Industry Updates: Discount and Specialty Stores – February 2013
99 Cents Only Stores announced that in order to build on recent successes and to execute on the company’s previously announced accelerated growth strategy, Richard Anicetti is assuming the role of Interim CEO. In addition, Michael Fung will join the company as Interim Chief Administrative Officer overseeing finance, information technology, real estate and various administrative functions of the company. In connection with the foregoing changes, Eric Schiffer, Jeff Gold and Howard Gold are no longer employed by the company.
Family Dollar Stores announced that Vice Chair, Strategy and Chief Administrative Officer Dorlisa Flur has left the company to join Belk in the newly created position of Exec VP Omni-Channel.
Michaels Stores has named Chuck Rubin as CEO and a member of the board of directors.
Meijer has appointed J. K. Symancyk as President, just one year after he was named COO.
Office Depot announced that Exec VP and Chief Merchandising Officer Farla Efros has left the company to accept a position at Hilco Trading.
The Pep Boys – Manny, Moe & Jack has appointed Chris Adams as Senior VP store operations.
RadioShack announced that Joe Magnacca has agreed to join the company as CEO, less than one week removed from Magnacca’s promotion from a corporate Senior VP to Exec VP of Walgreens.
Sam’s Club announced that Linda Hefner Filler Exec VP and Chief Merchandising Officer, has joined Claire’s Stores.
Shopko has promoted Jill Soltau to the position of President. She will retain her position as the retailer’s Chief Merchandising Officer.
Staples, Inc. announced that Michael A. Miles Jr., President and COO, is resigning from the company.
Sur La Table has promoted Jacob Maurer to the position of Senior VP, GMM.
Target Corp. has hired Jason Goldberger as Senior VP of Target.com and Mobile.
Tuesday Morning announced that John Rossler has been named Exec VP, COO.
The Vermont Country Store announced that Chris Vickers has been promoted to President and CEO.
Wal-Mart Stores Inc. announced that it has promoted Karen Roberts to Exec VP and General Counsel. Roberts’ predecessor Jeff Gearhart will focus his efforts on global compliance as Wal-Mart continues to deal with allegations of bribery in Mexico.
Mattel reported an annual net sales increase of 5% to $2.26 billion from $2.15 billion for the same period last year.
Overstock.com posted revenue of $1.099 billion, an increase of 4% from $1.054 billion from the prior year.
Rent-A-Center, Inc. announced that total revenues for the year ended December 31, 2012, were $3.083 billion, an increase of $200.5 million from total revenues of $2.882 billion in the prior year. This represents a 7.0% increase in total revenues over the prior year.
Blockbuster parent, Dish Network, is closing another 300 video stores in the next few weeks, bringing its total number of locations to about 500.Key late January.
Dell announced that it has agreed to go private in a $24 billion deal led by its founder Michael S. Dell and the investment firm Silver Lake, in the biggest leveraged buyout since the financial crisis. Under the terms of the deal, the buyers’ consortium, which also includes Microsoft, will pay about $13.65 a share. That is roughly 25 percent above where Dell’s stock traded before word emerged of the negotiations of its sale.
Dollar General has big plans for growth in 2013 with the creation of 6,000 new jobs and the planned addition of 635 new stores and 550 relocations.
Five Below will open 60 stores this year, including its first-ever locations in Texas.
Meijer plans to build six new stores and remodel five in 2013.
Microsoft Corp. will open a store at Portland’s Pioneer Place and four others by summer. The new stores will be at Natick Mall, Natick, Mass., Ala Moana Center, Honolulu, The Somerset Collection, Troy, Mich., and Woodfield Mall, Schaumburg, Ill.
Microsoft will open its first store in Hawaii at the state’s largest shopping mall.
Microsoft has announced that it will open six new retail stores in North America by summer 2013, in addition to five locations that were previously announced. Locations are headed for Beachwood, OH, Miami, FL, Salt Lake City, UT, San Antonio, TX, San Francisco, CA and St. Louis, MO.
Shopko announced that it has completed the conversion of 163 Pamida stores making it one of the largest U.S. retailers focused on serving smaller and rural communities. It was a year ago this month that Shopko and Pamida first announced their intent to merge the two companies and convert the existing Pamida locations to the Shopko Hometown store format. One year later, the conversion of the last group of Pamida stores is now complete.