Meijer breaks ground for new store in Detroit
Grand Rapids, Mich. — Meijer on Monday broke ground on a supercenter in Detroit, on the site of a former high school on the city’s west side. The groundbreaking ceremony comes less than a year after Meijer opened a supercenter at the historical Michigan State Fairgrounds in the Motor City.
"The opening of our store in the city of Detroit last summer marked a significant milestone in our company history, and the beginning of a promise to be a part of this community long into the future," co-chairman Hank Meijer said. "We could not be more pleased with its success, and look forward to opening another supercenter here in Detroit."
Detroit Mayor Mike Duggan was among several government and Meijer representatives in attendance.
"The first Meijer store in Detroit has shown how tremendous the market is in the city for quality shopping," Duggan said. "Adding this second store is a real testament to Meijer’s commitment to Detroit and Detroiters’ love for what Meijer adds to our community. Having these two retail anchors in our neighborhoods fills a great need for our residents and is a major selling point for others who are considering moving into the city."
The planned new store is expected to create up to 500 jobs and will embody the commitment to community that has guided the family-owned retailer over the years. Meijer donates more than 6% of its net profit each year to charitable organizations, including food banks and pantries. The company also partners with local farmers and businesses, when available, to provide locally-grown produce and other local products.
Construction of a new Meijer supercenter typically takes a year, and hiring announcements for the second Detroit store will begin in early 2015.
Former Circuit City CEO, Car Max founder Richard Sharp dies at 67
New York — Richard Sharp, the former CEO of Circuit City and driving force behind CarMax, has died due to complications from a rare type of Alzheimer’s disease. He was 67.
“Rick Sharp was a giant in the consumer electronics industry,” the Consumer Electronics Association said in a statement. “He helped build Circuit City from a regional chain into one of the nation’s leading electronics retailers. He also was an innovative businessman, leading the creation of the breakthrough consumer-friendly used car retailing concept, CarMax. Sharp was an innovative and bright mind who exemplified the creativity, dedication and passion that are hallmarks of our industry’s great leaders,”
Sharp joined Circuit City in 1982 and served as CEO of the company from 1986 to 2000. Under his leadership, Circuit City enjoyed meteoric growth with sales that increased from $175 million in 1986 to more than $10 billion by 2000. Eight years after he had left the company, Circuit City filed for bankruptcy in 2008 and the following year was liquidated.
During his tenure at Circuit City, Sharp was involved in the creation of CarMax, which promised shoppers a simple, no-haggling approach to car buying. Sharp joined CarMax in 2002 when it was spun off as a separate company from Circuit City and served as chairman of the company until 2007. CarMax has since grown to become the nation’s largest seller of used vehicles with 135 stores with annual sales of more than $12.5 billion.
Sharp was also a founding investor in the Crocs footwear company where he served as chairman from 2005 until 2011.
Tile Shop names Best Buy controller as CFO
Minneapolis — Tile Shop Holdings announced the appointment of Kirk Geadelmann as its new CFO.
He will transition into the role on August 12, 2014, succeeding CFO Timothy C. Clayton, who has resigned his position to accept an executive position with another company. Clayton will remain with the Tile Shop until mid-August to ensure a smooth transition of responsibilities.
Prior to joining Tile Shop, Geadelmann worked for 14 years at Best Buy, most recently serving as the corporate and international controller.