Pet supplies chain keeps opening stores
Petco will be busy in September.
The retailer announced it will open 13 stores in September, along with one relocation. The expansion reflects Petco’s 2016 growth plan, which includes 34 new Petco stores and one new Unleashed by Petco year-to date.
In addition, the company will convert 31 existing Unleashed by Petco locations, primarily in Colorado, Georgia and Texas, to smaller format Petco stores this month. Petco said the conversions are based on recent tests that indicate the Unleashed format is more successful in certain locations. The retailer also said that, based on consumer feedback and demand, its UnleashedbyPetco.com site will transition to become an informational site for consumers, with all online product sales moving to Petco.com.
The Unleashed by Petco store concept remains a vital part of Petco's growth plan, according to the company. Following the transition, the retailer will operate more than 85 Unleashed by Petco locations nationwide.
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CEO of Pier 1 Imports stepping down
Pier 1 Imports is on the hunt for a new chief executive.
The home décor retailer said that its board of directors had “mutually agreed” with Alex W. Smith that he will step down as president, CEO and a board member, effective Dec. 31, 2016. Pier 1’s board is working with Korn Ferry to find a new CEO.
Smith had led the chain nearly 10 years. His resignation comes after several quarters of slumping sales. Pier 1 announced Wednesday that preliminary net sales for the most recent quarter ended Aug. 27 fell 6.7%; same-store sales decreased 4.3%.
“We greatly appreciate Alex’s many years of leadership and considerable contributions to Pier 1 Imports,” said Terry London, chairman of Pier 1. “Most notably, he led a remarkable turnaround of the business from 2009 to 2013, creating one of the most profitable specialty stores in our sector. Subsequently, Alex spearheaded the transformation of Pier 1 Imports from a pure brick-and-mortar business to establish the competitive omnichannel platform we have in place today.
Prior to Pier 1, Smith served for 12 years at TJX Cos., where he was senior executive VP and international group president.
“Leading the Pier 1 Imports team for nearly 10 years has been a joy,” Smith said. “Our wonderful associates across the organization have inspired me every day. Together we have achieved a great deal of success, sustained by our exceptional culture. Now it’s time for me to do something new. I wish the best for Pier 1 Imports – a strong brand and a great company.”
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Chain Store Age welcomes readers of Retailing Today
Chain Store Age is pleased to announce that its sister brand, Retailing Today, has become part of a larger, more robust Chain Store Age, one with greater industry coverage and retail audience reach.
“With the merging of Retailing Today into Chain Store Age, readers and advertisers can expect a comprehensive brand representing the full range of omnichannel retail operations,” said Gary Esposito, group publisher, Chain Store Age.
The merging of Retailing Today into Chain Store Age brings with it an even stronger C-suite readership reaching more retail headquarters, expanded penetration into the merchandising and logistics sectors, and a digital archive of thousands of Retailing Today articles and reports (in addition to Chain Store Age’s archives).
“All of us at Chain Store Age are excited about the opportunity to better serve the retail industry,” said Esposito.
I was wondering why I was no longer receiving daily Retailing Today emails for the past month or so... evidently this merger explains why. I missed them, hopefully these will be has interesting & informative! I read in today's 9/8/16 WSJ that Kmart is making a run at GRO in Des Plains IL, Chicago being my boyhood home -- I couldn't help but wonder if Target is having difficulty w/GRO how will Kmart fare any better? WIN Chicago Cubs! WIN Trump!