News

Adidas, New York City
The new, 45,000-sq.-ft. adidas flagship in New York City is the athletic giant’s largest store in the world — and its most brand immersive. Sleek and ultra-modern looking, the store marks the debut of adidas’ stadium retail concept, which is inspired by high school stadiums and celebrates creativity in sport. It features a tunnel entrance, high-school reminiscent bleacher stands for live-game viewing on big screens, locker room-styled dressing rooms and track and turf sections where customers can try out products.
Exclusive: Cavender’s saddles up for cloud-based WFM
It’s not easy for a family-owned company to phase out its homegrown systems in favor of automation. Cavender’s Boot City has not only taken this bold step, but it’s upping the ante even further as it transitions its workforce management (WFM) platform to the cloud. Cavender’s is a 90-year-old western specialty retailer that continues to grow — even while it maintained homegrown IT systems, including a legacy-based WFM operations.

Big Lots raises outlook

Big Lots raised its full-year guidance even as it posted a sales decline in its first quarter. The discounter reported net income of $1.4 million amid improving profit margins, after reporting a loss in the same period a year earlier. Gross profit margin edged up by nearly a full percentage point to 40% of sales. Revenue fell 1% to $1.11 billion, just missing Street forecasts. Same-store sales were flat.
Howard Schultz says he is ‘all in at Starbucks ... at this time’

CNBC nabbed the first interview with Starbucks CEO Howard Schultz and COO Kevin Johnson since Schultz announced he would step down in April, and be succeeded by Johnson.
Ascena Retail Group swings to Q1 profit but misses Street

Ascena Retail Group reported a profit in its first quarter on lower costs, but it missed Wall Street expectations. The company, whose banners include Ann Taylor, Loft, Lane Bryant, Dress Barn and more, reported net income of $14 million, or $0.07 per diluted share, in the first quarter, compared to a net loss of $18 million last year, or $0.10 per diluted share. Ascena’s income for the first quarter reflected lower purchase accounting adjustments and acquisition and integration costs.
Fast-growing home décor superstore names COO

With plans to expand to some 600 stores, At Home Group Inc. has appointed a chief operating officer and expanded its board with a Gap Inc. veteran. The retailer, which currently operates 123 stores, said it promoted chief stores officer Peter Corsa to COO. Corsa, who joined the company in 2013, will continue to be responsible for store operations, loss prevention, distribution and logistics in addition to assuming oversight of inventory planning and allocation.
PayPal: One-third of Thanksgiving, Black Friday sales were mobile

Mobile commerce drove healthy bottom lines for retailers industry-wide during Cyber Week, and PayPal witnessed the experience first-hand. The payment processor said one-third of all payment volume on its network during both Thanksgiving Day and on Black Friday occurred on mobile devices, according to Tech Crunch.
Visa acquisition adds new level of digital commerce security

Visa’s new acquisition promises consumers more digital security when making payments on their laptop, mobile app, or connected device. Visa is acquiring e-commerce payment authentication provider CardinalCommerce, a move that will enable the card issuer to deliver shoppers more secure, seamless digital payments, and help accelerate digital commerce. While Visa did not disclose financial terms of the transaction, the deal is expected to close in Visa’s second fiscal quarter 2017.
Starbucks CEO Howard Schultz stepping down; will hand reins to company COO

Howard Schultz is leaving his post as CEO of the company he built into a global coffee empire, but he’s not retiring. Schultz will step down as CEO of Starbucks Corp. on April 3, at which time he will be appointed executive chairman and shift his focus to the company’s new upscale initiatives — the design and development of Starbucks Reserve Roasteries around the world and the expansion of the Starbucks Reserve retail store format — along with its social impact programs.
Analysis: A Good Fit? Canadian Firm Acquires American Apparel

It’s been quite a tumultuous few years for American Apparel. Between its signature oversexed ad campaigns, founder and former CEO Dov Charney’s fall from grace, and ongoing financial trouble, there’s no shortage of controversy surrounding the apparel company. Most recently, American Apparel filed for bankruptcy for the second time in 13 months amid a $66 million acquisition by Montreal-based Gildan Activewear Inc.
S2 Capital has expansion plans for Richmond-area center

McLean, Virginia-based S2 Capital Partners has purchased an 8-acre center on the outskirts of Richmond with plans to build it out to its full potential. The company paid $12 million for the 52,000-sq.-ft. Stonebridge Marketplace, and principal Rob Seidel told Richmond Biz Sense that it plans to add 7,200-sq.-ft. and 8,400-sq.-ft. buildings to fill out the strip that fronts a 123,000-sq.-ft. Kroger Marketplace. Current tenants include Firestone, Panda Express, Mattress Firm, Qdoba, and AT&T.
Cole buys Baltimore Sam’s Club property

VEREIT has purchased a 10.5-acre Sam’s Club property in Timonium, Maryland—just north of Baltimore — for $18.3 million in cash. “The seller was able to secure an early lease extension prior to the sale, which created a well-positioned, long-term passive investment for the new ownership,” said Jon Busse, Senior VP at Colliers International, which handled the deal on behalf of the seller, Diamond Timonium LLC.