News

Report: Children’s clothing retailer to reorganize
Gymboree Corp. is planning a significant reduction in its store fleet. The retailer is looking to close hundreds of stores part of a restructuring under bankruptcy court protection, The Wall Street Journal reported. The final number of stores, however, has yet to be determined.
Walmart debuts new financing plans
The nation’s largest retailer is introducing special financing for its credit cards that comes with an appealing hook. The new offer provides no-interest financing plans for the Walmart Credit Card and the Walmart Mastercard Credit Card, with plans extending across either six months or 12 months on purchases. Similar to most plans, customers don’t pay any interest during the promotional period. But the Walmart offer is different from most others in that the interest also does not accrue during the promotional period.

Report: Online giant loses top fashion exec

Amazon’s fashion journey may have just hit a bump in the road. Cathy Beaudoin, the online giant’s president of fashion, has left her post — a position she has held for eight years, reported Business of Fashion.
Specialty apparel retailer exiting Canada

The retail environment in Canada is proving more challenging than some U.S. retailers had anticipated. Express said it will close all 17 of its stores in Canada, and discontinue its Canadian operations through its Canadian subsidiary, Express Fashion Apparel Canada Inc. The retailer will continue to operate 635 stores in the United States.
Study: Retailers pull out the stops to compete with the ‘Amazon effect’

The “Amazon effect,” or the impact of digital on traditional retailing, is forcing retailers to step up their game. As retailers strive to incorporate new services to satisfy shoppers both in-store and online, their first priority is adding services to compete with the promise of free shipping.
Retail outpaces other industries in…

Job losses are piling up in the retail industry amid ongoing store closings. The retail industry experienced 11,669 job cuts in April, the highest total among all industries, bringing the year-to-date total to 50,133, according to a report released Thursday from global outplacement consultancy Challenger, Gray & Christmas. That is up 36% from the 36,977 retail-sector job cuts announced in the first four months of 2016.
Outdoor sporting goods retailer Q1 profit plunges

Still awaiting approval on its acquisition by Bass Pro Shops, Cabela’s reported disappointing sales for its first quarter. Total revenue in the quarter decreased 3.4% to $834.9 million, less than expected. Revenue from retail store sales decreased 3.9% to $542 million. Online and catalog sales fell 12.6% to $136.1 million. Same-store sales fell 8.9%. U.S. comparable store sales decreased 9.1%.
Walmart shadow center breaks ground in North Carolina

Maus, Warwick, Matthews & Company have released the names of the first six tenants for a Walmart-shadowed center in Leland, North Carolina, just outside of Wilmington. Petsense, Cricket Wireless, Miyabi Junior Express Japanese Hibachi, Complete Coastal Dentistry, Charlie Graingers barbecue, and Ganey, Byrd & Dunn Insurance will be the first to inhabit Westgate Marketplace. The 31,600-sq.-ft. center is 50% leased.
Amazon extends commitment to AI, drones

The United Kingdom is preparing for Amazon’s newest technology hub — a lab that will focus on innovations from artificial intelligence to machine learning. The online giant plans to open a new 60,000 sq. ft. development center in Cambridge this fall. The facility will have the capacity to employ more than 400 associates, including machine learning scientists, knowledge engineers, data scientists, mathematical modelers, speech scientists and software engineers.
Crate & Barrel taps former Tesco exec as CEO

Crate & Barrel has named a new chief executive some three weeks after it let its former one go. The home furnishings chain has appointed Neela Montgomery as CEO. Montgomery, most recently served as board chair of Crate & Barrel parent Otto Group, will assume the role effective August 1, 2017. She replaces Doug Diemoz, who left in April. http://www.chainstoreage.com/article/crate-barrel-ceo-out
Department store retailer names new finance chief

An executive from Avery Dennison Corp. is headed to Nordstrom. The retailer announced that Anne Bramman is joining the company as CFO effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison, where she has served as senior VP and CFO since 2015. She previously held the CFO position at Carnival Cruise Line, and was also CFO of Henri Bendel, a subsidiary of L Brands Inc.
PEBB acquires second Tennessee property

PEBB Enterprises has acquired Germantown Village Square in Memphis, its second property in Tennessee. The Boca Raton-based REIT paid $28 million for the 199,629-sq.-ft. mixed-use power center, which houses TJ Maxx, DSW, and Petco alongside office space predominantly occupied The West Clinic, a subsidiary of Baptist Memorial Health Services.