Finance & Capital Management

Washington, D.C. – The Washington, D.C., city council has reportedly unanimously approved an increase in the city’s minimum wage to $11.50 per hour in 2016, up from the current hourly rate of $8.25. According to Reuters, after being raised to $11.50 the minimum wage would then be indexed to inflation.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

The new 10-year, non-recourse loan on Wyoming Valley Mall totals $78 million and replaces a $65 million loan that was repaid in September. The transaction produced proceeds of $13 million. The interest rate on the new mortgage is 5.17%, a decrease of 68 basis points from the previous rate.

Westlake, Ohio -- TravelCenters of America said it has completed its acquisition of 31 convenience stores/gas stations in Kentucky and Tennessee for $67.9 million. The deal was first announced on Nov. 14.

Cincinnati – Kroger has promoted Mark Tuffin to senior VP of retail divisions. He succeeds Michael Ellis, who will become Kroger's president and COO on Jan. 1, 2014.

Another piece of the leadership puzzle fell into place at Kroger as the company continues to execute a succession strategy backed by the tailwind of 40 consecutive quarter of same store sales growth.

Kroger named Mark Tuffin to the role of SVP of the company’s retail divisions to fill a position previously held by Michael Ellis who was elevated to the role of president and COO last month. Tuffin previously served as president of the company’s Smith’s Food and Drug Stores division.

Hudson’s Bay Company has named Donald Watros, currently the company’s COO, as president of HBC, a newly expanded role. The appointment is effective Feb. 1, 2014.

The move comes as the company restructures its leadership so it can focus on managing and growing HBC’s presence in North America, as well as its expanding portfolio of brands.

Akron, Ohio -- Jared The Galleria Of Jewelry officially opened its 200th location in Carle Place, N.Y., at the Carle Place Commons Center. The store includes a complementary refreshment area, a children’s play area and a full-service custom jewelry design and repair center, which will custom mount, clean and repair most jewelry.

NXT-ID, a biometrics company focused on the growing m-commerce market, has elected former MasterCard executives Lawrence Flanagan and Ken Moy to its newly formed board of directors. The appointments align with the company's roll-out and 2014 launch of the Wocket, a next generation biometrically secure wallet.