News

Mattress Firm and Steinhoff — done deal
A South African-based company is now the owner of the largest mattress retailer in the United States. Steinhoff International Holdings NV announced it completed its acquisition of Mattress Firm Holding Corp. As a result of the completion of the transaction, which was first announced in August, Mattress Firm’s common stock will no longer be traded on the NASDAQ stock market.
Store traffic is down and it may not come back. What should retailers do about it?
By any measure, empirical and anecdotal, the number of people visiting retail stores is down. There are plenty of theories about why: it’s the mass movement of shoppers to online; it’s changing consumer preferences; it’s the weather; it’s those pesky, hard-to- figure-out millennials who would rather hunt for Pokémon than bargains at the mall.

Unusual deal gives Aeropostale new lease on life — and it just got better

A first-of-its kind arrangement has saved Aeropostale. A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.
Warehouse, London
Inland sells FedEx facility

Inland Private Capital Corporation has sold a FedEx Ground facility in Zionsville, Indiana, for $37.1 million. The 303,000-sq.-ft. FedEx center was constructed just two years ago on the property, which covers two land parcels totaling 49 acres in the town 17 miles northwest of downtown Indianapolis.
Report: Contact centers 'out of touch' with consumer needs

Industry observers are reporting that customer service is on the decline. The culprit: contact centers.
Under Armour names new president

Jason LaRose has been named Under Armour’s president, North America. LaRose succeeds Matthew Mirchin, who will transition to the role of strategic advisor, global rrevenue, effective Oct. 1. The two men will continue to closely work together to “accelerate our footprint in North America,” Kevin Plank, founder and CEO of Under Armour said in a statement.
U.S. department store retailer continues Canadian expansion

Nordstrom is continuing to grow its footprint in Canada. The retailer on Friday opened its store at CF Toronto Eaton Centre, the company's second international flagship location since opening at Pacific Centre in Vancouver, British Columbia, last fall.
Rent-A-Center improves customer lease processing

Rent-A-Center customers can now attain merchandise even faster. The rent-to-own retailer added Provenir Cloud, from risk analytics and decisioning solutions provider, Proviner, to support the processing of customer applications for lease purchase agreements across its Acceptance Now division. AcceptanceNow partners with a variety of furniture, appliance and other retailers, increasing shoppers’ accessibility to high quality brands.
Target CEO rallies his troops

Photo: Brian Cornell
Target Corp. CEO Brian Cornell made a rousing appeal to the chain’s associates at the company’s annual fall meeting. "We have 137 days in front of us to turn this into a winning year, to start that second-half rally," he said, the Star Tribune reported.