Finance & Capital Management

Fred’s Super Dollar continues to see sales increases as 2016 continues. The company reported Thursday that for the four weeks ending Feb. 27, it saw net sales of $171.1 million, a 12% increase over the same period last year. The announcement follows January’s sales, which also increased 12% over the same four weeks in 2015. Comparable store sales rose 0.8% for the month, compared to flat comps in February 2015.

Pacific Sunwear of California has hired financial advisors to help deal with its maturing debt, according to The Wall Street Journal.

In 2011, PacSun received a $100 million credit line from Wells Fargo and a $60 million loan from an affiliate of Golden Gate Capital. Both loans will be due in December, the report said.

Similar to other teen retailers, PacSun has been dealing with increased online competition and a shift in teen spending. The company has had three consecutive quarters of declining sales and negative same-store sales.

Kansas City -- Taubman Centers and The Macerich Company announced a joint venture for Country Club Plaza location in Kansas City, Missouri from Highwoods Properties. The mixed-use retail and office property was purchased for $660 million cash, excluding transaction costs. Taubman and Macerich each own a 50% interest in the center.

Philadelphia -- PREIT announced that its recent sale of Palmer Park Mall marked the ninth lower-productivity mall sold by the company since having announced its plans to divest non-core properties in late 2012. These properties generated average sales per sf of $254 at the time of sale. The company also has four additional malls under contract with significant non-refundable deposits. Pro-forma January 31, 2016 portfolio sales per square foot excluding the assets sold or under contract for sale are $451.

Customers responded favorably to holiday promotions at Pier 1 during the fourth quarter and the retailer is poised for an even better spring now that it plans a return to TV advertising.

A strong report on Friday from the Labor Department shows that retail employment was up 51,100 jobs in February on the heels of a gain of 52,100 in January.

Compared with February 2015, retail jobs were up by 247,300. The numbers exclude gasoline stations, automobiles and restaurants.

As part of a leveling of its technology spending, Nordstrom Inc. has made a reduction in its technology personnel.

According to Geekwire, Nordstrom recently laid off 10 employees in its technology department.

Chicago -- CBRE recently completed the sale of two retail centers in the Chicago, Illinois suburbs for $14.8 million.

Regency Square, a 43,361 sq. ft. center, located in Huntley, Illinois is 97% leased. The center is anchored by Aldi and includes tenants Athletico, Jimmy John’s, Little Caesar’s and SportClips. CBRE represented the seller, Interstate Partners. Regency Square sold for $10.8 million. CBRE’s Derrick Almassy and Rich Frolik represented Interstate Partners in the sale to Hamilton Partners.

Costco Wholesale Corp. is raising entry-level wages for its hourly workers for the first time since 2007.

The move comes as other major retailers have been upping the minimum wages for their entry-level workers amid a tightening job market.

Starting this month, Costco will pay workers $1.50 more per hour in the U.S. and Canada. Workers will now earn at least $13 or $13.50 per hour, up from a minimum of $11.50 or $12 per hour.

Convenience store chain CST Brands has addedtwo new independent directors to its board and announced it plans to pursue “strategic alternatives” that could include selling the company.

The company says the strategic review process will be comprehensive and will include a fresh look at several of CST's previously announced strategic initiatives and plans.