TJX PICKS CEO: TJX Cos. Inc., the largest off-price retailer of apparel and home fashions in the U.S. and worldwide, named Carol Meyrowitz, 52, chief executive officer. The appointment takes effect on Jan. 28, the start of the firm’s fiscal year. Meyrowitz will retain her current title as president and has become a director of the company. She succeeds Bernard Cammarata, 66, who has been serving as acting ceo and will continue as board chairman.
SAKS CREDIT CARD: Saks Fifth Avenue is launching a World Elite MasterCard, its first cobranded credit card, issued by HSBC. The card has an enhanced rewards program and travel benefits. Customers who qualify for the card will be automatically enrolled in the SaksFirst loyalty program instead of having to spend $1,000 in the calendar year on their current Saks card. Customers receive as much as 6 percent back on their Saks purchases and 1 percent on other purchases. Customers’ points will be converted automatically into Saks electronic gift cards good for merchandise at Saks. The retailer also said it will close its 100,000-square-foot leased store at the North East Mall in Fort Worth, Tex., on Sept. 16 and focus on its Dallas Galleria and Plano, Tex., stores.
DOING DUBAI: Hennes & Mauritz took its first steps in the Middle East this week as it inaugurated two stores in Dubai in the Mall of the Emirates. “Opening day was a great success, and we were very pleased to see shoppers in Dubai lining up for our fashions,” said H&M chief executive officer Rolf Eriksen. The Swedish fast-fashion giant plans to open a third store in Dubai, in the Ibn Battuta mall, on Wednesday. An H&M store is scheduled to bow in Kuwait City on Sept. 20. Both the Dubai and Kuwait ventures are the first fruits of a franchise agreement between H&M and M.H. Alshaya, one of the Middle East’s leading retailers.
This story first appeared in the September 8, 2006 issue of WWD. Subscribe Today.