News

South African-based retail giant enters U.S. with $3.8 billion acquisition
A company relatively unknown outside its home base has entered the U.S. retail market in a deal to acquire Mattress Firm Holding Corp., the largest mattress retailer in the United States.
Wal-Mart buying Jet.com for $3 billion
Wal-Mart Stores announced it will acquire retail start-up — and would-be Amazon rival — Jet.com for approximately $3 billion in cash. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction. The deal will go a long way to helping Walmart expand its e-commerce growth and customer reach, and also give it more firing power as it competes with Amazon. And Jet.com’s popularity with millennials will help the discounter attract a younger, higher-income customer.

French lifestyle brand to raise U.S. profile with renovated stores, new locations

The brand known the world over for its iconic crocodile logo has a new retail strategy. In a move to enhance its brand in the United States, Lacoste is renovating high-profile locations and opening more impactful, larger-format retail stores in the its key U.S. markets, which include New York, south Florida and southern California.
The pause that refreshes ... at Disney Springs

Another high-profile retail attraction has opened at Disney Springs, Walt Disney World Resort, Lake Buena Vista, Florida. The Coca-Cola store is designed to offer customers an immersive brand experience. Modeled after a 1920s Coca-Cola bottling plant, the store celebrates the history of the brand, starting on the exterior where the glass-accented entry pays tribute to the iconic Coke green glass bottle.
NewMark Merrill completes Colorado ‘lifestyle center’

The first phase of NewMark Merrill’s redevelopment of the Village at the Peaks in Longmont, Colorado — a 500,000-sq.-ft. lifestyle center — has been completed. The company purchased the 50% vacant Twin Peaks Mall in 2012 for $8.5 million and has since pumped $90 million into construction of the new project in a private partnership with the city of Longmont that included a $32 million public bond.
Report: Walmart testing new employee scheduling system

Walmart is testing a new scheduling system designed to improve peak-hour scheduling and gives its employees more certainty about their job schedules, the Associated Press reported. The system was rolled out to the chain’s 650 Neighborhood Market stores in July, and could eventually be deployed across Walmart’s entire U.S. store network, according to the report.
Dollar Tree cutting jobs as part of corporate restructuring

Dollar Tree will eliminate some 370 positions as part of a corporate restructuring related to its acquisition of Family Dollar last year. The cuts, which include 100 vacant positions at its Family Dollar store support center in Matthews, North Carolina, are part of the chain’s ongoing efforts to integrate its support functions through a shared services model.
Home décor retailer to make physical debut

Grandin Road will step into the physical space in what promises to be a frightening debut. The direct retailer of home furnishings and décor will open a Halloween pop-up at Macy’s flagship in Herald Square in New York City. The 1,400-sq.-ft. shop will showcase Grandin Road’s Halloween decoration collection, which has grown steadily over the past decade.
Home decor superstore goes public; looks to grow store portfolio

At Home on Friday started trading its shares on the New York Stock Exchange. The Plano, Texas-based retailer has been growing its store base at a rate of 20% annually for the last three years, reported the Dallas Morning News. It now operate 115 stores in 29 states across the South and Midwest.
HSN taps moves c-suite exec to anchor Cornerstone division

HSN’s CFO and COO is taking a new job, but she won’t have to travel far. Judy Schmeling has assumed the helm of the Cornerstone Brands division of HSN, which consists of home and apparel banners such as Frontgate, Garnet Hill, Grandin Road and TravelSmith. Schmeling, who will continue to report to HSN CEO Mindy Grossman, will maintain her COO position at HSN, and she will remain CFO until a successor is appointed.
Off-pricer rolls out new format

Tuesday Morning is showing off its updated prototype at two locations. The chain’s expanded store at Preston Shopping Center, Dallas, and new store at Parker Central Shopping Center, in Plano, feature new fixtures, flooring, improved lighting and a redesigned store layout that makes it easier for customers to shop. The format also includes an expanded assortment of goods.
Michaels buys Hancock Fabrics brand

Michaels purchased the rights to Hancock Fabrics’ brand and intellectual property for $1.3 million from U.S. Bankruptcy Court in Delaware. The Texas-based crafts retailer takes possession of its ex-rival’s patents and trademarks, as well as its name. Personal and transactional data from 10 million Hancock customers was included in the deal, according to the Memphis Business Journal.