Cartier, Hermes to open at Stanford Shopping Center
Simon Properties has announced the impending arrivals of Cartier and Hermes at its Stanford Shopping Center in Palo Alto, California. This marks Hermes’ first new U.S. store in five years, according to Simon.
The 6,000-sq.-ft. Hermes shop, which will reside near Neiman Marcus in the center of the newly updated center, is scheduled to open in late 2017 or early 2018. Its focus will be on men's, women's, home, and equestrian collections.
The size and opening date of the Cartier shop has not been released, though it will sit adjacent to Hermes.
Alex and Ani and Anthropologie will open shops at Stanford before the end of the year. Several other new tenants moved in this summer, among them the British fashion house All Saints, Italian fashion brand Luisa Spagnoli, Spanish jewelry retailer UNOde50, and The North Face.
New top dog at Petco
Petco is losing its longtime chairman and CEO.
Jim Myers, a 26-year company veteran and CEO since 2004, is retiring. Petco pesident and chief merchant Brad Weston, who joined the company in 2011, will succeed Myers as CEO, effective February 1, 2017.
Prior to joining Petco, Weston held senior leadership roles at Dick's Sporting Goods, May Merchandising Company and Robinsons-May.
"There is no one better than Brad to lead Petco as we continue to be pet parents' trusted partner of choice, and continue to evolve and grow as a leader in the pet specialty business,” said Meyers. "I look forward to serving the company in an advisory capacity and as a board member going forward.”
Myers joined Petco in 1990 and has been a key leader in building and growing the company from a regional player into a leading national pet specialty retail chain with more than 1,470 Petco and Unleashed by Petco stores in the U.S., Mexico and Puerto Rico.
In November 2015, Petco was sold in a $4.6 billion deal to CVC Capital Partners and the Canadian Pension Plan Investment Board.
"A key factor in the decision that we and CPPIB made to invest in Petco last year was its strong bench of leadership talent to drive future growth,” said Cameron Breitner, partner of CVC. "In his five years with Petco, Brad Weston has clearly proven his ability to lead Petco forward in its ongoing commitment to meet the needs of pet parents across all demographics and expand in new and innovative ways. We are very glad that Jim Myers will remain an important part of Petco's future and are excited for Brad as he takes this step forward."
Canadian apparel retailer looks to expand with IPO
Aritzia Inc. is expected to raise C$400 million ($302 million) in its initial public offering.
The company, based in Vancouver, sells fashion-forward clothes and accessories for young women. It has 75 stores in North America, including locations in New York, New Jersey, Toronto, Montreal, Boston, and Chicago, along with an online business.
According to Aritzia’s filing, it expects to grow annual revenue to between C$1.1 billion and C$1.2 billion by the end of its 2021 financial year—more than double the C$542.4 million in its 2016 financial year, TheStar.comreported.
Aritzia plans to open 25 to 30 stores by 2021, including 10 over the next two years.