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News Briefs

  • 7/22/2024

    Wayair to hold Black Friday sale — in July — with free shipping

    Wayfair store Chicago

    Wayfair is celebrating Black Friday a few months early. 

    The online home furnishings giant will celebrate "Black Friday in July" with four days of sales, including flash deals that drop every 24 hours and a limited quantity of doorbusters at "jaw-dropping prices" across brands such as Blackstone, Cuisinart, GE and Sealy. The event, which includes free shipping sitewide, will kick off on July 26 at midnight ET.  

    Customers can shop the sale online or in-person at Wayfair's stores, including its new large-format store in Wilmette, Ill., and at AllModern, Joss & Main and Birch Lane retail stores. The sale will run across Wayfair's brands. Wayfair Professional members will have access to Pro-exclusive deals. 

    "We are excited to bring a Black Friday sale to our customers this July, with our best deals since Way Day," said Jon Blotner, chief commercial officer, Wayfair. "This sale provides our customers with tremendous value and selection to outfit their homes and businesses with just what they need to enjoy the rest of summer or prepare for back to school."

    Wayfair generated $12.0 billion in net revenue for the year ended December 31, 2023. The company is headquartered in Boston.

  • 7/22/2024

    Ross expands footprint with summer store openings

    Coeur d'Alene, Idaho USA - May 30 2023: General view of the entrance and facade of a Ross Dress For Less, an American chain of discount department stores, in Coeur d'Alene, Idaho, USA; Shutterstock ID 2311941335

    Ross Stores opened two dozen stores in June and July, continuing its growth in several key states.

    The discount apparel company opened 21 Ross Dress for Less locations and three DD’s Discounts stores across 17 different states in the two months. The new locations are part of the company's plans to add approximately 90 new stores, comprised of about 75 Ross and 15 DD’s Discounts locations, during fiscal 2024.

    "These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets," said Richard Lietz, executive VP of property development at Ross Stores. "This summer, Ross expanded its footprint in several existing markets and added locations in Michigan, Minnesota, and New York, states we entered last year, while dd's also expanded its presence in Colorado, Pennsylvania and Texas. Looking ahead, we remain confident in our ability to grow to at least 2,900 Ross Dress for Less and 700 DD’s Discounts locations over time."

    In its most recent financial report, Ross Stores reported better-than-expected first-quarter earnings and revenue even as inflation continues to squeeze its core shoppers. Ross’ net income totaled $488 million, or $1.46 a share, for the quarter ended April 29, compared with $371 million, or $1.09 a share, in the year-ago quarter. Revenue increased 8% to $4.9 billion, topping estimates of $4.83 billion. Same-store sales were up 3%, primarily driven by an increase in traffic.

    [READ MORE: Major retailers see store visits rise in Q1]

    Dublin, Calif.-based Ross Stores now operates a total of 2,148 locations in 43 states, the District of Columbia and Guam.

  • 7/19/2024

    Report: Conn’s to close 100 stores, considers bankruptcy

    Conn's

    Conn’s may be downsizing its store portfolio. 

    The struggling, Texas-based retailer of furniture, mattresses, appliances and consumer electronics may close about 100 locations and liquidate the inventory as part of a possible Chapter 11 bankruptcy filing, reported Bloomberg.  

    Conn’s currently operates more than 550 stores across 15 states. Of the total, 378 are dealer-owned as part of its franchise model.  

    Conn's has been struggling amid increased competition and amid a general downturn in consumer competition spending on discretionary purchases, including furniture. The company's total consolidated revenue declined 7.8% to $1.2 billion in 2023, with a 9.1% decline in total net sales and a 3.6% reduction in finance charges and other revenues.

     In June, Conn’s  received a delinquency notification from the Nasdaq Stock Exchange, indicating it was not in compliance with Nasdaq Listing Rule 5250 (the Rule) because of the company’s delay in filing its most recent 10-Q report for the quarter ended April 30. Conn’s was given 60 days, or until Aug. 19, 2024, to submit to Nasdaq a plan to regain compliance.

  • 7/19/2024

    RetailROI ‘SuperSaturday’ 2025 open for registration, sponsorships

    RetailROI

    RetailROI is hosting its annual SuperSaturday event the day before NRF 2025: Retail’s Big Show kicks off in January 2025.

