Finance & Capital Management

Perryville, Md. -- Ikea said Tuesday it has plugged-in the solar energy system installed at its distribution center in Perryville, Md.
 
The 768,972-sq.-ft. PV array consists of a 2,674.9-kW system, built with 18,576 panels, and is the state’s largest rooftop array.

The Ikea distribution center will produce approximately 3,397,178 kWh of clean electricity annually, the equivalent of reducing 2,397 tons of carbon dioxide, eliminating the emissions of 499 cars or powering 359 homes yearly.  
 

San Francisco -- Dallas-based Cypress Equities said Monday that construction is about to begin on the site of what will become Market Street Place, a 250,000-sq.-ft. retail center scheduled to open in 2015 and co-developed by Cypress Equities and The Carlyle Group.

Market Street Place will be a six-level, urban retail redevelopment designed by Gensler’s San Francisco architectural team.

Bentonville, Ark. -- In its Global Sustainability Milestone Meeting on Monday, Walmart announced new commitments the retailer says will dramatically increase energy efficiency and renewables, and hasten its path toward being 100% supplied by renewable energy.

Walmart president and CEO Mike Duke outlined specific goals the company said it intends to achieve by Dec. 31, 2020:

New York -- A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.

Citing two unidentified sources, Bloomberg said Penney is also considering selling its real estate and then leasing it back as another avenue to free up money. And other assets, such as inventory, could be collateralized.

Minneapolis -- Target Corp. said Tuesday it will miss its first-quarter profit outlook as seasonal and weather-sensitive items underperformed.
 
The retailer also said it now expects same-store sales to be flat in the quarter.

Target’s quarterly results are slated to be reported on May 22.

Softer than expected sales trends prompted Target to lower its first quarter earnings outlook Tuesday morning.

The company said it now expects first quarter comps to be flat, after previously forecasting a range of flat to 2% growth. The softer than expected sales prompted the company to revise first quarter adjusted profit expectations to an unspecified level of "slightly below" earlier guidance of $1.10 to $1.20.

True Value president and CEO Lyle Heidemann plans to retire May 31.

John Hartmann has been appointed as the company’s new president and CEO, following the retirement of Heidemann. Heidemann will continue to serve True Value through the end of 2013 as an adviser.

LAKELAND, Fla. — Publix has elected Beall’s CEO Steve Knopik to its board of directors.

“We are pleased to have Steve join the Publix board,” said Publix chairman of the board Charlie Jenkins Jr. “His strong retail and financial background and commitment to the community will make him a strong addition to our board.”

Assurant Solutions, a leading provider of extended protection programs and services, has appointed Jeff Unterreiner as SVP of its extended protection solutions business. 

Unterreiner now has overall management responsibilities for the company’s extended service contract and vehicle service contract business. 

New York -- Walmart is eyeing greater energy efficiency and less reliance on fossil fuels as key drivers of its low cost, low price business model.