Finance & Capital Management

San Francisco -- Gap Inc. is still searching for its turnaround.

Gap Inc. issued a second-quarter earnings forecast that was below Wall Street analysts' estimates, with its results impacted by foreign currency fluctuations, West Coast port delays and previously announced store closings in its namesake brand.

Gap reported less-than-expected total sales of $3.9 billion for the second quarter, down 2% from the $3.98 billion the year-ago period.

New York -- Get ready for Irish fast-fashion.
 
Value apparel retailer Primark, which  recently launched its U.S. website, announced it will open its first U.S. location, in Boston, on Sept. 10. The store measures 77,000 sq. ft. and is situated downtown in the Burnham Building, the site of the city’s iconic Filene's department store.

Primark’s second U.S. outpost will open in King of Prussia mall. The retailer said it plans to open an additional eight stores over the next two years.

The turnaround at Gap Inc. is still struggling to get off the ground, if the retailers' latest round of financial results are any indication.

Gap reported that net sales for the four-week period ended Aug. 1 were $1.12 billion compared with net sales of $1.17 billion for the four-week period ended Aug. 2, 2014. For the second quarter of fiscal 2015, Gap Inc.’s net sales decreased 2% to $3.90 billion compared with $3.98 billion for the second quarter last year.

Bethesda, Md. -- Washington Property Company announced it has acquired Ballenger Creek Plaza, a 75,527-sq.-ft. center located in Frederick, Maryland, for $9.5 million.

“Washington Property Company is excited about expanding its retail portfolio with the acquisition of Ballenger Creek Center,” said WPC president Charles K. Nulsen, III. “We plan to renovate and reposition this neighborhood center in the growing submarket of southwestern Frederick.”
 

New York -- The brand that ‘Seinfeld’ made famous has tapped a retail vet as CEO.

Soupman announces that Jamieson Karson has joined the company as CEO and chairman. Karson is the former CEO and chairman of Steven Madden.

During his tenure at Steve Madden, Karson is credited with stabilizing the company and expanding the company's footprint into the global retail and wholesale markets. After Steve Madden, he was a partner at Lightship Partners, a retail consulting firm.

Atlanta -- FCA Partners announced the acquisition of Parkway Pointe, a 196,664-sq.-ft. retail center located in Atlanta. The property was purchased for $43.9 million from Stockbridge Capital on June 25.  

Westmont, Ill. -- Tri-Land Properties said that it has named Paul R. Sevenich as VP of leasing. Sevenich brings 30-plus years’ experience in retail real estate development and redevelopment, acquisitions, retail center positioning, value enhanced leasing, merchandising strategies and financial analysis of the Midwest and the South. Some of the companies he has worked for include CSM Corporation, Kraus-Anderson, CBL & Associates and General Growth.

The rise of e-commerce has made life increasingly difficult for shopkeepers of every size and shape. The continuing shift to online shopping, and the failure of many retailers to adapt, has pushed many retail chains into bankruptcy. Radio Shack, Wet Seal and Deb Shops are just a few once-popular merchants that have declared Chapter 11 in recent years.