News

Wal-Mart increases stake in Chinese e-commerce giant
Wal-Mart Stores keeps upping its investment in JD.com. The discounter has increased its stake in the Chinese online company to 12.1%, (worth about $4.87 billion), from the 10.8% stake it had in October, and the 5.9% stake it had in June of last year, according to a report by Business Insider.
The Container Store to test smaller store format
The nation’s leading home storage products retailer is going to try on a smaller footprint. The Container Store Group on Tuesday said it plans to open locations in Cleveland; Livingston, New Jersey; and Staten Island, New York, as well as relocate its store in Chestnut Hill, Massachusetts.

U.K. retailer set to acquire Nasty Gal

After all was said and done, the formerly high-flying and now bankrupt Nasty Gal had only one suitor. Online British fashion retailer Boohoo moved a step closer to acquiring the Los Angeles-based fashion brand after no other qualifying bidders came forward.
Why controversy is good for Starbucks

Starbucks Corp.’s plan to hire 10,000 refugees over the next five years (in its stores in 75 countries around the globe) has proved to be one of the socially progressive retailer’s most controversial moves to date. The initiative, a response to President Trump’s executive order barring refugees from seven Muslim-majority countries, has many conservatives and Trump supporters calling for a boycott of the coffee chain.
Parent of discount chain and sports brand files Chapter 11 — again

Eastern Outfitters, the parent company of Eastern Mountain Sports and Bob’s Stores, has filed for Chapter 11 bankruptcy protection. The company listed assets and liabilities in the range of $100 million to $500 million in its filing British sporting goods retailer Sports Direct International has engaged in extensive talks with Eastern Outfitters to become a stalking-horse bidder in a bankruptcy auction, Reuters reported.
Report: Alibaba sets up shop in Australia

To tap growing global demand among shoppers in Australia and New Zealand, Alibaba opened its new international office in Melbourne. On Saturday, Feb. 4, the e-commerce giant opened its new headquarters as a means of extending its reach — and product availability — to shoppers across the two countries, Reuters reported.
Dick’s Sporting Goods to take former Sears space at Capital City Mall

Dick’s Sporting Goods will be relocating one of its stores in the Harrisburg, Pennsylvania, metro to space formerly inhabited by Sears at PREIT’s Capital City Mall.
Apple to double size of Fifth Avenue flagship

Apple is going really big in Manhattan. The retailer is expanding its flagship at the General Motors building on Fifth Avenue from its current 32,000-sq.-ft. to over 77,000 sq. ft. The Apple space is renowned for the glass cube located on the street level. While the store is undergoing the expansion, Apple has temporarily moved into a space in the building that was formerly occupied by FAO Schwarz.
North Face exec joins Wolverine

Wolverine World Wide announced the appointment of Todd Spaletto as president of the Wolverine outdoor and lifestyle group. Spaletto will lead the growth of the Merrell, Chaco, CAT, Hush Puppies, and Sebago brands around the world. He brings 23 years of experience in branded apparel and footwear, and most recently served as president of The North Face, where he led the growth of this industry-leading global brand for six years.
Tiffany CEO out

On the heels of disappointing financial results, Tiffany & Co. said that Frederic Cumenal has stepped down as CEO, effective immediately. Cumenal, who had run the company since April 2015, is being succeeded on an interim basis by chairman and former CEO Michael Kowalski, while the company searches for a permanent replacement.