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This week, home discount retail chain Big Lots will open dozens of additional stores, marking the culmination of the beloved brand’s dramatic turnaround after it filed for Chapter 11 bankruptcy protection late last year. Heres what you need to know about Junes Big Lots store reopenings. Big Lots bankruptcy was expected to be the end In December 2024, Big Lots announced that it had filed for bankruptcy and would be closing all of its roughly 800 locations. But in a surprising turn of events, the chain was saved from completely going out of business after another discount retail chain operator, Variety Wholesalers, swept in and agreed to buy 219 Big Lots locations from liquidator Gordon Brothers. Variety Wholsalers, which also owns discount retail chains including Bargain Town and Super Dollar, said it would not only keep the 219 stores alive, but that it would operate them under the Big Lots brand, after a period of renovation and re-merchandising. Prior Big Lots reopenings Variety Wholesalers said it would reopen the 219 Big Lots stores it acquired in four waves, with the first beginning in April. Heres how many stores Big Lots opened in each prior wave: First wave: nine stores across six states in April Second wave: 54 stores across 12 states in early May Third wave: 78 stores across 13 states in mid-May Now, Big Lots will be commencing its fourth wave of store openings. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}))}(); 78 Big Lots fourth wave June reopenings Big Lots fourth wave of store reopenings will happen this week, with 78 stores opening across nine states. The planned opening date is Thursday, June 5. The states with the most store reopenings in the fourth wave include North Carolina, with 22 locations reopening; Ohio, with 13 locations reopening; and Pennsylvania, with 11 stores reopening. Here is the full Big Lots store reopening list for June: Florida 6247 Highway 90, Milton, FL 32570 2384 Commercial Way, Spring Hill, FL 34606 3401 13th St Ste 100, St. Cloud, FL 34769 843 W Bloomingdale Ave, Brandon, FL 33511 3048 E College Ave, Ruskin, FL 33570 13970 N Cleveland Ave, North Ft. Myers, FL 33903 4901 Palm Beach Blvd Ste 230, Fort Myers, FL 33905 Georgia 127 Commerce Ave, LaGrange, GA 30241 3111 Highway 278 NW, Covington, GA 30014 13 Lester Rd Ste C, Statesboro, GA 30458 Kentucky 3000 Scottsville Rd, Bowling Green, KY 42104 North Carolina 125 Weaver Blvd, Weaverville, NC 28787 273 Franklin Plaza Dr, Franklin, NC 28734 1176 Russ Ave, Waynesville, NC 28786 1639 US Highway 74A Byp, Spindale, NC 28160 1450 Andrews Rd, Murphy, NC 28906 1251 Burkemont Ave, Morganton, NC 28655 711 E Innes St, Salisbury, NC 28144 280 Concord Pkwy N, Concord, NC 28027 720 NC 24 27 Byp E, Albemarle, NC 28001 950 S Cannon Blvd Ste A, Kannapolis, NC 28083 1677 Westchester Dr, High Point, NC 27262 2531 Eastchester Dr, High Point, NC 27265 630 Lakestone Commons Ave, Fuquay Varina, NC 27526 2950 S Horner Blvd, Sanford, NC 27332 1371 N Sandhills Blvd, Aberdeen, NC 28315 1664 S Main St Ste B, Laurinburg, NC 28352 520 Berne Sq, New Bern, NC 28562 2750C N Roberts Ave, Lumberton, NC 28358 1110 Western Blvd, Jacksonville, NC 28540 2900 Arendell St Ste 19, Morehead City, NC 28557 6832 F Market St, Wilmington, NC 28405 4600 Main St Ste 1, Shallotte, NC 28470 Ohio 8489 Market St, Mentor, OH 44060 12588 Rockside Rd, Cleveland, OH 44125 1890 W Market St, Akron, OH 44313 405 Howe Ave, Cuyahoga Falls, OH 44221 241 W Wooster Rd, Barberton, OH 44203 426 East Waterloo Rd, Akron, OH 44319 1336 Whipple Ave NW, Canton, OH 44708 10560 Harrison Ave, Harrison, OH 45030 3640 Werk Rd, Cincinnati, OH 45248 110 S 7th St, Marietta, OH 45750 9025 Ohio River Rd, Wheelersburg, OH 45694 400 Silver Bridge Plz, Gallipolis, OH 45631 367 County Rd 406 Ste B, South Point, OH 45680 Pennsylvania 750 Ohio River Blvd, Rochester, PA 15074 4717 McKnight Rd, Pittsburgh, PA 15237 2444 Philadelphia St, Indiana, PA 15701 11628 Penn Hills Dr, Pittsburgh, PA 15235 254 Oak Spring Rd, Washington, PA 15301 6041 State Route 30 Ste 20, Greensburg, PA 15601 1425 Scalp Ave Ste 130, Johnstown, PA 15904 389 N Reading Rd, Ephrata, PA 17522 500 Lincoln Hwy Ste 4, Fairless Hills, PA 19030 2140 White St, York, PA 17404 1150 Carlisle St, Hanover, PA 17331 South Carolina 1206 Highway 9 Bypass W, Lancaster, SC 29720 9221 Two Notch Rd Ste 30, Columbia, SC 29223 6169 St. Andrews Rd, Columbia, SC 29212 1641 Church St, Conway, SC 29526 710 Hwy 17 S Ste D, North Myrtle Beach, SC 29582 1370 S Kings Hwy, Myrtle Beach, SC 29577 1013 Old Highway 52, Moncks Corner, SC 29461 431 Saint James Ave Unit G, Goose Creek, SC 29445 10150 Dorchester RdUnit 227, Summerville, SC 29485 328 Robert Smalls Pkwy, Beaufort, SC 29906 Tennessee 633 S Jefferson Ave, Cookeville, TN 38501 1301 S James Campbell Blvd, Columbia, TN 38401 1913 Sherwood Rd, Kingsport, TN 37664 3901 Hixson Pike Ste 157, Chattanooga, TN 37415 1426 N Gateway Ave, Rockwood, TN 37854 Virginia 180 Kents Ridge Rd, Richlands, VA 24641 1090 Bypass Rd, Vinton, VA 24179 6610 Mooretown Rd, Williamsburg, VA 23188 2318 W Mercury Blvd, Hampton, VA 23666 1851 E Little Creek Rd, Norfolk, VA 23518 1971 S Military Hwy, Chesapeake, VA 23320 No more Big Lots openings? With the additional 78 Big Lots stores reopening in its fourth wave this week, Variety Wholesalers will have reopened all 219 stores that it said it would after acquiring them from Gordon Brothers. While fans of the retail brand are undoubtedly happy to have hundreds of locations reopened, the 219-store count represents just over a quarter of the Big Lots locations that were open at the end of last year. Privately held Variety Wholesalers has not publicly announced plans to open any brand-new Big Lots locations at this time. For now, if there isn’t a Big Lots location near you after the fourth wave of reopenings this week, it’s likely to stay that way for the foreseeable future.
