Space Ninety 8, Brooklyn, New York
Space Ninety 8, a new concept from Urban Outfitters, has opened in the uber-hip Williamsburg section of Brooklyn, New York. Big and spacious, the multi-level space is located in a renovated warehouse. It has an industrial look, complete with exposed ceilings and brick wall, with lots of boho-chic accents.
The basement level houses a pop-up, with Adidas originals serving as the inaugural tenant. The space is colorful, with bold, crazy prints (the work of a local artist) accenting the walls and displays.
The ground floor showcases goods from local designers, a shoe boutique and a vintage shop called Urban Renewal. It also houses two pop-ups, which currently include Salt Surf, a fun, surf themed shop.
The second floor is home to Urban Outfitter’s womenswear collections, accessories and beauty products. The third floor houses the brand’s menswear collections, along with a curated selection of books and music. There is also a seating area and an iPhone charger station.
A short staircase in the men’s area leads to a bar. One level up from that will house a New York outpost of the trendy Los Angeles restaurant/bar, The Gorbals, due to open sometime in May. There is an outdoor extension of the restaurant and bar on the roof.
Weis Markets affirms 2014 growth plans
Regional grocer Weis Markets is pressing forward with a $101 million capital expenditure program this year as it looks to restore top line growth at its Northeast operations.
The operator of 166 stores, 122 of which are located in Pennsylvania, confirmed a previously disclosed capital expenditure budget of $101 million would be used to fund 16 projects. Those projects consist of two new stores under construction in Selinsgrove and Enola, Pa., 13 remodels and expansion of a 1.1 million-sq.-ft. distribution center in Milton, Pa.
“Since 2008, we have invested more than $500 million in our growth and improvement programs. During this period, we completed more than a hundred projects,” Weis Markets president and CEO Jonathan Weis told attendees at the company’s shareholders’ meeting. Speaking to the distribution center expansion and supply chain initiatives, Weis noted, “As a company that self-distributes, our supply chain is a vitally important area for us. Over the last year, we have increased our focus on maximizing efficiency by driving millions of dollars of cost out of the system, while maintaining our high standards for store service. This has helped us reduce store level inventories and improve freshness.”
Weis was elevated to the role of CEO earlier this year after serving in an interim capacity since last September when former CEO David Hepfinger left the company.
The investments follow what proved to be a challenging year for the publicly held company majority owned by the Weis family. Despite opening four new stores last year in Woodlawn and Towson, Md., Hillsborough N.J. and Huntingdon Valley, Pa., the company’s sales declined 1.1% during the fourth quarter ended December 28, 2013 to $686 million and same store sales declined 3.5%. For the year, sales were essentially flat at roughly $2.7 billion and same store sales declined 2.6%.
The company’s top line challenges were attributed to a host of factors including cuts to the food stamp program, the shortened holiday season, fuel price deflation and deli sales impacted by manufacturer recalls. The top line difficulties caused fourth quarter profits to decline 29% to $15.7 million with full year profits, negatively affected by a $6.1 million charge related to former CEO Hepfinger’s separation agreement, dropping 13.1% to $71.7 million.
Execs on the move at Walmart: Price, Foran and Clarke
Top executives within Walmart’s international division have been assigned new responsibilities including a new role for the former head of Asian operations overseeing mergers and acquisitions.
Walmart named Scott Price to a new role with an incredibly long title of executive vice president, international strategy and development, real estate, mergers and acquisitions, integration and purchase leverage. Price, who joined Walmart in 2009, previously served as president and CEO of Walmart Asia, overseeing the retailer’s operations in China, Japan and India. He will be based in Walmart’s Bentonville headquarters.
To fill Price’s former Walmart Asia CEO position, Greg Foran was elevated from his position as president and CEO of Walmart China. Foran has been with Walmart since 2011. Taking Foran’s old job will be Walmart China COO Sean Clarke who was elevated to the role of president and CEO of Walmart China. Clarke has been with Walmart for 15 year and held a variety of senior leadership roles in the international division. The changes are effective June 1.
"These promotions allow us to tap into the extraordinary talent we have in our company, leverage their unique strengths to benefit the entire organization, and ensure continuity of leadership in China and the region," said David Cheesewright, president and CEO of Walmart International. "While these moves highlight the internal talent we have at Walmart, they also show how we are able to build global talent to meet the needs of the company wherever we operate."
Cheesewright is relatively new to his role as well, having been promoted to lead Walmart International earlier this year when former Walmart International president and CEO Doug McMillon was named president and CEO of Wal-Mart Strores, Inc. Cheesewright had previously served as president and CEO of Walmart’s Europe, Middle East and Africa and Canada region.