News

Rock Hill Galleria, Rock Hill, S. C.

BY CSA STAFF

Rock Hill Galleria has unveiled plans for a number of large-scale developments slated for the 470,000-sq.-ft. regional mall.

Entertainment destination Revolutions will open a 66,640-sq.-ft. location at Rock Hill Galleria, featuring 30 state-of-the-art bowling lanes, a lazer maze and arena, bumper cars, arcade, restaurant and bar, sports theatre, plus live music and dancing. Opening is anticipated for winter 2012.

As well, Belk is investing $6 million on a total remodeling and 20,000-sq.-ft. expansion of its fashion department store. Construction will begin early next year with a grand re-opening slated for fall 2013. The project will allow the store to expand merchandise assortments and offer new brands and styles of fashion apparel, shoes, accessories and home merchandise. The store will remain open throughout the expansion and renovation.

“We’re completely updating our store to give it an exciting modern look and feel that will enhance our customers’ shopping experience,” said Bill Roberts, chair of the Belk Northern Division based in Raleigh, N.C.

J.C. Penney, which has expanded its Rock Hill Galleria store size from 51,600 sq. ft. to more than 83,000 sq. ft., celebrated the grand opening of its Sephora store-within-a-store, added as part of the retailer’s latest prototypical update. Penney is scheduled to host a grand reopening celebration later in the year.

“The addition of Revolutions, along with the expansions of the Belk and J.C. Penney department stores, are positive steps in re-energizing the retail and entertainment offerings at the tri-county’s only enclosed shopping center,” said Chris Maguire, CEO of Cypress Equities, the Galleria’s developer and managing agent.


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News

Restoration Hardware furnishes strategy with new leadership team

BY CSA STAFF

CORTE MADERA, Calif. — Home furnishings retailer Restoration Hardware is reorganizing its leadership team to better align with the company’s new strategy to develop new lines of business including apparel, accessories, footwear and jewelry while maintaining existing home business.

In order to execute this plan, Gary Friedman, the current chairman and co-CEO of Restoration Hardware, will become the founder, chairman, and CEO of Hierarchy, the newly created company. Friedman will control hierarchy, with Restoration Hardware owning a minority stake. Friedman will continue to be involved with Restoration Hardware in an exclusive advisory role, serving as creator and curator for Restoration Hardware with a focus on strategy, creative, and design direction. Friedman will remain the largest individual shareholder of Restoration Hardware and will serve as a non-director advisor to the board in his role as chairman emeritus. Carlos Alberini, co-CEO of Restoration Hardware, will become Restoration Hardware’s sole CEO and will lead all major functions of the business.

J. Michael Chu, a managing partner of Catterton Partners, will assume the role of chairman of the board of Restoration Hardware.

Chu stated, “We are very excited about today’s announcement, as it represents yet another significant milestone in the extraordinary transformation of Restoration Hardware. The new structure provides a creative and efficient way to develop new businesses. Gary Friedman, who transformed Restoration Hardware into an admired lifestyle brand in the luxury home market, has demonstrated the ability to re-conceptualize and build some of the most successful brands in the industry, and his continued efforts to drive innovation at Restoration Hardware will be invaluable.”

Restoration Hardware is jointly controlled by Catterton Partners and Tower Three Partners.

Friedman was appointed chairman and co-CEO of Restoration Hardware in June 2010 and has served as the company’s CEO since March 2001. Prior to joining the company, from 1988 to 2001, Friedman worked for William-Sonoma, where he served in various capacities, including as president and COO from May 2000 to March 2001, as chief merchandising officer and president of retail stores from 1995 to 2000 and as EVP and president of the William-Sonoma and Pottery Barn brands from 1993 to 1995. Previously, Friedman spent eleven years with The Gap.

Alberini joined Restoration Hardware as co-CEO in June 2010. He has also been a director since June 2010. Prior to joining the company, he was president and COO of Guess?, from December 2000 to June 2010. From October 2006 to December 2000, Alberini served as SVP and CFO of Footstar. From May 1995 to October 1996, he served as VP finance and acting CFO of the Melville Corp., a retail holding corporation. From 1987 to 1995 he was with The Bon Ton Stores, including VP, corporate controller and SVP, CFO. Prior to that, he served in various positions at PriceWaterhouseCoopers LLP, an audit firm.

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FINANCE

Target profit flat in Q2; raises outlook

BY Katherine Boccaccio

Minneapolis — Target Corp. reported Wednesday that profit for the second quarter remained essentially flat at $704 million.

Sales advanced 3.5% to $16.45 million, boosted by a 3.1% same-store sales rise in the quarter but missed Wall Street’s expected $16.75 million in revenue.

The retailer told investors it was pleased with the performance of its City Target debuts in Seattle, Los Angeles and Chicago. It is also looking ahead to its Canadian expansion, as Target will soon begin opening its 125 to 135 stores at store locations once owned by Canadian discounter Zellers.

Target also raised its profit guidance for the year.

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