Finance & Capital Management

A Victorian-era psychiatric hospital in Poughkeepsie, New York, that’s been out of commission for 15 years will be the site of a mixed-use community of 750 residential units and 350,000 sq. ft. of retail space.   The old Hudson River State Hospital will make way for Hudson Heritage, a $250 million redevelopment project that will preserve key structures of the classic building in an attempt to create a thriving new community on the long-abandoned 156 acres.  

Target Corp. has named Don Liu as executive VP, chief legal officer and general counsel, effective Aug. 22, 2016.   Liu will oversee all legal, corporate governance and government affairs matters for the company. He will report to chairman and CEO Brian Cornell and serve as a member of Target’s leadership team.  

Durham, North Carolina-based conglomerate The Guess Corp. is seeking to acquire at least 1,000 U.S. convenience store/ gas station units in the next 12 months.   Working through a subsidiary, the company is looking to acquire an average of 100 branded and unbranded units per month. Upon completion of the purchases, Guess Corp. intends to re-brand and renovate the properties with innovative and sleek designs and provide enhanced CRM technology. The company has invited brokers to provide buyer representation with higher commissions.

Specialty apparel retailer The Children’s Place Inc. is partnering with marketing and loyalty solutions provider Alliance Data Systems Corp. to launch a new private label credit card.  

As their merger enters the home stretch, Delhaize Group and Ahold have reached agreements with buyers to divest 86 U.S. stores.   The two international companies announced their intent to combine forces back in June 20115. The merger is set for completion at the end of July, pending final approval by the Federal Trade Commission.  

The $11 billion purchase of Belgium-based supermarket operator Delhaize Group by Netherlands-based grocery conglomerate Ahold is coming closer.   The two companies both announced they expect the deal, approved by the shareholders of both companies in March 2016, to go through before the end of July 2016, subject to regulatory approval by the U.S. Federal Trade Commission (FTC).   

The mad dash to provide same-day delivery on the part of e-commerce players like Amazon is sapping warehouse space in the U.S. As a result, retailers should budget for higher leasing rates in the year ahead.  

Toys “R” Us may have closed its New York name brand stores, but the retailer still has a fondness for the city.    According to Fortune, Toys “R” Us CEO David Brandon has indicated he would like to add new Toys “R” Us stores to the company’s existing Babies “R” Us New York footprint. Just don’t mention the word “flagship.”  

Bob Mariano, CEO of the Roundy’s Supermarkets Inc. division of The Kroger Co., will retire effective Sept. 1, 2016.   After retiring, Mariano will serve as strategic adviser to Kroger and Roundy's for two years. Don Rosanova, president of Mariano's, and Michael Marx, president of Roundy's Supermarkets Wisconsin, will continue to serve in their current roles leading the two supermarket divisions.  

One day after announcing a general salary increase for all U.S. corporate store employees, Starbucks Corp. is preparing to increase some prices.   As of July 12, Starbucks made what it calls a “small price adjustment” in U.S. company-operated stores. Depending on the market, customers will experience increases of 10 to 20 cents on select sizes of brewed coffee, and 10 to 30 cents on espresso beverages and tea lattes.