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retail empires

Canadian family business profile: Canadian Tire

July 1, 2015

Canadian Tire does much more than what it says on the tin: the hypermarket retailer sells hardware, leisure, automotive accessories, even clothing (oh, and tyres). While the group also owns industrial apparel store Mark’s and a financial services arm, it is the namesake business that is considered a Canadian icon.

Gap second gen becomes chairman

October 10, 2014

Second gen Bob Fisher will become chairman of the clothing retailer Gap, which his parents founded more than 40 years ago, at the start of the next financial year.

Second gen Bob Fisher will become chairman of the clothing retailer Gap, which his parents founded more than 40 years ago, at the start of the next financial year.

The company announced on Friday that non-family chairman and chief executive Glenn Murphy, who has been at the helm since 2007, would be retiring next February.

Non-family member Art Peck, who joined the company a decade ago, will take over as chief executive, while Fisher, who joined the board in 1990, will become chairman.

Galeries Lafayette mulls House of Fraser purchase

December 18, 2013

Family-controlled French department store group Galeries Lafayette is reportedly considering a purchase of British counterpart House of Fraser, in an effort to expand its operations across the Channel.

The 164-year-old House of Fraser had been mulling an IPO in 2014, as previous attempts over the past two years at a trade sale have failed.

But according to Reuters, two industry sources have confirmed the department store groups are currently in talks, meaning the planned public
listing wouldn’t go ahead.

Westfield invests in World Trade Center

December 5, 2013

Australian family retail empire Westfield Group has announced it will retake full control of the retail space at New York’s World Trade Center – 10 years after it sold the retail concourse of the original site, in the wake of the September 11 terrorist attacks.

Westfield, controlled by the Lowy family of Australia, repurchased a 50% stake in the retail part of the lower Manhattan site in July 2011, and announced in a statement this week that it would pay $800 million (€587 million) to buy the remaining stake.