Finance & Capital Management

Walmart has launched a digital platform to share tips and learnings that grew out of its five-year Women's Economic Empowerment Initiative.     As part of the ambitious initiative, which Walmart completed in January, the chain sourced $20 billion from Women Owned Businesses (WOBs) for its U.S. business, increased sourcing from WOBs internationally, and trained more than 1 million women worldwide.  

Target Corp. on Thursday surprised the industry and investors with some good news.   The discounter updated its guidance and said that as a result of improved traffic and sales trends through the first two months of the quarter, it expects to report a modest increase in its second quarter same-store sales. Target previously said it expected a decline.   

Captain D’s, which introduced fast-casual seafood to Tennessee nearly 50 years ago, continues to expand at a quick pace.   The Nashville-based chain announced this week that four new locations are planned for the Mobile-Pensacola market in the next five years and five new stores are planned for San Antonio. It added that a new franchisee will open a location in the Jackson, Tennessee, market this year, with more to follow.  

One of the nation’s largest outdoor markets is making room for some brick-and-mortar retail.   Berryessa Properties, a family-owned company that runs the San Jose Flea Market has sold a 6.5-acre parcel adjoining the open-air bazaar to Western National Group. The Irvine, California-based company plans to erect an apartment building with 560 residences in the space, including 37,000 sq. ft. of ground-floor retail in the fifth phase of its Market Park San Jose property.  

Amazon has won the right to sell groceries in India.   The online giant currently sells groceries in India through a local partner. But it recently secured government approval to stock and sell its own food items, reported the Nikkei Asian Review.     

The Kroger Co. has named a veteran of discount grocer Aldi to Kroger's own low-cost division.    Kroger on Wednesday appointed Liz Ferneding as president of Ruler, effective July 31. She succeeds Paul Bowen, who retired in May.  

J.C. Penney's finance head of three years is leaving to "pursue other interests."    Edward Record stepped down as CFO of Penney effective July 11, according to a regulatory filing. He will remain in an advisory capacity with the company until Aug. 7. Andrew Drexler, Penney's senior VP and chief accounting officer and controller, will serve as interim CFO while the retailer searches looks for Record's replacement.  

The remaking of Retail Properties of America is right on track, according to a financial review provided by the Oak Brook, Illinois company.   RPAI reported that it has completed $414.8 million worth of dispositions in the year to date, of which $367.2 million were non-target, multi-tenant retail assets.   In executing its strategic plan to focus on high-performing markets and properties, RPAI has exited multi-tenant retail operations in Alabama, Colorado, Louisiana, New Mexico, and Ohio.

Skilken/Gold has announced the sale of six Neighborhood Market stores, one of which was a prototype of Walmart’s new design for its grocery store concept.   The Louisiana stores all average about 42,000 sq. ft., including the Baton Rouge location that emerged from Walmart’s “build-to-suit” program initiated in 2014.   The Hampshire Companies and a South Korean partner acquired the properties for $78 million.   

One of the nation’s fastest-growing communities shows no signs of slowing down.    Amazon has selected the master-planned town outside Orlando as the site of an 850,000-sq.-ft. distribution center set to open in 2018. It will create more than 1,500 full-time jobs, according to Amazon’s VP of North America Operations Akash Chauhan.