Finance & Capital Management

Chicago -- Tucker Development, in joint venture with Hutensky Capital Partners, announced the $57.25 million acquisition of Town Square Wheaton (TSW), a 200,000-sq.-ft. shopping, dining and office destination located in Wheaton, Illinois.
 

Flash sale site Zulily is making “significant progress” toward growth, accord to its CEO, and moving ahead with the launch of a redesigned website.

The company reported that revenue in the first quarter ended in March rose nearly 30%, year over year, to $306.6 million, missing consensus for $314 million, yielding EPS of a penny per share.

Seattle -- Online retailer Zulily announced today that Brian Swartz has been appointed senior VP and CFO, effective June 1, 2015.

Swartz brings more than 20 years of operational and financial experience to Zulily. For the last six years, he served as senior VP and CFO of Apollo Education Group, Inc., a private-sector education company. Swartz joined Apollo from EaglePicher Incorporated, a technology and industrial products and services company, where he served as VP and corporate controller.

London -- Retailers worldwide lose a staggering $1.75 trillion annually due to the cost of overstocks, out-of-stocks and needless returns, according to new research from retail analyst firm IHL Group, commissioned by OrderDynamics.

HSN’s push to make it easier for smartphone shoppers to buy its products online was successful in the first quarter, with the multichannel retailer reporting a big increase in mobile sales.

Digital sales at HSN grew 18%, with mobile sales increasing 31%. HSN earned $0.63 per share in the first quarter, exceeding analyst expectations of $0.58 per share. Similarly, revenue of $841.9 million was better than the $826.08 million analysts expected. 

Seattle -- Nordstrom may well be the first public company to have three presidents as co-presidents. The department store retailer on Tuesday announced that Blake Nordstrom, Pete Nordstrom and Erik Nordstrom have been named co-presidents of Nordstrom.

The new titles are, to a large extent, symbolic. The three executives will retain their current roles and responsibilities and will continue to serve on the Nordstrom board. There will be no change to their annual compensation.

Salt Lake City -- Sundance Catalog is gearing up for retail expansion, with plans to open two locations in 2015: one in Edina Galleria in Edina, Minnesota, in September, and a second store in Dallas’ NorthPark Center in November. Up to five additional stores are planned for 2016.

Store closures led Office Depot sales to decline in the first quarter, but the retailer still reported a sizable bump in profit.