Finance & Capital Management

The International Council of Shopping Centers (ICSC) is forecasting a 3.4% sales increase for the traditional November-December holiday period from last year — which spells good news for retailers. 

ICSC also anticipates that the other two measures of U.S. industry holiday sales — shopping-center inclined sales +3.4%, and chain-store sales +2.0 — will both increase over last year.

San Diego  — Representing a real estate investment trust, The Mansour Group has sold a portfolio of five Applebee’s for $13.3 million.

To complete the transaction, The Mansour Group sourced a private high net worth California investor, who sold an apartment complex and acquired the portfolio through a 1031 exchange. The restaurants are located in North Carolina, Texas, Tennessee, Minnesota and Kentucky:

Steve McKinney was named president of Kroger’s Fry’s Food Stores division in Arizona to succeed Jon Flora who passed away unexpectedly two weeks ago.

McKinney, 57, had previously served as vp of operations at Kroger’s Ralph’s division in California since 2007. The Fry’s division operates 119 stores in Arizona.

Brooklyn, N.Y. -- Home furnishings retailer West Elm today announced its 2013 Clinton Global Initiative (CGI) Commitment to Action with a purchasing plan of $35 million in handcrafted products through 2015, a 40% increase in spend during the next two years. West Elm, a member of the Williams-Sonoma, Inc. portfolio of brands, also pledged to make and source these products from businesses adhering to high social responsibility, health and safety standards, meeting local laws, best industry practices and the brand’s vendor code of conduct.

New York -- Holiday sales will rise 3.4% sales increase, slightly stronger than last year, for the traditional November-December holiday period, even though retailers are expecting a more modest spending season, according to the International Council of Shopping Centers.

Additionally, ICSC anticipates that the other two measures of U.S. industry holiday sales will both increase over last year.

Altoona, Pa. -- Joe S. Sheetz, executive VP of finance and store development for Sheetz, will assume the position of president and CEO, beginning Oct. 1.

Current chief executive Stan Sheetz leaves the presidency after 18 years and will stay active in the convenience store chain in the role of chairman.

Ending years of speculation, the Container Store late Monday filed a registration statement with the Securities and Exchange Commission for an initial public stock offering.

The operator of 62 stores in 22 states with annual sales of $702 million contends the U.S. can support as many as 300 locations with international growth also a possibility. The company expects to open six stores during the current fiscal year and seven stores next year. The company’s stores average around 19,000-sq.-ft. and carry approximately 10,500 items grouped in 16 departments.

New York -- The Container Store late Monday filed a registration statement with the Securities and Exchange Commission for an initial public stock offering.

The retailer, which operator of 62 stores in 22 states with annual sales of $702 million,  said it sees the potential for  c as many as 300 U.S. Locations,  with international growth also a possibility. It expects to open six stores during the current fiscal year and seven stores next year.