Finance & Capital Management

New York -- The average vacancy rate at strip malls across the United States edged down for the first time in nearly seven years in the first quarter, falling to 10.9% from 11% in the prior quarter, according to preliminary data by real-estate research company Reis Inc., Reuters reported. It was the first decline in nearly seven years.

But the firm warned consumer spending is still not strong enough to lift retail real estate out of its slump.

ATLANTA — An organized retail theft ring that targeted 70 Home Depot stores in six states has been taken down by multi-agency task force after the arrest of three men in New Jersey, New York, and Pennsylvania. Two other suspects are still be sought. 

WOONSOCKET, R.I. — CVS Caremark has confirmed that Stuart McGuigan, SVP and CIO, will be leaving the company April 13.

CVS Caremark has initiated a search for his replacement, according to a company spokesperson.

McGuigan has served as SVP and CIO since December 2008. Before that, McGuigan was SVP and CIO of Liberty Mutual Group from September 2004 to December 2008, and was deputy CIO and SVP of Liberty Mutual from February 2004 to September 2004. From 2000 to February 2004, he was SVP information technology at Medco Health Solutions.

Chattanooga, Tenn. -- CBL & Associates Properties said it has appointed Jeff Curry as chief legal officer for the company.

Curry has been serving as interim chief legal officer for CBL since February 2012 and has served as an external legal advisor to CBL since 1986.

In his new role, Curry will oversee all of the company’s legal services, including real estate, corporate, securities and tax.
 

MINNEAPOLIS — Target has committed $15,000 in cash and gift cards to assist the Texas communities impacted by recent tornados. Cash donations will be distributed to The Salvation Army and the American Red Cross. In addition, Target has donated gift cards to other local nonprofit organizations for essentials such as water and food.

Armonk, N.Y. -- An IBM analytics-based forecast released Thursday expects that sales of home furnishings in the United States will shoot higher in the second quarter, with in-store sales increasing nearly 8% to $23.2 billion and online sales increasing 28.4%.

Combined in-store and online sales of home furnishings are expected to grow 16.6% in the second quarter.

NEW YORK— The ax has fallen at JCPenney. The company on Thursday laid off 600 workers from its corporate headquarters Plano, Texas, as its looks to streamline its business model amid a major reinvention of the business. The staff reduction, which equaled 13% to 14% of the headquarters staff, did not include any senior executives, according to The New York Times.

Chelmsford, Mass. -- The Retail Labor Index released Thursday by Kronos Inc. indicated that applications for retail jobs are waning.

The April Index, which characterizes the March 2012 state of the demand and supply sides of the labor market within the U.S. retail sector, prepared by Macroeconomic Advisers, was down slightly in March to a still solid 4.3%. (The index is defined as the ratio of hires to applications within a given month, expressed as a percentage. A level of 3% means that for every 100 applications received, three hires occurred).