NEW YORK — Stuart Glasser has been promoted to president and chief executive of Retail Ventures Inc.’s 116-unit Value City Department Stores division.
Glasser joined the company in September 2002 as head of its softlines merchandising operations.
Value City Department Stores previously had been the name of both the corporation and its off-price department store unit. However, as reported, the Columbus, Ohio-based firm this month adopted a holding company structure and renamed itself Retail Ventures Inc., with Value City becoming a wholly owned subsidiary of the parent.
Glasser continues to report to John Rossler, president and ceo of Retail Ventures, who under the previous structure had been the top officer of both the parent and the Value City stores division.
Rossler said in a statement, “In only a year, Stu and his management team have refined the customer focus and marketing position of Value City. We feel after 18 months of turnaround initiatives the business is on the upswing and has been brought back closer to its essential ‘Brands at an Extreme Value’ franchise.”
Glasser has had a high-profile career, much of it focused on the men’s wear industry. Before joining Value City, he spent five years at Casual Male as president following six years with Bloomingdale’s, where his last position had been executive vice president and general merchandise manager of men’s, young men’s and cosmetics.
Value City’s off-price department store business has struggled in the past few years. Last year, the stores accounted for $1.52 billion in revenues and comparable-store sales slid 5.1 percent and were off 6.6 percent in apparel. September comps were up 7.1 percent, and year-to-date comps are flat versus a 5.2 percent slide last year.
Retail Ventures also owns Filene’s Basement and DSW Shoe Warehouse.
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