News

Barneys New York has promoted its COO to the top job.   Daniella Vitale has been named chief executive officer of the New York-based upscale specialty retailer.    Vitale replaces Mark Lee, who is retiring and will assume the role executive chairman. Lee joined Barneys as chief executive in 2010. He is credited with turning the business around. Lee previously served as CEO of Gucci, and also held positions at Yves Saint Laurent, Armani and Jill Sander. He started his career at Saks Fifth Avenue. 

The number of bankruptcy filings by U.S. retailers nearly doubled in 2016, and 2017 looks bleak for the industry.   That is according to a report by The Deal, a business unit of TheStreet.  

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.  

On the heels of a less than stellar holiday, Target Corp. is scaling back on some parts of its innovation agenda in order to concentrate on its core business.    The Minneapolis Star Tribune reported that Target has scrapped its highly secretive e-commerce startup called Goldfish, and also has shelved a prototype for a store of the future, complete with robots, that was due to be built soon.

Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.   Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.  

Tractor Supply Company shot up by the double-digits in the fourth quarter, with net sales jumping 16.4% over the year-ago quarter.   "While it was obviously a challenging retail environment, our Tractor Supply team managed the business well and drove strong comparable store sales and earnings per share growth," said CEO Greg Sandfort. "Throughout the quarter, the team worked hard to take advantage of weather trends, localize assortments, manage inventory and shorten the supply chain."  

PetSmart has a new strategy to keep its 55,000 employees informed and abreast of key insights.   When the 1,500-store retailer wanted to improving data accessibility across its enterprise, it turned to mobility. The chain began its mobility effort by developing one mobile app in 2010. By leveraging the MicroStrategy 10 mobility platform from long-time partner MicroStrategy, the company now has nearly 20 internal apps that deliver key insights to senior leaders and associates across the enterprise, the company said.   

Cross-border online retail is on an upward trajectory, and a catalyst for domestic retailers to grow their businesses.   That’s according to “The 21st Century Spice Trade: A Guide to the Cross-Border E-Commerce Opportunity,” a report form DHL Express. Based on responses from more than 1,800 retailers and manufacturers in six countries, the study details the markets and products that offer the highest growth potential, and motivate customers to buy internationally.   

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

Nordstrom Rack is going to set up shop in a rapidly expanding area of Los Angles.    The retailer will open an approximately 27,000-sq.-st. store in fall 2017 at FIGat7th, an open-air center in the heart of downtown Los Angeles (DTLA) owned and operated by Brookfield Property Partners L.P.   The new Nordstrom Rack will join Target, H&M, Victoria's Secret, MAC and other retailers and restaurants at the center, which located at 7th & Figueroa Street.