Chief merchant of Hudson’s Bay and Lord & Taylor leaves for exec role at Stein Mart
A veteran retail merchandiser is leaving Hudson’s Bay to join Stein Mart.
The off-price announced that MaryAnne Morin will join Stein Mart as president, effective Feb. 6, with responsibility for merchandising and marketing.
Morin has extensive merchandising experience, and most recently served as chief merchant, executive VP of Lord & Taylor and Hudson’s Bay. She previously held several leadership positions within Lord & Taylor and Hudson’s Bay including executive VP, merchandising which encompassed all digital categories, as well as senior VP, general merchandising manager for several merchandising areas.
Morin also served in various product development and merchandising roles at Macy’s Merchandising Group, The Echo Design Group and The May Company.
In addition, Stein Mart announced that interim chief executive D. Hunt Hawkins has been named permanent CEO, effective January 24, 2017. He has been interim CEO since September 2016 and previously served as the company’s president and COO. Hawkins joined the company in 2011.
“We’re delighted to welcome MaryAnne to Stein Mart,” said Hawkins. “With her extensive retail, omnichannel and product development experience, she will lead us in developing merchandise and marketing plans that will build our business by driving positive change and better engagement with our customers.”
Stein Mart currently operates 290 stores across 31 states.
PayPal ends year with a jump in revenue
PayPal credits partnerships for its revenue increase during the fourth quarter, as well as throughout 2016.
The digital payments company reported a 17% jump in revenue to $2.981 billion for the fourth quarter ended December 31, 2016. During this timeframe, PayPal also added 5.4 million active customer accounts; and 1.8 billion payment transactions, an increase of 23%. The company also reported $99 billion in total payment volume (TPV), up 22%.
Results were equally positive for 2016, as a whole. PayPal reported it has 197 million customer accounts, up 10% with growth of 18 million active customer accounts. The digital payments company also reported 6.1 billion payment transactions, up 24% from 2015. Over the 12 months, the company reported 31 payment transactions per active account, up 13% from a year ago.
From a mobile perspective, PayPal processed $99 billion in TPV in the fourth quarter, representing growth of 22%. PayPal processed $31 billion in mobile TPV, up 53%, representing 31% of TPV for the quarter. Venmo, the company’s social payments platform, processed $5.6 billion of TPV, up 126%.
In the five days between Thanksgiving and Cyber Monday, PayPal pro-cessed more than $2 billion in mobile payments, and mobile accounted for one-third of overall TPV during this period.
“PayPal ended 2016 with another strong quarter of financial results. We extended our industry leadership by generating 18 million active cus-tomer accounts, with greater engagement than ever before,” said Dan Schulman, president and CEO of PayPal. “We innovated across our mer-chant and consumer value propositions and extended our lead in mobile payments.”
The company also reported it “transformed our market opportunity with a series of strategic partnerships with networks, financial institutions, technology companies, and mobile carriers,” he added. Among these partnerships include agreements with global card issuer Citi and Fidelity National Information Services (FIS).
Earlier this month, PayPal also announced a strategic agreement with Discover Financial Services, making it easier for PayPal customers to use Discover as a funding option within the PayPal wallet, and let eligible customers pay with their Discover Cashback Bonus.
Modern furniture retailer opens largest store to date
Design Within Reach has opened a store in Portland, Ore., in an historic building that dates back to the end of the 19th century.
The retailer opened in the city’s North Pearl District, in a circa 1890 two-story brick warehouse that originally served as a distribution center for pottery and housewares.
"We're thrilled to be a part of the vibrant, evolving Pearl District and the opportunity to support the preservation of this historic building," says DWR president John McPhee.
The 26,000-sq.-ft. space replaces the company's previous location nearby and is its largest showroom in North America.
New York-based architectural firm DFA partnered with Portland's Fieldwork Design and Architecture on the project, which draws inspiration from the landscape of the Pacific Northwest. The wood-slatted ceiling and dark wood floor of the partially enclosed environment reflect the warmth and the spirit of the region.
The new Design Within Reach boasts 44 room vignettes integrating iconic classics with pieces designed by emerging designers. Additional features include:
• Maharam Lounge: A sprawling lounge comprising more than 50 poufs upholstered in a mosaic of Maharam textiles that expands upon the thousands of custom upholstery options available to clients and provides an informal spot to relax.
• Swatch Wall: Two 30-ft.-long material and color spectrums representing hundreds of wall-mounted upholstery tiles offers a glimpse of the more than 3,000 custom options available.
• Light Cloud: A multilevel, hanging installation of nearly 300 pendant lights that glow above the entrance and lead customers up a grand staircase to the second floor.
• Dining Test Lab: A 50-ft.-long hall flanked by back-lit runway displays of the top dining chairs. Customers are encouraged to test drive the chairs and explore mixing different armchairs, side chairs and counter stools from various collections with a myriad of tables.