News

Retailers will be excited by the prospect of employees that are never late and don’t need to take breaks or even be paid, but will customers accept them?
 

Each year, Chain Store Age compiles a ranking of the fastest growing property managers based on the square footage added. See who topped this year’s list.
 
The 27th annual survey of Fastest-Growing Managers tallies new domestic and international third-party management and leasing contracts obtained during the 2015 calendar year and ranks the top performers. As always, the measuring stick is square footage. This year’s fastest-growing third-party managers are taking many roads to growth, from acquisition to a multidisciplinary focus.

Increases in cost of sales, operating expenses and depreciation resulted in net income dropping at Kirkland’s Inc. during a generally disappointing first quarter of fiscal 2016.
 
The specialty home décor chain’s net income totaled $916 million, down 64% from $2.53 billion in the first quarter of the previous fiscal year. Net sales rose 10% to $129.91 million from $118.31 million, below expectations. Same-store sales edged up 0.5%.
 

Best Buy Co. Inc. surpassed Wall Street expectations with rising profits and declining revenues for the first quarter of fiscal 2017, and CFO/CAO Sharon McCollam announced she will retire June 14.
 

Photo: Sam Edelman’s newest store at NorthPark Center opened May 20

Chico’s FAS is nominating two new independent board members as two current members prepare to retire and an investor says it will nominate its own two candidates.
 

Despite improved net sales, DSW Inc. saw net earnings decline substantially during the first quarter of fiscal 2017.
 
The footwear retailer reported net income of $30.01 million, down 37% from $47.37 million in the prior year quarter. Growing cost of sales and operating expenses, as well as a pretax expense from the February purchase of online footwear retailer Ebuys Inc., cut into profit even as net sales rose 4% to $681.27 million, from $655.47 million. Ebuys contributed $15.1 million in net sales.
 

The store is making a comeback. Even online pure plays are laying down bricks and mortar, setting up “shop-in-shop” stores and large flagships to keep pace in the multichannel world.
 

Asda, the U.K. subsidiary of Walmart, wants customers to have unencumbered access to desired products.
 
On the front end, this has meant creating a click and collect service called toyou. On the back end, Asda enables toyou with a seamless fulfillment infrastructure based on Manhattan Associates technology.
 

L Brands subsidiary Victoria’s Secret has named a veteran of the specialty and intimate apparel verticals as its new CEO.

Jan Singer, who served as CEO of Spanx from June 2014 – March 2016, is now CEO of Victoria’s Secret. Previously, she held corporate VP positions at Nike from February 2004 – June 2014.