Finance & Capital Management

Armonk, N.Y. – The weather is traditionally a topic for conversation when there is nothing else to discuss, but for retailers knowing what the weather will be is a vital concern. IBM and The Weather Company, parent company of the Weather Channel, are partnering to integrate real-time weather insights into business to improve operational performance and decision-making.

Burnaby, Canada -- Canada’s Future Shop will soon be a thing of the past. Best Buy announced it is consolidating its Future Shop division, and the chain’s namesake stores and Future Shop stores will all operate under the Best Buy nameplate. As part of the consolidation, 66 Future Shop stores will be closed, effective March 30. Also, 65 Future Shop locations will be shuttered for one week to transition to Best Buy.

New York -- The death of the mall has been highly exaggerated, according to data released Monday by the International Council of Shopping Centers and the National Council of Real Estate Investment Fiduciaries. Among the highlights: Shopping center occupancy rates were 92.7% at the end of 2014, the highest level since second quarter 2008, according to data released Monday. Occupancy was even higher for the mall segment (combined super-regional and regional malls), at 94.2% at the end of 2014, the highest since the end of 1987.   

Christopher & Banks Corp. has named a former Macy's executive to its board of directors.

John A. Bryant, chairman, president and CEO of Kellogg Co., has been elected to the Macy’s Inc. board of directors.

New Orleans -- Stirling Properties has completed the development financing and will soon launch construction on the Offices at Mid-City Market, a 54,000-sq.-ft., mixed-use complex in the Mid-City neighborhood of New Orleans.

The Offices at Mid-City Market will feature approximately 31,000 sq. ft. of office space along with 9,000 sq. ft. of retail and restaurant space. The building design will include parking, additional green space and water management. Prior to closing the construction loan, the building was nearly 50% pre-leased.

Best Buy has announced that it is shutting down its Future Shop stores in Canada, consolidating under the Best Buy name and spending $200 million on its e-commerce capabilities.

Best Buy says it will convert 65 of the Future Shop locations into Best Buy stores within a week, and 66 others are closing immediately. Best Buy acquired Canada's Future Shop chain in 2001 for C$581 million.

Minneapolis - Christopher & Banks Corp, has named Edwin J. Holman to its board of directors, following a search process with the assistance of a national search firm. Holman’s election increases the number of board members to nine and the number of independent directors to eight.

Holman is also expected to be a nominee for election at the company’s next annual meeting of stockholders. Holman, 68, served as interim CEO of The Pantry Inc. from October 2011 until March 2012.