteran of Amazon to join its supply chain team.   The retailer announced that it has appointed Preston Mosier as senior VP, fulfillment operations, effective Aug. 14.  

Ralph Lauren Corp. swung to a loss in its first quarter as costs related to efforts to turn around its business cut into first quarter earnings. But it still managed to beat Wall Street expectations.   The company lost $22 million, or 27 cents per share, versus net income of $64 million, or 73 cents per share, in the year-ago period.     Revenue in the quarter was down 4% to a better-than-expected $1.55 billion.     

The off-price retailer sector will continue to build momentum and outperform the apparel retail segment during the next five years.   That’s according to a new report, "Off-Price Retailers Continue to Build Momentum on Value Appeal,” by Moody's Investors Service. Off-price retailers are anticipated to experience apparel revenue growth of 6% - 8%, outperforming the broader apparel segment by a collective 4% in the timeframe.  

It’s no secret that Abercrombie & Fitch has been developing a new prototype.   The chain will unveil its new look early next year, at Polaris Fashion Place, in Columbus, Ohio. The store will herald a new direction for the brand with a new aesthetic and updated merchandise selections. It will be situated on the lower level near Madewell.     Abercrombie has already introduced a new look for its Hollister store brand.  

Doug McMillon, president and CEO of Wal-Mart Stores, and Mark Lore, co-founder and CEO of Jet.com, discussed Walmart’s acquisition of the online site and other industry topics on CNBC’s “Squawk Box.”  

Ikea’s upcoming store in Columbus, Ohio, has begun taking shape.   The company said that the structure’s steel framing has progressed far enough to allow for the installation of Ikea’s iconic blue composite panels. Installing the panels is a construction milestone that keeps the store on track to open in summer 2017.  

Regency Centers announced it has closed on land that will house the central shopping center in Tustin Legacy, a master-planned community taking shape in Orange County, California. Development costs are expected to hit $40 million.   The 112,000-sq.-ft. Village at Tustin Legacy will be anchored by a Stater Bros. Market, and Regency reports that 80% of the remaining retail space is leased or committed. It will be the 11th property for Regency in Orange County, following on the recently completed Village at La Floresta in Brea.