Industry Updates: Discount and Specialty Stores
Apple Inc. issued a statement that its retail Senior VP John Browett abruptly left the company. Another senior-ranking executive, Senior VP Scott Forstall, will exit next year.
No explanation was given for the executives’ departure, but news reports have suggested that recent major missteps made by each could have led to the exits. Apple is seeking a replacement for Browett. Forstall will act as an advisor to CEO Tim Cook until he leaves, Apple said. His responsibilities will be divided among other Apple veterans.
Best Buy has announced the departure of Marise Kumar, Chief Customer Experience Officer and Chief Marketing Officer, who left the retailer for Lowe’s.
Best Buy announced that Sharon McCollam, has joined the company as its new Chief Administrative Officer and CFO McCollam succeeds CFO James Muehlbauer, whose departure was announced last month.
Family Dollar announced that Tammy L. DeBoer has been named Senior VP of Food.
Family Dollar Stores Inc. announced that Kenneth T Smith, former Senior. VP, CFO, has completed his transitional role and has left the company after serving for twenty two years.
Nash Finch reported that Christopher Brown has left the company after a one month transition period and is no longer President/COO of Nash Finch Wholesale.
OfficeMax Exec VP and Chief Merchandising and Marketing Officer Ryan Vero has left the company and has been named Senior VP and President of Grocery, Drug and Pharmacy at Sears Holdings and Kmart..
Mergers and Acquisitions:
Teavana Holdings announced its proposed acquisition by Starbucks Coffee Co. pending future approval.by shareholders of both companies.
Fred’s recently launched its Fred’s Smart Card loyalty program.
Fred’s opened two 8,000 square-foot GetWell Drug and Dollar concept stores with four more pilot openings planned by year’s end. One of the stores is located in Middleton, Tenn., 80 miles east of Memphis.
GameStop Corp. plans to close 200 of its more than 6,600 stores by the end of the year.
Target Corp. announced that it is pursuing Leadership in Energy & Environmental Design (LEED) certification for all Canadian stores opening in 2013. Design plans include conserving energy and water, reducing greenhouse gas emissions and limiting waste sent to landfill, among other features. Target is among the first organizations in Canada to be part of the U.S. Green Building Council’s LEED Volume Program, which streamlines the certification process for multiple buildings of a similar type. This will make Target a leader among Canadian mass retailers when it comes to LEED buildings. Target sites will be renovated for a period of six to nine months prior to opening. An investment of more than $10 million will be spent remodeling each location, including LEED preparations.