Finance & Capital Management

Walmart has been on a building boom in Northwest Arkansas. Small-format Express stores have been open now for several years, the new convenience concept Walmart To Go opened earlier this year and the latest development is a hybrid concept that allows online grocery orders to be picked up at a dedicated drive-through facility.

Sears Canada president and CEO Douglas C. Campbell has resigned his spot so he can return to the United States by the end of the calendar year to tend to personal family issues. The board will commence a search for a new CEO immediately.

Campbell intends to continue as the CEO until Sears Canada names a replacement, but no later than January 1, 2015.

Toronto -- Sears Canada Inc. announced that Douglas C. Campbell, president and CEO, intends to resign and return to the United States by yearend for “personal family” issues. Campbell, formerly COO of Sears Canada, was appointed to the top spot in September 2013, after former head Calvin McDonald quit.  

Campbell was charged with turning around a struggling chain, which has seen eight years of falling sales.

Virginia Beach, Va. – The Investment Sales Group of Divaris Real Estate Inc. has brokered the sale of Shippensburg Marketplace in Shippensburg, Pennsylvania for $12 million. Divaris represented the seller, ACL Realty Corp., in the transaction; American Realty Capital Properties, Inc. was the purchaser.

Shippensburg Marketplace is a 56,875-sq.-ft., Giant-anchored shopping center. The property was developed in 2002 and was 94% occupied at the time of the sale.

Seattle -- REI will open a nearly 30,000-sq.-ft., two-level store in the Village at Westfield Topanga, Woodland Hills, California, in fall 2015.

"REI Topanga will join five other stores in serving more than 352,000 active REI members in the greater Los Angeles area. More than 62,000 active members reside within 15 miles of the new store.

Tory Burch, an upscale women’s apparel and accessories company, has appointed former Ralph Lauren executive Roger Farah co-CEO, sharing the title with founder and current CEO Tory Burch, who will remain chairperson.

Indianapolis -- Simon Property Group has been recognized by the CDP (formerly known as the Carbon Disclosure Project) and The Global Real Estate Sustainability Benchmark (GRESB) for its ongoing leadership and commitment to sustainability and energy conservation.

Northbrook, Ill. - Pine Tree Commercial Realty LLC has acquired Riverbend Marketplace, a regional shopping center located in Asheville, North Carolina, in partnership with Wanxiang America Real Estate Group. The 142,617-sq.-ft. shopping center is shadow-anchored by Walmart, anchored by Kohl’s and Petsmart, and features 110,715-sq.-ft. of national best-in-class retailers.