Finance & Capital Management

East Harford, Conn. — Horizon Group Properties has announced an agreement to develop a new outlet center in East Hartford, Conn. The 350,000-sq.-ft. Outlet Shoppes at Rentschler Field is scheduled to open in the summer of 2016. Rentschler Field is a historic airstrip located near downtown Hartford.

The Hartford metropolitan area has 2.2 million residents and an average annual household income above the national average. No outlet shopping centers currently serve the market.

San Antonio -- Stephen Smith, former co-CEO of the Toronto-based restaurant chain owner and operator Cara Operations Limited, has been elected to the CST Brands' board of directors. Smith's most recent experience was with Cara as co-CEO and, prior to that, CFO of Cara. Previously, Smith served for many years as an executive of Canadian grocer, Loblaw Companies Limited.

Chicago – Morale is the biggest challenge facing retailers trying to fill and maintain their staffs. According to a new survey of 168 retail staffing managers and HR executives conducted by Harris Poll for CareerBuilder and WorkInRetail.com, 37% of respondents cited lifting employee morale as a challenge.

The following are the top 10 staffing challenges faced by retail hiring managers:

1. Lifting employee morale – 37%
2. Retaining top talent – 36%
3. Maintaining productivity levels – 29%

Genesco chairman, president and CEO Robert J. Dennis said that the company’s overall fourth-quarter results were lower than expected, thanks to inconsistent sales patterns and severe winter storms that affected its key markets.

All is not grim, however, as the company is making investments to bolster its omnichannel capabilities, which Dennis expects will protect near-term profitability and allow the company to expand its retail footprint.

BRENTWOOD, Tenn. -- Tractor Supply Co., the largest rural lifestyle retail store chain in the United States, announced that Robert D. Mills has joined the company as senior VP and CIO, succeeding James Callison, who is retiring. As part of the succession plan, Callison will stay with Tractor Supply until a smooth transition is completed.

Many retailers have pointed to a persistent and severe winter for weak holiday and fourth-quarter sales. But according to the National Retail Federation (NRF), retail sales rebounded in February.

The NRF said that February retail sales, excluding automobiles, gas stations and restaurants, increased 0.2% adjusted month-to-month and 2.3% unadjusted year-over-year.

New York -- Aeropostale on Thursday announced it has signed an agreement with private equity firm Sycamore Partners for $150 million in financing and a strategic partnership. The teen retailer also reported its fifth straight quarterly loss amid a 15% decline in same-store sales, and announced it will close 50 stores in 2014.

Sycamore will provide Aeropostale with a five-year $100 million term loan facility, and a ten-year $50 million term loan facility that includes a sourcing arrangement with MGF Sourcing, an affiliate of Sycamore.

Not many retailers can say they were very pleased with exceptional results during a compressed holiday season and challenging fourth quarter, but Steinmart did.

Same-store sales increased 3.1% for the fourth quarter ended Feb. 1, while total sales for the 13-week period declined to $360.8 million from $368.6 million because the fourth quarter the prior year included an extra week, which added sales of $15.8 million to the prior-year period.