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Another Nordstrom Opens in Michigan

BY CSA STAFF

Detroit, Mich., Nordstrom opened its second Detroit-area store on Friday at the Twelve Oaks shopping center in Novi, Mich. According to the Detroit Free Press, the opening of the 165,000-sq.-ft. store drew 2,500 customers, with some people waiting since Thursday evening for the doors to open.

Nordstrom Inc. now has 160 stores in 28 states, including another Michigan store in Troy.

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Finlay Enterprises to purchase 70-store chain

BY CSA STAFF

NEW YORK Finlay Enterprises announced today that it has agreed to purchase Bailey Banks & Biddle from Zale Corp. The fine jewelry retailer said that it will buy the 70-store chain from Zale Corp. for a purchase price of $200 million.

Finlay expects the acquisition to add $280 million to $300 million in sales for its fiscal year ending Jan. 31, 2009, which will be the first full year of operation following the expected completion of the transaction.

 

Arthur Reiner, chairman and ceo of Finlay Enterprises, commented, “The acquisition of Bailey Banks & Biddle represents a landmark event for our company. It fits extremely well into our strategy to grow and further diversify our business through acquisitions, and almost triples the number of stand-alone jewelry stores we operate.”

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Jackson to head Best Buy’s operating groups

BY CSA STAFF

MINNEAPOLIS Best Buy Wednesday announced that Darren Jackson, cfo of the company, will fill the newly created position of evp of customer operating groups. In this role, Jackson leads Best Buy’s entertainment, PC mobility and home solutions operating groups and also has oversight for enterprise merchandising. Best Buy Financial Services, Best Buy For Business, Magnolia Audio Video and Pacific Sales will continue to report to Jackson.

Jackson began his retail career with Carson Pirie Scott & Co. in Milwaukee, holding various executive positions, including chief financial officer. He then spent three years with the Seattle-based Nordstrom, Inc. as vice president and chief financial officer of its full-line store division. Jackson serves on the board of Advance Auto Parts. In his new capacity, Jackson reports to Brian Dunn, Best Buy’s president and coo.

“Best Buy has benefited greatly from Darren’s leadership and insight as cfo. His deep-seated understanding of our business, coupled with his commitment to our culture and the development of our people, makes him a driving force in the next phase of Best Buy’s growth,” said Dunn. “Darren’s desire to refocus his leadership from finance to running our customer operating groups allows us to gain more clarity and accountability around the significant opportunities in front of us. Darren plays a critical role as he brings teams together to create opportunities to share expertise, create targeted solutions and ultimately drive growth by better meeting the needs of the unique customer groups within each of these brands and businesses.”

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