News

Home goods retailer falls short in Q1
Bed Bath & Beyond Inc.’s first quarter profit declined amid flat sales and increased expenses that cut into its bottom-line. The company’s profit fell to $122.6 million from $158.5 million in the year-ago period, less than analysts had expected. Sales remained flat year-over-year at $2.74 billion, also below estimates. Same-store sales decreased 0.5%.
Decision to close stores becomes more complicated for retailers
Some things are easier said than done. And increasingly, that notion applies to closing stores. Although analysts and investors say that retail companies need to continue to shrink their store portfolios, the decision to do has become increasingly complex for merchants, many of whom have already shed their most unprofitable locations, according to a CNBC report.

Survey: So far, so good for 2016

Retail tenants are not only reporting a strong performance for the year so far, but are also optimistic about the next six months.
Macy’s CEO Terry Lundgren to step down

Macy’s longtime CEO, Terry Lundgren, will step down in the first quarter of 2017, to be succeeded by a company veteran. Lundgren, who has been CEO of the department store giant since 2003, is stepping down as the retailer finds itself challenged with a transformed retail landscape and changing consumer demands. He will be succeeded by Jeff Gennette, 55, who was named president of Macy’s in 2014 after serving as chief merchandising office since 2009.
Bookseller names exec to head up new restaurant group

Barnes & Noble is getting serious about restaurants. The bookseller announced it has promoted Jaime Carey, currently COO, to president of development & restaurant group, effective immediately. Carey will be responsible for overseeing the chain’s real estate development and its newly created restaurant group.
Survey: So far, so good for 2016

Retail tenants are not only reporting a strong performance for the year so far, but are also optimistic about the next six months.
Q&A: Wayfair travels ahead of the IT curve

Chain Store Age recently visited Wayfair Next, the in-house innovation lab in the Boston headquarters of online home furnishings retailer Wayfair Inc.

Steven Conine, co-founder of Wayfair and Mike Festa, director of Wayfair Next, discussed the lab’s mission and the importance of innovation in retail.
Ross nears 200 dd’s Discounts locations

Ross Stores will open eight new dd’s Discounts stores in the coming week, bringing the coverage of its moderately priced apparel chain to near 190 units. Ribbons will be cut at stores in Delano, Fairfield, and Stockton, California; Margate and Palm Springs, Florida; Marrero, Louisiana; and Pasadena, Texas.
Simon Completes Philadelphia Mills Renovation

The renovation of Philadelphia Mills, that city’s largest outlet shopping center, is now complete according to owner Simon. New entrances, lighting, flooring, and dining pavilion highlight the project, which was begun in 2014. The renovation attracted several new retailers to the location, among them Express Factory, Rack Room Shoes, Steve Madden, and Starbucks. Longtime tenants such as Saks Off 5th, HomeGoods, and Marshalls followed Simon’s lead with store re-dos of their own.
Nimble small- to mid-level retailers steal share from larger, traditional chains

Think online is the biggest challenge traditional retailers face? Think again.