Category:
E-Commerce
Hello and welcome to Modern CEO! Im Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning. As a new crop of summer interns arrive at your company, its worth considering: Will one of them rise to CEO? Deanna Strable, who became CEO of Principal Financial Group in January, interned at the company during college. After graduating from Northwestern University, she joined Principal as an actuarial assistant, the start of a 35-year journey that included a stint abroad and senior roles including chief financial officer (CFO) and president and chief operating officer (COO). (Disclosure: Principal is a longtime Inc. advertising and sponsorship partner.) People love to ask, Whyd you originally come to Principal? but I think a fundamental question is, Why did you stay here for 35 years? Strable says of the insurance and benefits company, which last year reported $16.2 billion in revenue, up 18% from 2023. It ultimately comes back to the work, the company, and the people. From entry-level to executive The intern-to-CEO path isnt unheard of, especially at family-led companies. Comcast chairman and CEO Brian Roberts, whose father founded the cable company, first interned at its Storecast marketing unit in 1974. J. Patrick Gallagher Jr., CEO of Arthur J. Gallagher and Co., a global insurance brokerage founded by his grandfather, interned at the business in 1972. Some prominent CEOs are lifers, having spent their whole careers at one company. Tricia Griffith, CEO of the insurer Progressive, started as an entry-level claims representative, and Mary Barra, CEO of GM, started at the carmaker as a co-op student. And while research suggests that CEOs hired from within an organization slightly outperformed external hires during the pandemic, and performed on par with one another before the pandemic, more boards are turning to outsiders to run companies. Spencer Stuarts 2024 CEO Transitions report found that 44% of all new S&P 1500 CEO appointments last year were external hires, up from 32% in 2023 and the highest rate since 2000, when the executive search firm started tracking the data. The CEO role has never been harder or more complex, and I do believe that you really need multiple experiences to be an effective leader in todays world, says Janice Ellig, CEO of executive search firm Ellig Group. I dont want to predict that the intern-to-CEO [trend] is going to decrease, but Im not sure its going to increase. Many roles, one vision Ellig says boards and investors want their chief executives to bring a range of relevant experiences to the role. Insiders who get the top job have typically led different departments and excelled in areas that are important to the company. GMs Barra, for example, led manufacturing engineering, global human resources, and global product developmentcritical divisions at a major automaker with 90,000 employees in the U.S. alone. Principals Strable helped build and lead the companys benefits and protection business, which encompasses employee benefits, business owner solutions (life insurance and disability insurance), and nonqualified deferred compensation. As CFO, she worked alongside previous CEO Daniel Houston to develop a growth strategy that included discontinuing the sale of consumer life insurance products and focusing on higher-growth businesses such as retirement and global asset management. As a result, Strable says, she was able to hit the ground running, adding: You know the people, you know the products, you know the business, you know the strategy. The insiders double-edge sword Strable, who retains the president title at Principal, counts the familiarity and support of longtime colleagues as a plus of being an internal candidate. But where it can be hard is there are times that people just expect that youre comfortable with things the way they are today, she says. Strable says she encourages the company to lean into its strengths but also evaluate the areas where Principal has not been effective. She strives to find ways to learn from people outside the company. I reinforce that with a lot of our leaders, too, she says. You need to have a network of peers outside of the organization, both within and outside the industry. At a lunch meeting in New York shortly after she became CEO, Strable reflected on the corporate milestones shes observed throughout her three-decades-plus at Principal. Of note: Some of the first graduates of Principals on-site daycare center at its Des Moines headquarters, which opened 17 years ago, will soon be eligible for internships at the company. Perhaps one of them might even become CEO someday. Are you an insider CEO? Are you a company lifer who has ascended to the CEO role? What unique insights do you possess that outsiders or newcomers dont have? Please send your experiences to me at stephaniemehta@mansueto.com. And while I have your attention, please spread the word that Fast Companys annual Brands That Matter program is extending its deadline to June 6. If your brand excels in making emotional connections, communicating purpose, and maintaining cultural relevance, consider applying via this link. Read more: inside track How Mary Barra remade GM and its culture Should your board consider an outsider for CEO succession? Former Nike intern Elliott Hill is ex-employees top CEO pick
