TJX Cos. restructures management, names new president
Framingham, Mass. — The TJX Cos. said Tuesday that it has restructured its executive management as part of the retailer’s ongoing leadership succession planning.
Carol Meyrowitz has inked another two-year employment agreement as CEO. Ernie Herrman has been promoted to president of TJX Cos. from his post of senior executive VP group president.
Meyrowitz will now have Herrman and Jeffrey Naylor, senior executive VP CFO and chief administrative officer, reporting to her.
Nan Stutz has been promoted to senior executive VP, group president of HomeGoods and TJX Canada, and Michael MacMillan has been promoted to senior executive VP, group president, for The Marmaxx Group.
Diane’s Beachwear to debut in Arizona
Irvine, Calif. — KTGY Group, Architecture and Planning, said that Diane’s Beachwear will be opening its newest store in Scottsdale, Ariz., at the Scottsdale Quarter in early March.
The new 1,200-sq.-ft. flagship store represents the 19-store chain’s debut outside of California. KTGY is the architect for the new Diane’s Beachwear store. Skyline Development and Construction of Norco, Calif., is the general contractor.
Diane’s Beachwear will join retailers A/X Armani Exchange, west elm, Williams-Sonoma Home, H&M, Nike, Apple and iPic Theaters at the Scottsdale Quarter.
Report: Restaurant industry sales trend positive in 2011
Washington, D.C. — A report released Tuesday by the National Restaurant Association said that restaurant industry sales are expected to reach a record $604 billion and post positive growth in 2011 after a three-year period of negative real sales growth.
The Association’s 2011 Restaurant Industry Forecast projects an industry sales increase of 3.6% over 2010 sales, which equals 1.1% in real (inflation-adjusted) terms.
The nation’s 960,000 restaurants will continue to be strong contributors to the recovery of the nation’s economy, according to the report, with industry sales representing 4% of the U.S. gross domestic product and employees comprising nearly 10% of the U.S. work force.
“As the national economy is slowly improving, the restaurant industry is climbing out of its most challenging period in decades to post positive real sales growth in 2011,” said Hudson Riehle, senior VP of the Research and Knowledge Group for the National Restaurant Association. “As in 2010, restaurant industry job growth is expected to outpace the national economy this year, emphasizing the importance of industry to the nation’s economy.”
Continuing the trend from last year, the quick-service restaurant segment is expected to post slightly stronger sales growth than the full-service segment. Quick-service restaurants are projected to post sales of $167.7 billion this year, a gain of 3.3% over 2010. Sales at full-service restaurants are projected to reach $194.6 billion in 2011, an increase of 3.1% over 2010.