Finance & Capital Management

The Howard Hughes Corporation announced it has purchased the 11.4-acre Macy’s store and parking lot at its Landmark Mall in Alexandria, Virginia, and will set about transforming the enclosed property into an open-air center.  

Despite disappointing results from some retailers, overall holiday sales are shaping up to be in line with industry projections.  

Despite being criticized as being impersonal gift options, gift cards continue to rise in popularity.   In fact, gifts care are increasingly expected and eagerly used, especially among "older" millennial adults, according to “Prepaid and Gift Cards in the U.S., 5th Edition,” a report from market research firm Packaged Facts.  

Ollie's Bargain Outlet Holdings raised its full-year outlook after shoppers flocked to its stores in search of its signature “good stuff cheap” during the holiday season.   For the nine-week period ended December 31, 2016, Ollie’s total sales increased 16.3%, with a same-store sales increase of 1.9%. The discounter said it now expects full-year net sales to total about $888 million, ahead of the FactSet consensus of $874 million. It expects same-store sales growth of about 3% and per-share earnings of about 93 cents.

Apparel retailers might be in for tough going if proposed tax reforms pass.  

Party City Holdco Inc. continues to acquire its franchised locations.   The company has entered into an agreement to acquire a master franchise group representing 18 franchise stores in Louisiana, Alabama, Mississippi and Florida, and with estimated 2016 sales of approximately $34 million. The purchase price is estimated to be $14.5 million to $15.0 million.  

BJ’s Wholesale Club is knee-deep in a company-wide initiative to add processes that allow it to operate more efficiently.   It has taken a major step by partnering with Glory Global Solutions to roll out cash automation solutions across its 200-plus-club chain. As cash still accounts for around 30% of consumer transactions in the U.S., it remains extremely important to retailer margins. However, the process of moving money is complex.   

The ranks of female retail CEOs is losing one of its highest-profile members.   Rosalind G. Brewer, 54, has told Walmart she plans to retire as executive VP, president and CEO of Sam’s Club, effective Feb. 1, 2017. She will be succeeded by company veteran John Furner, 42, who joined Walmart as an hourly associate in 1993, effective Feb. 1. The news was announced in a filing by the chain.