Finance & Capital Management

New York City -- China ranks as the most attractive emerging market for apparel retailers, according to global management consulting firm A.T. Kearney’s 2011 Global Retail Development Index for Apparel. The research analyzes retail markets worldwide, and ranks those countries that present the best opportunity for apparel retail expansion.

New York City -- Local 1-S of the Retail, Wholesale and Department Store Union announced that more than 4,000 union workers at Macy's Manhattan flagship and three other New York locations have voted to strike if a new contract is not reached by midnight on Wednesday.

The other stores are in the Bronx, Queens and Westchester County.

Laval, Quebec -- Alimentation Couche-Tard, parent of Circle K Stores, has signed an agreement to acquire up to 322 sites, plus an additional 65 reseller contracts, in Southern California, from ExxonMobil Corp. The purchase price was not disclosed.

“These stores are high volume, high impact locations,” Tim Tourek, Couche-Tard’s VP of operations for the west coast division, said in a statement. “They would significantly strengthen our overall footprint in this important market.”

King of Prussia, Pa. -- O’Neill Properties Group announced that Bass Pro Shops  has signed a letter of intent for a 200,000-sq.-ft. store at The Point, in Sayreville, N.J., one of the largest new mixed use developments in the United States.

Cary, N.C. -- Convenience-store operator The Pantry is selling 114 locations located in nine states throughout the Southeast. The properties are a combination of owned and leased locations. All are operating convenience stores with gasoline, except for one standalone store.

NRC Realty Capital Advisors, Chicago, is assisting The Pantry in the sale. As of May 9, The Pantry operated 1,659 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.

By Paul Kinney, [email protected]

Common Area Maintenance (CAM) charges are a headache for commercial tenants of all sizes. Unfortunately, overcharges make the management of CAM expenses a major problem for retail tenants. Responding to the CAM overcharge hot button, the National Retail Tenants Association (NRTA) has once again made CAM management a key topic of its education curriculum of its annual conference planned for this September in Orlando.

New York City -- Apparel giant VF Corp., whose brands include Wrangler, The North Face, and Nautica, said it has agreed to buy Timberland Co. for approximately $2 billion. The deal, expected to close in the third quarter, values Timberland at $43 a share, a 43% premium to Friday's closing price of $29.99 on the New York Stock Exchange.

New York City -- A Superior Court in Pennsylvania on Friday upheld a $187.6 million class action award against Wal-Mart Stores on allegations that its Pennsylvania employees were not properly compensated for off-the-clock work and missed rest breaks.

A panel said there was sufficient evidence at trial to conclude there had been a breach of contract, unjust enrichment and violations of state labor laws, the Associated Press reported.

New York City -- Amazon.com said Friday that it would drop its online affiliates in Arkansas in response to a new state law that would have required the online retailer to start charging sales tax, the Associated Press reported.

Lawmakers passed a bill earlier this year to require out-of-state online retailers such as Amazon to collect sales tax from customers if their annual sales in the state exceed $10,000.

All of the proposals voted on at Walmart’s shareholders’ meeting last Friday were defeated, but the official tally of results filed with the Securities and Exchange Commission last night revealed one proposal that drew a surprisingly large number of votes.