Finance & Capital Management

Walmart is partnering with Chinese e-commerce powerhouse Alibaba to allow customers to make purchases using mobile devices in 25 of its stores in southern China.

Cult favorite grocery chain Wegman's is coming to New York City, with plasn to build a massive store in Brooklyn.

The owner of Corner Bakery, Arby’s and Batteries Plus, among other national retailers, has acquired Pet Supermarket.

Atlanta-based private equity firm Roark Capital Group says Pet Supermarket will remain headquartered in Sunrise, Fla., and continue to be led by CEO Diane Holtz. Pet Supermarket operates 155 pet specialty retail stores in 11 states generating over $300 million of revenue.

JCPenney Company cited strong financial results in the first quarter as the impetus for going on the offensive to gain back share and becoming the “preferred shopping choice for Middle America.”

JCPenney reported net sales of $2.86 billion compared to $2.80 billion in the first quarter of 2014. Same store sales increased 3.4% for the period. 

The company has made inroads in recent quarters on its turnaround, and the company may finally be making progress on reconnecting with its core customers. 

New York -- Boscov’s Department Store believes in keeping it in the family. Albert Boscov, 85, has resigned as CEO of the company, and been succeeded by his nephew, Jim Boscov. The new chief, who will continue to serve as vice chairman, is the third generation of the family to lead the privately held business which was founded more than 100 years ago.

About a year and a half ago, I wrote the following about Sears in an article that appeared in this space: “the company has been run less like a retail operation and more like a REIT for many years now.”

New York - Ryan Guheen has joined Brixmor Property Group as senior VP, redevelopment & strategic leasing. Guheen is based in New York and will play a major role in the company’s Raising the Bar initiative.

Raising the Bar involves upgrading the merchandise mix at its shopping centers with best-in-class anchors to drive higher sales, traffic and small shop leasing, while elevating center appeal to improve rent levels and net operating income growth.

Los Angeles – Net loss at American Apparel Inc. grew to $26.4 million in the first quarter of fiscal 2015, from $5.5 million the same quarter a year earlier. Increased cost of sales and foreign currency translation, as well as legal, litigation and consulting costs related to the termination of founder/CEO Dov Chaney, helped boost net loss.

San Francisco – Gap Inc. reported disappointing sales for April and the first quarter, hurt by fluctuations in foreign currency exchange and sliding sales at its namesake and Banana Republic divisions. Also, earlier timing of the Easter holiday, as compared to 2014, benefited the company’s March sales results and negatively impacted its April sales results.

Total same-store sales fell 12% in April, worse than predicted. Sales at Old Navy declined 6%, while sales at Banana Republic plunged 15%. Same-store sales for Gap fell 15%.

Seattle - One month after Starbucks and Arizona State University announced the expansion of a benefit to pay for employees’ college education, more than 1,800 have signed up, with more than 2,200 total. The Starbucks College Achievement Plan offers 100% tuition reimbursement for all four years of college.