Columbus, Ohio — Express, Inc., a leading fashion apparel retailer, is launching a new corporate strategy that will include the closure of 100 stores over the next 2 years. “My expectation is that we will return to a mid-single-digit operating margin through a combination of low-single-digit comp sales growth, margin expansion and cost reductions,” says Tim Baxter, chief executive officer. “This will of course take some time, but we have a clear path.” Additionally, Express aims to reinvigorate its brand. Based on customer insights, the company is unveiling its new …
retailers
London — IKEA has purchased a West London shopping center, Kings Mall Shopping Centre in Hammersmith, where it will also debut its first UK small format store in spring 2021. The £170 million acquisition is part of IKEA’s strategy to develop mixed-use sites around urban stores. When it opens in 2021, the new Kings Mall store will mark the sixth London-area location for IKEA. Most recently, IKEA opened in the city in Greenwich last year. IKEA also launched two London planning studios in 2019 under its plan to develop new …
San Francisco — Gap Inc. no longer intends to separate Old Navy into a standalone public company. Additionally, the company has announced that Neil Fiske, president and CEO of Gap brand, will leave the company. “The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands,” says Robert Fisher, Gap Inc. interim president and chief executive officer. “While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with …
Framingham, Mass. — Bose Corp. will close all of its 54 stores in the U.S., as well as many remaining locations in Australia, Japan and Europe in the coming months, totaling 119 brick-and-mortar locations. The Framingham, Mass.-based company, which specializes in audio engineering, said the closures are due to “dramatic” shifts to online shopping. Bose opened its first store in 1993 and currently has its biggest concentration of stores in the Northeast (10), Southern California (nine) and Florida (seven). “Originally, our retail stores gave people a way to experience, test and …
Toronto — Hudson’s Bay Company (HBC) has appointed Iain Nairn as president, effective January 12, 2020. A highly accomplished retail executive, Nairn has a remarkable track record of driving profitable growth and transformational change at a wide variety of retailers, from specialty to department store formats. He reports directly to Helena Foulkes, CEO of HBC. “We took time to conduct a thorough, worldwide search to ensure we found the right person to lead the business and steward the Hudson’s Bay brand,” Foulkes says. “Iain brings strong leadership, sharp focus and …
Unibail-Rodamco-Westfield to Redevelop Former Sears Store into Dining, Entertainment District
by Katie Lee
Los Angeles — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance …
Los Angeles — Target Corporation has installed solar panels on the roof of its Napa, Calif., store, marking the 500th Target location to utilize solar energy. In 2015, Target had set a goal to install solar panels on 500 of its stores by 2020, and now it has achieved that goal with this Napa, Calif., installation. “At Target, we’re committed to making our operations even more sustainable to create a better future for our guests, team members and the planet,” says John Leisen, vice president of property management at Target. “Ambitious …
New York City — Warner Bros. will open the first official Harry Potter flagship store in the heart of New York City next to the iconic Flatiron building at 935 Broadway. Opening in summer 2020, the store will house the largest collection of Harry Potter and Fantastic Beasts products in the world under one roof with everything from personalized robes and Bertie Bott’s Every Flavor Beans to a brand-new range of house wands with a design exclusive to the New York location. Spanning three floors and over 20,000 square feet, …
— By Katie Lee — With an 18,000-square-foot physical store now open in Manhattan, PUMA has created an exciting new retail experience fusing sports, fashion and technology. In August 2019, PUMA burst on the U.S. retail scene in a brand-new way: opening its first North American flagship store. Located at 609 Fifth Avenue in New York City, the massive 18,000-square-foot space with double-height storefronts uses cutting-edge technology and products to immerse the customer in the PUMA experience. A sports engagement zone and a customization studio are just two of …
Fort Worth, Texas — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, Texas, intends to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omnichannel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help …