Finance & Capital Management

Forest City Realty Trust may be on its way to having a greatly reduced investment in the mall industry and a bigger one in apartments and office assets.   The Cleveland-based firm announced it is reviewing strategic alternatives for its retail portfolio. Forest City holds ownership stakes in 14 regional malls across the country and 19 specialty retail centers, mostly in New York City. The East River Plaza, which fronts the FDR Drive in Manhattan at 116th Street, is a Forest City property.  

Ikea is extending its renewable energy commitment with plans for its first biogas-powered fuel cell system on the East Coast.    The home furnishings giant contracted Bloom Energy, Sunnyvale, California, for the design, development and installation of the system, which will be located at Ikea’s location in New Haven, Connecticut. Combined with the 940.8-kW solar array that was installed atop the store in 2012, the fuel cell project will help generate a majority of the store’s energy onsite.   

Shopko Stores confirmed Monday that executive VP of retail at Andre Persaud has left the company.

West Elm opened its 100th store, at Empire Stores, in Brooklyn, New York. It is the first tenant to officially open in the restored 19th-century coffee roasting facility and warehouse.   Located in Brooklyn’s Fulton Ferry Historic District, Empire Stores dates from 1869. Its massive red-brick walls feature distinctive round-arch openings and iron shutters, characteristic features of port warehouses of the period. The home furnishings retailer also has located its corporate headquarters within the building.  

Office Depot has joined Staples in the search for a new chief executive.   Office Depot announced Monday that Roland Smith plans to retire as CEO of the company.  In June, Staples CEO Ron Sargent stepped down and the chain is still looking for a successor. The resignations come several months after the merger between the two retailers was dropped over antitrust concerns.  

Omnichannel initiatives are crucial to J.C. Penney’s newly-unveiled plan to drive profit and accelerate growth.   In a presentation at its 2016 analyst meeting, Penney said it is seeking to boost its e-commerce and omnichannel experience, starting with a newly redesigned app that enables customers to locate items, apply coupons and access their JCPenney Rewards more easily.    

Alimentation Couche-Tard Inc. is expanding its U.S. portfolio yet again.   In its biggest acquisition to date, the Canadian convenience store retailer has agreed to buy CST Brands Inc. for $48.53 per share in cash, with the total deal valued at $4.4 billion, including debt.   Couche-Tard operates more than 12,000 locations globally under several brands, including Circle K. Last year, Couche-Tard acquired The Pantry for about $1.7 billion, including debt, adding more than 1,500 stores to its U.S. footprint.

According to the United States Secret Service, there are $ 1 trillion bank notes in circulation. Of this, $2.5 billion is fake. In 2013, U.S. authorities recovered $89 million in counterfeit money. Unfortunately, this is not good news for businesses as these statistics affect them in a major way.