OPERATIONS

Massmart CEO resigns

BY Dan Berthiaume

Sandton, South Africa – Grant Pattison, CEO of Massmart Holdings Ltd., a South African retailer that operates as a subsidiary of Wal-Mart, is resigning. Pattison, 43, will be replaced by Massmart COO Guy Hayward, 48, on June 1, as part of what the company terms a smooth succession plan.

Pattison joined Massmart in 1998 and was appointed CEO in 2007. He was CEO when Massmart sold a majority stake to Wal-Mart Stores Inc. Hayward has served with Massmart since 2000, receiving appointments as CFO in 2001 and COO in 2012.

“I have led a remarkable team and I am immensely proud of what we have accomplished during my tenure,” said Pattison. “The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins. My successor is someone with whom I have worked closely and who has the skill and energy to take Massmart forward. I would like to congratulate Guy on his appointment and wish him well in his new role.”

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REAL ESTATE

J&R Music to redevelop Manhattan store site

BY Dan Berthiaume

New York – The owners of New York City’s famed J&R Music and Computer World, an independent music and electronics store in Lower Manhattan since 1971, have closed the store to redevelop its site.

“J&R will close its doors so we can rebuild this location into what we hope will be an unprecedented retail concept and social mecca,” owners Joe and Rachelle Friedman said in a statement on the company’s website. “The buildings that J&R occupies have to be totally reimagined and developed.”

While the statement promises more details in the future, an accompanying sketch with the caption “2015” shows a modern, six-story, triangular-shaped glass-and-steel building on the corner of 1 Park Row.

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REAL ESTATE

Uniqlo opens new stores in Germany, United States

BY Dan Berthiaume

Tokyo – Uniqlo opens new stores in Berlin, and in three U.S. locations on Friday, April 11. The 2,700-sq.-ft., three-story Berlin store is located on the Tauentzienstrasse shopping boulevard and is Uniqlo’s first German store.

The Berlin store is also the largest Uniqlo store in Europe and features revolving mannequins wearing origami headdresses and LED ticker-tapes listing all the cities where Uniqlo has stores around the world.

In addition, Uniqlo is opening new U.S. stores in Stamford Town Center, Stamford. Conn.; Sun Valley Mall, Concord, Calif.; and Serramonte Center, Daly City, Calif.

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