Finance & Capital Management

Staten Island Mall announced that the 1.2-million-sq.-ft. property will undergo a much anticipated multi-million dollar redevelopment that will add interior and exterior upgrades, new fashion retailers, restaurants, a Fairway Market and public piazza for guests to gather and enjoy events year-round, including a farmers market, holiday festivities, fashion shows and community fundraisers.

Enhancements also include the ability for Macy’s to expand.

Philadelphia -- Five Below Inc. on Wednesday reported better-than-expected fiscal fourth-quarter net income of $33.3 million. It also confirmed plans to open 70 stores in 2015, up from 62 in 2014.

Net sales in the quarter, ended Jan. 31, increased by 24.4% to $263.8 million from $212.0 million the year-ago period. Same-store sales increased by 3.2%. The results exceeded Wall Street expectations.

For the year, the company reported profit of $48 million. Revenue was reported as $680.2 million.

Robert “Bob” Piccinini, the longtime chairman of Save Mart Supermarkets, has died. He was 73.

In a statement, the company said that Bob was most passionate about two things: his family and his company. He purchased Save Mart from the Piccinini and Tocco families in 1985 after working his way up through the ranks as a box boy, truck driver, store manager, vice president of real estate and on to president and CEO.

New York -- Toys “R” Us’ priorities for 2015 include advancing its mobile capabilities, improving its Babies “R” Us business and reducing costs in a drive to become more efficient, company executives said Tuesday during a media presentation in New York. The retailer will also continue to work on transforming its online and in-store customer experience, and debut two store prototypes this year, one for its namesake brand and the other for Babies, later this year.  

A strengthened omnichannel fulfillment model helped slow the pace of sales declines at Toys “R” Us last year and now the retailer is looking to execute the next phases of transformation strategy to restore profitable growth.

The company spelled out details of its strategy on March 25 during an investor conference with presentations from Antonio Urcelay, chairman and CEO, Hank Mullany, president of Toys “R” Us, U.S. and Mike Short, executive vice president and CFO.

Dublin, Calif. – The Ross Stores Inc. board of directors has approved a two-for-one stock split on June 11, 2015. The split will be paid in the form of a 100% stock dividend to stockholders of record as of April 22, 2015.

The end of a retail icon is always big news in commercial real estate, and it’s particularly relevant when the brand in question is closing more than 4,000 stores around the country.

IKEA plans to open a store of truly epic proportions on a 22 acre site in Burbank, Calif., that will require the home furnishing retailer first demolish 19 existing structures.