Finance & Capital Management

A federal judge says several banks suing Target Corp. over its 2013 data breach have a plausible case for negligence and can proceed with the lawsuit.

Houston - JLL has appointed Naveen Jaggi as president of JLL Americas Retail Brokerage. Jaggi comes to JLL from CBRE, where he was a senior managing director of Retail Services.

In his new role at JLL, Jaggi will oversee more than 100 brokers, spanning 25 major markets, who serve the firm’s 500 retail owner and occupier clients. Jaggi is also tasked with creating deeper integration, collaboration and consistency across the Americas retail platform and globally.

Chicago – Claire’s Stores Inc. had a disappointing third quarter, slightly increasing its net loss to $26.82 million from $25.47 million. A variety of expenses continued to outweigh Claire’s gross profit.

Bentonville, Ark.– While some retailers worry about mobile “showrooming” damaging in-store sales, Wal-Mart Stores Inc. welcomes brick-and-mortar shoppers with mobile devices. In an interview with CNBC, Wal-Mart CEO Doug McMillon said 10% of Wal-Mart’s mobile orders come from customers inside its stores.

The cool kid might still be cool, after all.

Abercrombie & Fitch reported net income of $18.2 million in the third quarter of fiscal 2014, compared to a net loss of $15.6 million in the same period the prior year and beating Wall Street forecasts.

However, not all of Abercrombie’s results were quite so positive.

New York - The City Council of Chiago has approved a boost in the minimum wage, gradually raising it to $13 an hour by 2019. The vote was pushed by Mayor Rahm Emanuel faces a reelection vote in February.

The plan raises Illinois' $8.25 rate – which is $1 higher than the federal rate – in small increments. It will get raised to $10 next year, and then increase by amounts of of 50 cents and $1. City officials estimate more than 400,000 Chicago workers will benefit.

Many retailers opened on Thanksgiving this year but regional discounter Fred’s remained closed and the impact of that decision was evident when the company reported a 2.3% decline in November same store sales.

Fred’s stores were open on Thanksgiving Day last year, but the operator of 702 stores closed its stores this year which made for a challenging comparison against the prior year period.

Istanbul, Turkey - Annapolis, Maryland-based architectural firm Roy Higgs International has been retained to design the retail portion of Metropol İstanbul, a global mixed-use project and architectural landmark of Istanbul that is rising within the borders of the Istanbul International Financial Center in Ataşehir.

“Metropol İstanbul will breathe new life into this vibrant city, elevating its architectural significance,” said Elif Ozbay, design manager for Metropol İstanbul.