Finance & Capital Management

The word “big” is often associated with Walmart, and that adjective also applies to the discount retailer’s IT spending.

According to data from IDC, Walmart Stores Inc. spent more on IT than any other company globally in 2015, to the tune of more than $10.5 billion. No other retailer, not fellow large tech-focused organization Amazon.com, cracked the top 10 list.

Pre-leasing has begun on a $100 million mixed-use complex developed by Forest City Realty Trust that offers retailers an interesting opportunity to serve the bustling Chinatown area of Los Angeles.

The project, named Blossom Plaza, will feature 237 apartments and 19,000-sq.-ft. of commercial space on a two acre tract at the intersection of Broadway and College Street. Leasing the space on behalf of Forest City will be JLL VP Lorena Tomb and associate Danielle Cornwell.

Cross-border expansion is on the rise and an extensive new study from JLL identifies the top 50 major cities worldwide that offer the top growth prospects.

J.Crew customers on Saturday received a surprise in their email accounts — a letter from the CEO and chairman of the company, Mickey Drexler.

In the note, Drexler recounted how he was recently told by a shopper that the J.Crew she loves "is back.” He then asked customers to come into stores or check out the J. Crew e-commerce site to see what she was talking about, and also requested they email him directly with their thoughts. ([email protected].)

Chico's FAS is getting rid of its chief marketing officer.

The apparel retailer on Monday announced a realignment of its marketing and digital commerce functions that the company expects will reduce its 2016 marketing expenses by $11 million and generate annualized cost savings of approximately $14 million.

The U.S. Environmental Protection Agency has recognized Staples with a 2016 Energy Star Partner of the Year — Sustained Excellence Award for its continued leadership in protecting the environment through superior energy efficiency achievements.

Staples, an Energy Star partner since 1992, is being honored for the energy efficient achievements of the certification of 612 total buildings, and recertification of 33 buildings in 2015.

Sears Holdings announced its latest round of store closings as it continues to look for ways to cut expenses and return to profitability after five years of losses.

The embattled retailer, which has been steadily shrinking its physical portfolio over the last few years, will close 68 Kmart and 10 Sears stores this summer. (See list of locations at end of story.) In February, Sears warned it would speed up the closing of unprofitable stores.

Macy's chose Earth Day to give an update on its ongoing solar power deployments.

The retailer, in a 10-year partnership with SunPower Corp., has deployed SunPower solar systems at, or planned for, 71 Macy's and Bloomingdale's locations in 10 states, totaling approximately 39 megawatts.

Fifty SunPower systems are operating to date, and the company is contracted to install its technology at 21 additional Macy's and Bloomingdale's facilities this year.