News

It’s an odd partnership — at least at first glance.   Neiman Marcus has entered into a partnership with Rent the Runway, which lets shoppers rent pricey designer dresses as opposed to buying them (at a luxe store like Neiman Marcus).       

The 400,000-sq.-ft. retail component of The Source, a new mixed-use project in Buena Park, California will be opening next month, according to developer M+D Properties.   A highlight of the center will be the nation’s first CGV Cultureplex, a concept pioneered by the South Korean movie theater chain CJ CGV. It features 4DX theaters with motion seats and ScreenX, which employs six screens and projectors to surround viewers with movie images.  

As more shoppers become victims of “porch piracy,” they are changing they way they shop — and receive — online orders.   This message was delivered in a new study from Vivint Smart Home, a smart home services provider in North America. The study, which is based on 2,000 people, explores the far-reaching impact of the porch piracy phenomenon — an issue that has affected 23 million Americans, according to a separate study from Princeton Survey Research Associates International.  

Domino’s is replacing delivery men with drones in select locations as it kicks off the world’s first drone pizza delivery service.   Starting Wednesday, Nov. 16, Domino's Pizza Enterprises and Flirtey, a drone delivery service, are launching their first-ever drone-based “store-to-door” deliveries in a test among select customers in New Zealand. The two companies plan to scale up these pizza-by-drone deliveries in the near future, a company statement said.   

Sales were up in the third quarter, but Lowe’s Companies’ financial performance impressed neither its investors nor its CEO.   The home improvement retailer’s net income dropped dramatically, owing to $462 million non-cash pre-tax charges. Net income declined to $379 million, compared to $736 million in the same quarter last year.  

Design Within Reach, which specializes in modern furniture and accessories in the world, is expanding its retail portfolio.   The company opened a 12,000-sq.-ft. store at Westfield Garden State Plaza, Paramus, N.J. The new space features a grand glass atrium entrance, a private VIP valet service and a Chilewich shop-in-shop.     

Encina Business Credit, has provided a $30 million debtor-in-possession (DIP) facility to American Apparel, which recently filed for Chapter 11 bankruptcy protection.   

Nicole Beck, a skilled project management specialist, has joined H.J. Martin and Son as a project coordinator within the company’s fixtures division. In that role, she oversees the installation of functional, appealing solutions for retailers.  

Improving traffic and sales, particularly in the digital channel, helped Target Corp. easily beat third-quarter profit expectations as the discounter raised its year-end outlook.    Target’s profit increased 10.7% to $608 million, or $1.07 cents a share, up from $549 million, or 88 cents a share, in the year-ago period. Adjusted for one-time expenses, it earned $1.04 cents a share, which was better than the 83 cents analysts had expected.  

Gap Inc. has appointed Teri List-Stoll as executive VP and CFO, effective January 17, 2017.   List-Stoll will succeed Sabrina Simmons, whose departure was previously announced. Simmons will shift into an advisory role through the end of the company’s fiscal year.     Most recently, List-Stoll held the position of executive VP and CFO for Dick’s Sporting Goods. She left Dick’s in August 2016.