REAL ESTATE

Wal-Mart to open a superstore on site of former racetrack

BY Katherine Boccaccio

Cicero, Ill. — The town of Cicero, Ill., and Wal-Mart Stores announced an agreement on Tuesday to build a Walmart Supercenter on a portion of a former racetrack site.

Under the contract, Wal-Mart will pay $7.5 million for 24.67 acres of land at the long-vacant and dilapidated Sportsman’s racetrack to construct a 190,000-sq.-ft. store.

Cicero will continue to own 10 acres of the remaining Sportsman’s property, which is reserved for future retail expansion and development.

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OPERATIONS

Men’s Wearhouse fires founder George Zimmer

BY Katherine Boccaccio

Fremont, Calif. — Men’s Wearhouse announced Wednesday that it has fired its founder and executive chairman George Zimmer; no reason was given for the sudden move.

Zimmer, who has long been the marketing face for the company – with his “You’re going to like the way you look; I guarantee it” slogan – apparently will have little to no ongoing dealings with the retailer. In its released statement, Men’s Wearhouse said the board expects to discuss with Zimmer the extent, if any, and terms of "his ongoing relationship" with the company.

As part of its Wednesday announcement, Men’s Wearhouse said it will postpone its previously scheduled June 19 annual meeting so that it can re-nominate the existing slate of directors without Zimmer. The new meeting date has not yet been set.

Men’s Wearhouse operates namesake stores in addition to the Moores and K&G banners.

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News

RILA elects Sears president to its board

BY CSA STAFF

Washington, D.C. – The Retail Industry Leaders Association elected Ron Boire, president of Sears and Kmart, to its board of directors, during its semi-annual meeting in Washington, D.C.

The board also re-elected Home Depot chair and CEO Francis Blake, 7-Eleven president and CEO Joseph DePinto, Petco CEO James Myers and J.C. Penney CEO Myron Ullman.

“We are pleased to welcome Ron Boire to the board,” said RILA President Sandy Kennedy. “His insight into the issues retailers face every day will bring added wisdom and foresight to this already stellar group. The contributions of this highly engaged group of retail executives sets RILA apart and allows us continue to deliver big wins for our members.”

The RILA board of directors is made up of chief executives from many of the United States’ largest retail companies which the association deems most innovative. The board meets in person twice a year to discuss issues facing the retail industry.

The trade association keeps itself at the forefront of issues pertinent to the retail industry, including tax reform, health care, labor and privacy, and has led numerous efforts to advance the industry’s public policy agenda. RILA’s current top public policy priority is passage of the Marketplace Fairness Act, a bill that would end what the association argues is the unfair advantage online-only retailers have over Main Street retailers as it relates to sales tax collection. The bill, which passed the U.S. Senate earlier this year with overwhelming bipartisan support, is currently under consideration in the U.S. House of Representatives.

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