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HSBC Sells 90 Branches, Exits Mass-Market Retail Banking Sector

by Katie Lee

New York City — HSBC Holdings has announced plans to exit its U.S. mass-market retail banking business through the sale of 90 of its 148 domestic branches. HSBC will retain 20 to 25 of its existing physical locations in the U.S., which will be repurposed into international wealth centers. These branches will focus exclusively on the banking and wealth management needs of high-net-worth clients. These centers will be located in cities such as New York, Washington, D.C., San Francisco, Seattle, Los Angeles and Miami, according to reports by The Wall …

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franchise developmentNewsretailers

The Vitamin Shoppe to Begin Franchising for First Time in its History

by Katie Lee

Secaucus, N.J. — The Vitamin Shoppe, an omni-channel specialty retailer of nutritional products, has launched an innovative franchising model for independent operators to open The Vitamin Shoppe stores in their own communities around the United States. This is the first time in its 44-year history that The Vitamin Shoppe will partner with business owners to operate franchise stores. Since launching in 1977, The Vitamin Shoppe has grown into the premier global destination for health and wellness solutions. The company continues to modernize its business with a digital-first mindset that meets …

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AutoNation Expands Footprint into New Market; Plans 5 New Stores this Year

by Katie Lee

Fort Lauderdale, Fla. — AutoNation, Inc., America’s largest automotive retailer, has opened AutoNation USA San Antonio, the first in the San Antonio and market and first of five additional stores that the company will open this year. AutoNation USA offers a “1Price Pre-Owned” model that features low, haggle-free pricing and a customer-centric process that makes buying a pre-owned vehicle easy and allows customers to enjoy a peerless customer experience. Additionally, AutoNation offers “We’ll Buy Your Car,”: which enables customers to sell their vehicles directly to AutoNation, with no purchase necessary. …

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BJ’s Wholesale Club Plans to Open 6 New Clubs

by Katie Lee

Westborough, Mass. — BJ’s Wholesale Club, a leading operator of membership warehouse clubs in the eastern U.S., is expanding its footprint by opening six new clubs this fiscal year. Its newest clubs will be located in Seabrook, N.H., Port Charlotte, Fla., Commack, N.Y., South Fayette, Pa., Ross Township, Pa., and Lansing, Mich. The locations in the greater Pittsburgh area and in Lansing, Mich., are both new markets for the retailer. “We’ve made great progress accelerating the pace of our new club openings in the last few years and we’re looking …

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Target Grows Q1 Comp Sales Nearly 23%

by Katie Lee

Minneapolis — Target Corporation has released its first quarter 2021 financial results, which reflect robust growth in both sales and profitability. Highlights include: Q1 comp sales grew 22.9%, on top of 10.8% growth last year. Store comp sales increased 18%, on top of 0.9% growth last year. Digital comp sales grew 50%, on top of 141% growth a year ago. Same-day services (Order Pickup, Drive Up and Shipt) grew more than 90%, led by growth in Drive Up of 123%. More than 95% of Target’s Q1 sales were fulfilled by …

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L Brands to Spin Off Victoria’s Secret into Publicly Traded Company

by Katie Lee

Columbus, Ohio — The board of directors for L Brands Inc. has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will …

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Bed Bath & Beyond Creates New Role of SVP Finance, Chief Accounting Officer

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named John Barresi as senior vice president of finance, chief accounting officer, effective June 7, 2021. He will report to Gustavo Arnal, executive vice president and CFO. In the newly created role, Barresi will lead a team responsible for the development and execution of all corporate accounting and financial reporting functions, including maintenance of fiscal records, management of transactional shared services, preparation of internal and external financial reports, SEC and other regulatory reporting, among other corporate accounting activities. The company has …

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Barnes & Noble Owner to Acquire Paper Source

by Katie Lee

Chicago, New York and London — Elliott Investment Management L.P., the owner of Barnes & Noble, plans to acquire the assets and business operations of Paper Source Inc., which will allow the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner. Paper Source has approximately 130 stores across the U.S. Elliott is also the owner of Barnes & Noble, the leading bookseller in the U.S. with bookstores in every state. The businesses are highly complementary, with shared product ranges and a common commitment …

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Bed Bath & Beyond Names New SVP, General Merchandise Manager

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named Stacey Shively as senior vice president and general merchandise manager for Home, effective May 17, 2021. Shively will report to Joe Hartsig, Bed Bath & Beyond’s executive vice president, chief merchandising officer and president of Harmon Stores Inc. Shively will be responsible for further accelerating merchandising plans for key categories including bed, bath, seasonal, décor, kitchen, dining, organization, electrics and general merchandise as part of the company’s 3-year transformation strategy. Shively joins Bed Bath & Beyond with more than 25 …

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Macy’s Proposes Overhaul of Herald Square Store in Manhattan

by Katie Lee

New York City — Macy’s Inc. has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. …

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