Forever 21 to open at new NYC enclosed fashion mall
New York City — Forever 21 has taken space at the Mall at Bay Plaza, which is scheduled to open on August 14. The new store will span about 15,000 sq. ft.
A new 166,000-sq.-ft. Macy’s and an existing 150,000-sq.-ft. J.C. Penney will anchor the new mall. Forever 21 will join more than 100 retailers at Bay Plaza, including Kay Jewelers, Victoria Secret, H&M and Michael Kors.
The mall will be first enclosed fashion mall built in New York City in more than 40 years. During the mall’s development, Prestige Properties created more than 2,000 construction jobs. When the mall opens, it will create more than 1,700 permanent jobs.
Express adopts poison pill after Sycamore makes acquisition move
It looks like Sycamore Partners, which owns approximately 9.9% of Express’ outstanding shares, is interested in acquiring the retailer.
Express confirmed that it has received a letter from Sycamore and has established a special committee of the board to determine a course of action that serves the best interest of all stockholders. The retailer has also engaged Perella Weinberg Partners LP and Sullivan & Cromwell LLP as advisers to itself and the special committee.
Express has also adopted a Stockholder Rights Plan that it says is intended to, among other things, provide the board with sufficient time to consider alternatives to an offer and which does not prevent the board from considering or accepting an offer, if the board believes such action is fair, advisable and in the best interests of its stockholders.
Similar to the rights plans of other public companies — such as Family Dollar, which adopted a poison pill earlier this week — Express’ comes with a 10% trigger that would prevent any investor from gaining a controlling interest of the company without board approval. The plan will remain in effect until June 12, 2015, unless ratified by a majority vote of the company’s stockholders (in which case it would expire June 12, 2017) or unless earlier redeemed or terminated by Express. Stockholders who already have a 10% stake or greater in the company are grandfathered to the extent of their June 12, 2014 ownership levels.
Katy Perry to help Staples ‘Roar’ this BTS season
Staples’ secret weapon this back-to-school season looks to be Katy Perry. The retailer recently aligned itself with the pop mega-star who has the potential to influence the shopping behavior of 50 million Twitter followers and 71 million Facebook fans.
Staples said it will be the presenting sponsor of the North American leg of Perry’s Prismatic World tour when it resumes on June 22 in Raleigh, N.C., and also donated $1 million to the DonorsChoose.org charitable organization which helps fund teachers’ and students’ classroom needs.
The retailer’s actions are part of an initiative to “Make Roar Happen,” which is a play on the popular single “Roar” about female empowerment and independence from Perry’s album released last fall called “Prism” after which her world tour is named.
“‘Make Roar Happen’ with Katy Perry builds on Staples’ commitment to teachers in a new and engaging way,” said Alison Corcoran, Staples SVP, North American stores and online marketing. “With music that inspires people worldwide, Katy Perry is a powerful voice to encourage people to ‘Roar’ and recognize teachers for their impact both inside and outside the classroom. Our $1 million donation will help teachers supply their classrooms just in time for back to school.”
She is also a powerful voice to encourage her fan base to shop at Staples for the back-to-school and back-to-college needs. She and other celebrities are routinely subject to allegations that their social media statistics are inflated because they include fake and inactive accounts, but even if only half of her fans and followers are active a few choice posts and tweets from Perry has the potential to move the sales needle at Staples in the coming months.
Already she has posted photos of herself on Facebook of the $1 million Staples donation and the announcement of Staples’ tour sponsorship has generated enormous publicity.
“I’m glad to partner with Staples on my Prismatic World Tour to raise awareness and funds for DonorsChoose.org, and to remind my fans that a small gesture can make a large impact on the very basic materials classrooms need for teachers to help students reach their full potential,” Perry said.
Staples is also looking to social media to tap the potential of its relationship with Perry. Beginning on June 25, fans of the singer will have a chance to win a trip to Los Angeles to meet her and attend her concert on Sept. 19 which is taking place at, where else, the Staples Center. The contest involves submitting ‘Make Roar Happen’ videos in which entrants are encouraged to “Roar” about their educational goals, inspirational teachers, or how education has positively affected their lives. The deadline for submissions is Sept. 3 and participants are encouraged to share their videos on their social channels using the hashtag #MakeRoarHappen.
In addition, to help drive sales, Staples is offering customers who spend $10 or more at any of its stores a unique code based on the amount spent so they can enter online at Staples.com/MakeRoarHappen for a chance to win two tickets to a concert in the U.S. portion of the tour.