JPMorgan Chase exec joins Nordstrom board
Nordstrom is adding some financial expertise to its board with its latest appointment.
The Seattle-based retailer has appointed Gordon Smith, CEO of Consumer and Community Banking at JPMorgan Chase, to the company's board of directors. The addition of Smith brings the total number of directors to 15 and the number of independent directors to 12. Nordstrom directors serve one-year terms and the company requires annual elections of all Board members. Smith will join the Compensation and Corporate Governance and Nominating Committees.
"Gordon's extensive experience leading customer-focused businesses in a highly competitive industry further strengthens the already strong and diverse expertise on our Board," said Enrique Hernandez, Jr., chairman of the board of directors for Nordstrom. "We look forward to his contributions and are confident his input will benefit our Board and management team as we work to extend our reputation with customers and shareholders alike."
In 2012 Smith was named CEO of Consumer and Community Banking, a leading provider of financial services serving 66 million consumers and four million small businesses. Smith joined Chase in 2007 as CEO of Card Services and later added Merchant Services and Auto Finance. Previously Smith spent more than 25 years at American Express where he led several businesses including the U.S. Domestic Consumer Card Business and from 2005 until 2007 the Global Commercial Card business. Smith is a member of the JPMorgan Chase Operating Committee and also serves on the Board of Directors of Choice Hotels International, Inc.
Sports Authority vet leaves for Ollie’s Bargain Outlet
Ollie's Bargain Outlet Holdings Inc. is looking to a Sports Authority executive to fill the newly created position of senior VP of finance and chief accounting officer.
The company has named Jay Stasz to the position, which will report to John Swygert, Ollie's executive VP and CFO.
"We are pleased to welcome Jay to our family," said Mark Butler, chairman, president and CEO. "With his strong finance, accounting and retail experience, we believe that Jay, in this newly created position, expands our executive and finance teams, and we look forward to his contributions as we grow."
Stasz comes to Ollie's following 17 years with Sports Authority, where he held several positions. Prior to joining Sports Authority, Jay worked for Deloitte.
Ollie's operates 202 store locations in 17 states across the Eastern half of the United States.
The priciest retail corridor in the world — by a long shot
When it comes to retail rents, Manhattan’s Fifth Avenue is really in a class by itself.
Upper Fifth Avenue, between 49th and 60th streets, is the most expensive retail corridor in the world, with rents rising 3.6% to $3,500 per square foot through the first half of this year, according to an annual report from Cushman & Wakefield. (The top 10 streets are listed at end of article.)
Fifth Avenue rent was nearly double that of the second priciest corridor, Causeway Bay in Hong Kong, at $2,399 per square foot.
The 27th edition of the report, Main Streets Across the World, tracks over 500 of the top retail streets around the globe, ranking them by their prime rental value utilizing Cushman & Wakefield's proprietary data. The study shows that rents have risen in 35% of streets around the world – despite the increased global uncertainty experienced over the past 12 months. The report also includes a ranking of the 65 most expensive streets – the top one per country.
United States: The report shows that retail rents are rising in many U.S. cities. Seattle posted the highest rent growth in the U.S., up 27.3% to $70 per square foot, while Los Angeles' Rodeo Drive corridor posted the highest retail rents outside New York at $800 per square foot, a 23% increase.
Strong tourism and a vibrant local economy make San Francisco's Union Square a market to watch with its 1.1% vacancy, $650 per square foot rents and 13% rent growth, which follows 21% rent growth for the same period through mid-2014.
Similarly, Chicago's Michigan Avenue posted 8.2% rent growth with average retail rents of $525 per square foot.
The Americas region is expected to sustain a positive trajectory going forward into 2016, bolstered by a steady consumer sector benefiting from a material reduction in energy costs and stable employment expectations, especially in the U.S.,” said Gene Spiegelman, vice chairman, head of retail services, North America at Cushman & Wakefield. “Retailers will continue to add physical stores to support their expansion plans while at the same time optimizing their footprint to respond to the ongoing evolution of 'clicks and bricks.’ “
Here are the top 10 most expensive retail streets in the world:
• Fifth Avenue (New York) – US$3,500/sq. ft./year
• Causeway Bay (Hong Kong) – US$2,399/ sq. ft./year
• Avenue des Champs Élysées (Paris) – US$1,372/sq. ft./year
• New Bond Street (London) – US$1,321/sq. ft./year
• Via Montenapoleone (Milan) – US$1,035/sq. ft./year
• Bahnhofstrasse (Zurich) – US$894.6/sq. ft./year
• The Ginza (Tokyo) – US$881.9/sq. ft./year
• Myeongdong (Seoul) – US$881.8/sq. ft./year
• Kohlmarket (Vienna) – US$478.2/sq. ft./year
• Kaufinger / Neuhauser (Munich) – US$459.6/sq. ft./year