Finance & Capital Management

Cincinnati -- A Monday report by the Cincinnati Business Courier said that Kroger Co. is planning to spend about $15 million to renovate four stores in the Cincinnati area in 2011.

The grocery retailer said it plans to renovate stores in Westwood, Madeira and Montgomery, Ohio, as well as a store in Cold Spring, Ky.

The Westwood and Montgomery locations are scheduled for renovation in the first half of 2011, while Kroger is still finalizing the renovation plans for the Madeira and Cold Spring stores.

Atlanta -- Midwest department store operator Von Maur will enter the Atlanta market, taking over a fomer Belk’s space at North Point Mall in Alpharetta, Ga., pending approval by the city's design review board, Atlanta Business News reported.

Chevy Chase, Md. -- Steuart Investment Co. said that Giant Food has signed a lease to anchor a mixed-use project slated for development in Washington, D.C.

The project, called 360º H Street, is a nearly 290,000-sq.-ft., LEED-certified development and features street-level retail topped by 215 rental units. Torti Gallas and Partners, Inc. of Silver Spring is the architect. 

Santa Barbara, Calif. -- Investec announced it has raised $130 million for acquisition of grocery- and drug-anchored centers located in the coastal region of California.

Barcelona, Spain -- Tommy Hilfiger Europe has selected an electronic invoicing software from IBM to reduce the cost of cross-border and domestic trading by automating its electronic invoicing processes.

Plano, Texas -- J.C. Penney reported a better-than-expected increase in third-quarter profit Friday, crediting controlled costs and positive response to its newest exclusive brands, which include Liz Claiborne and MNG by Mango, and its Sephora in-store cosmetic boutiques.

The chain posted a profit of $44 million in the period ended Oct. 30, compared with $27 million a year ago. Total sales increased 0.2% to $4.19 billion, up from $4.18 billion in the third quarter last year. Same-store sales rose 1.9%.