    Celebrating its 16th year, RetailROI is once again bringing together retail thinkers for in-depth discussions on retail technology. Registration and sponsorships for the event, which in January 2024 featured keynote speaker Darryl McDaniels (“DMC” from pioneering New York City rap group Run DMC), are now open at https://www.retailroi.org/supersaturday.

    Cost of Social Worker Turnover calculator gains traction

    RetailROI is also announcing early success with the new Cost of Social Worker Turnover calculator it developed with Avanade, a leading Microsoft solutions provider. 

    The free web-based tool is designed to address high turnover among child welfare workers by helping states, agencies and legislators accurately quantify the short- and long-term financial impacts of pervasive child welfare worker turnover, while also advocating for initiatives to reduce it. 

    In about three weeks since launch, RetailROI reports it has reached 30 states and U.S. territories and more than 90 different total people have used the tool thus far. 

    [READ MORE: RetailROI partners with Avanade to track turnover among children's social workers]

    RetailROI is a grassroots charitable organization made up of people in the retail industry who use their skillsets, networks, and funding to raise awareness and provide assistance for more than 400 million vulnerable children worldwide, including 143 million global orphans as well as foster children. 

  • 7/18/2024

    Mod Pizza acquired by Los Angeles-based restaurant group

    Mod Pizza

    Mod Super-Fast Pizza Holdings has a new owner.

    In a move that will help it avoid bankruptcy, fast-casual artisan pizza chain Mod Pizza has been acquired by Elite Restaurant Group, whose other brands include Patxi’s Chicago Pizza, Daphne's California Greek, Gigi’s Cupcakes, Marie Callender’s and more. The purchase price of the transaction was not disclosed.

    The deal comes after reports earlier this month that Mod Pizza was preparing a potential bankruptcy filing. The company, once considered one of the industry’s fastest-growing fast-casual brands, had more 540 locations across 29 states and Canada as of January.  Mod, which has been working to rightsize its portfolio and improve its customer experience, has closed 44 locations so far this year.

    “MOD has an outstanding culture and passionate, loyal guests and employees,” stated Michael Nakhleh, president and owner of Elite Restaurant Group, which is based in Los Angeles. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”

    In January, Mod Pizza named hospitality and restaurant veteran Beth Scott as CEO. Scott Svenson, who co-founded the company in 2008 with his wife Ally and led the business for the past 15 years, assumed the role of executive chairperson.

    [READ MORE: Mod Pizza names new CEO as founder moves on to new role]

    MOD is a beloved brand with a strong following,” Scott, said in a statement published by the Los Angeles Times. “We’re excited to work with Elite Restaurant Group to strengthen MOD.”

    Latham & Watkins LLP represents Mod Pizza in the transaction.

  • 7/17/2024

    Cushman & Wakefield names executive director of South Central office

    Hayden Littlefield

    Cushman & Wakefield has added new talent to its team.

    The real estate firm has announced that it has hired Hayden D. Littlefield as an executive director for its Valuation & Advisory practice in the South Central region. Based out of the firm’s Dallas office, Littlefield has over three decades experience in commercial and special use property appraisals, business development and third-party appraisal review services. He is a certified real estate appraiser in the states of Alabama, Pennsylvania, New Mexico, Louisiana, North Carolina, and Texas.

    “Hayden’s vast experience and deep understanding of the real estate market will significantly enhance our team’s capabilities,” said Kenneth B. Levenson, executive managing director and market lead – South Central Region. “His leadership and expertise in handling complex valuation projects will add tremendous value to our clients and our organization.”

    Littlefield joins Cushman & Wakefield from Newmark, where he served as a senior director and helped start the Newmark Valuation & Advisory group. He specializes in the valuation of retail properties, including a variety of property types, including apartments, industrial facilities, professional and medical offices, land and special purpose properties, including marinas. His previous roles include VP at CBRE Valuation Services and senior appraiser at Aaron & Wright.

    “Hayden’s addition to our team underscores Cushman & Wakefield’s market dominance in complex retail assets, particularly malls,” said Richard Latella, executive managing director and Retail Practice Group leader for Valuation & Advisory. “His extensive experience with high-profile retail clients and his ability to navigate intricate valuation challenges will further solidify our leadership in this sector.”

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