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Modest May for retailers
New York -- Same-stores sales increased 3.2% in May, edging up from a 3% gain in April, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers.
The number of retailers reporting same-store sales has dropped dramatically over the past two years, with major department store companies and discounters no longer reporting. Many specialty fashion chains are also following suit. Some experts caution that the results are now so limited they are not representative of the industry at large.
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Phillips Edison-ARC names CFO
Cincinnati -- Devin I. Murphy has joined Phillips Edison-ARC Shopping Center REIT Inc. (www.phillipsedison-arc.com) as CFO, treasurer and secretary.
“With over 25 years of experience in the real estate investment industry, including executive leadership positions with Morgan Stanley and Deutsche Bank Securities Inc., Devin brings significant experience to the company,” said Jeffrey Edison, co-chairman of the board and CEO.