EVENTS TO WATCH
EBAY - Earnings Call: 5:00pm
VFC - Earnings Call: 8:30am
JCP - Report: HSN’s Mindy Grossman declined J.C. Penney CEO offer
"Mindy Grossman, the chief executive of HSN Inc., reportedly declined an offer to become CEO of J.C. Penney Company in May 2014. According to the Wall Street Journal, Grossman had been in advanced negotiations with Penney to take the reins as CEO but discussions ended for an unspecified reason."
"Grossman, a former Nike Inc. executive, took the reins of HSN in 2006."
Takeaway: Grossman is one of the most respected people to ever work at Nike, and although she does not often get appropriate credit, the fact is that she turned Nike into one of the biggest apparel brands in the world. HSN has been a good fit for her in many respects. But quite frankly, we're floored that she took the discussions with JCP to such an advanced level (unless she was testing her own market value -- something she has not done in eight years). JCP would have been so fortunate to have her. But truth be told, this deal was never going to happen.
RH - Buckhead Atlanta Nears Completion
"The tenant roster remains true to Carter’s upscale vision. So far, Hermès, Akris, Brunello Cucinelli, Etro, Christian Louboutin, Canali, Helmut Lang, Jimmy Choo, Tod’s and Moncler are on board. Oliver McMillan is also looking for emerging retail concepts."
"Stores will begin opening in September."
Takeaway: Flattering roster of tenants in this new development in Atlanta, but the one that we are most excited about is not on the list. RH is set to open a new gallery in the space in 4Q of this year. The new space measuring 45,000 sq. ft. spread out over 6 floors will offer 6X-7X the assortment at RH's legacy store in the area.
M - Macy's Rethinking Brooklyn Unit's Future
"Macy’s has put the renovation of its Brooklyn flagship on hold and is considering a sale of the property to redevelop the site, according to sources."
"The site, at 422 Fulton Street, has emerged as prime real estate due to the influx of new retail and residential units to the area…"
H&M - H&M N.Y. Flagship to Sell All Offerings
"When the world’s biggest H&M opens Thursday, at Fifth Avenue and 48th Street in Manhattan, customers will see all the retailer’s product categories under one roof for the first time in the U.S."
AAN - Aaron’s to close 44 stores in Q3
Aaron’s Inc. on Tuesday said it plans to close 44 underperforming stores in the third quarter of fiscal 2014 and continue other cost-reduction initiatives in response to disappointing core business performance. The electronics, furniture and appliances rentals retailer also revised its earnings guidance downward for the second quarter.
SHOO - Steve Madden taps Certona for real-time omnichannel personalization
"Certona, a provider of real-time omnichannel personalization, was selected by Steve Madden to deliver integrated, hyper-personalized experiences to its customers as they browse, share and purchase their favorite footwear and accessories."
"Through Certona's patented technology, Steve Madden can identify new and specific customer segments, and then strategically target content by segment."