Category:
E-Commerce
Your time spent working has a real dollar amount attached to it. But I often find as a time management coach that people dont think about the expense of their daily work activities. If they did, they likely would be much more hesitant to spend the equivalent of hundreds of dollars a day on things like email. If youre curious how much your time is worth and how to use that information to make choices about what you do and dont do on the job, here are three simple steps you can take today. Calculate your hourly rate In some professions, the value of your time is pretty straightforward to determine. When you bill clients per hour or get paid at an hourly rate, you know exactly what your time is worth. Making these calculations is a little bit more difficult in other situations, but not impossible. For example, if you have a salaried job with paid vacation, this is how you figure out the value of your time: Multiply how many hours you work per week by the number of weeks in a year. So for example, if you work an average of 45 hours a week, then you would multiply 45×52 to get 2,340 hours per year. Then you divide your annual salary by those number of hours. So if you make $75,000 per year, the hourly rate would end up being about $32/hour. And finally, if you get paid by the project, youll want to take your project fee, subtract expenses like materials, and then divide the remaining amount by the number of hours it takes you to complete the project. So if you got paid $1,000 for a project, had no expendable materials, and spent about 13 hours on it, then your hourly rate would be around $75/hour. Evaluate your time spend Once youve calculated how much your time is worth, then you can start to evaluate your daily time choices through that lens. For example, maybe you have a mix between messages, tasks, and meetings throughout your day. If you find yourself frequently sucked into email, Slack, or other inboxes, ask yourself what percentage of your daily budget you think that communication is worth. Then try to limit your time in that area, such as I only give the equivalent of $250 a day to communications. Or if you notice some tasks on your list are time-consuming but not super high value, you may want to consider delegating them to someone else. If your time is worth about $60 an hour and a task takes five hours, thats $300 of time. But if youre paying an entry-level employee $15 per hour, that same task ends up only costing $75. For you to do the task might not make sense. And finally with meetings, youll not only need to consider your hourly rate, but also the hourly expense for each additional person in the meeting. Depending on how many people are attending and their particular level of compensation, a single meeting could cost $1,000 or more. By starting to look at meetings through this filter, you can better determine whether or not you should go to meetings, as well as when youre hosting, how many people really need to come, and how long the meetings need to be. Dont forget the opportunity cost Finally, to most accurately assess the value of your time, youll need to determine not only your hourly rate, but also the opportunity cost of spending your time in different ways. This varies quite a bit depending on your compensation structure. But here are a few examples of ways to consider the financial opportunity cost of different time choices. If youre in sales and choose to fill your calendar with current client meetings to the point that you dont have enough room for meeting with prospects, your client meetings could be costing you thousands in missed opportunities for sales commissions. If you own a business and only focus on day-to-day activities without investing in business development, those routine tasks could be at the expense of large amounts of unrealized business growth. If youve been told that you need to hit certain goals to receive a promotion or bonus, and you spend your time in areas that dont allow you to hit those goals, then youre missing out on all of that potential compensation. There are certain activities that you need to do for your job no matter what. But if you evaluate how youre spending your time with the mindset that every hour has a dollar amount attached to it, then you can make better choices on how much time you spend in different areas of your work as well as whether certain activities are even worth your time at all.
Category:
E-Commerce
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