Finance & Capital Management

New York City -- New York City remains the world’s most expensive retail destination as retailers focus on the major fashion capitals pushing global rents in prime locations even higher, according to the latest CB Richard Ellis (CBRE) Global Retail MarketView.

The average rent for space along Fifth Avenue from 49th Street up to 59th Street hit $1,900 per square foot in the first quarter. Hong Kong and Sydney came in second and third place in the rankings, with average per-square-foot rents of $1,697 and $1,301, respectively.

Bentonville, Ark. -- A report Thursday by the Associated Press said that Wal-Mart Stores executives met Thursday to discuss the proposed Massmart acquisition, which is expected to close in June.

According to the report, as Wal-Mart expands its international business, the company wants to bring ideas it gains from the South African chain to other markets.

Greensboro, N.C. -- The Fresh Market reported Thursday that net income for the quarter ended May 1 rose to $13.5 million, compared with $12.2 million in the year-ago quarter.

Sales increased 10% to $264.5 million and same-store sales increased 4.1%.

During the first quarter, the retailer opened one new store in Peachtree City, Ga., bringing the current store count to 101. Fresh Market said it expects to open 12 to 14 new stores during fiscal 2011.
 

Kansas City, Kan. -- A report released Thursday by Compdata Surveys found that although the economy is still struggling to make significant strides towards recovery, small improvements are starting to become more evident.

The 2011 Compensation Data Services survey results found pay increase budgets remained relatively stable at 2.4%, reflecting a slight increase from 2.2% in 2010. Pay increase budgets are projected to continue slowly increasing in 2012 to 2.5%.

Chicago -- Transwestern’s Chicago Retail Advisory Services team said Wednesday it represented Tuesday Morning in five transactions across the Chicagoland area totaling 95,416 sq. ft.

Atlanta -- LaVida Massage said Wednesday it has named Duane Goodwin and Terry Sharp as Master Developers in the state of Georgia.

Goodwin and Sharp, both former Home Depot senior executives based in Atlanta, will be charged with spearheading the regional growth and the development of several centers in Atlanta and throughout Georgia.

New York City -- A report released Wednesday by CB Richard Ellis found that New York City remains the world’s most expensive retail destination as retailers focus on the major fashion capitals, pushing global rents in prime locations even higher.

According to the latest CBRE Global Retail MarketView, the improving economy has had a measurably positive impact.

Colorado Springs, Colo. -- Addison, Texas-based Coyote Management L.P. and Garrison Investment Group, through their affiliates, have acquired Chapel Hills Mall, located in Colorado Springs, Colo.

Chapel Hills Mall is a 1.2 million-sq.-ft. enclosed super-regional mall anchored by Dillard’s, J.C. Penney, Macy’s, Sears, Dicks Sporting Goods and Burlington Coat Factory, and features a 15-screen Carmike Cinema and over 100 specialty stores.

New York City -- The Jones Group has acquired Kurt Geiger, Europe's largest luxury shoe retailer from Graphite Capital, a leading United Kingdom mid-market private equity firm, for approximately $350 million in cash, inclusive of debt acquired.

The acquisition further extends Jones' reach into the designer footwear business through Kurt Geiger's portfolio of high-end brands and presence in leading department stores, such as Harrods and Selfridges.

Seattle -- Starbucks Corp. announced it has acquired full ownership of Starbucks stores in the China provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei in an agreement with Maxim’s Caterers Ltd., the coffee company’s joint-venture partner. As a result, Starbucks said now has full control of more than half of the Starbucks retail stores in Mainland China as it looks to accelerate growth in the future.