International Business

When it comes to retail rents, Manhattan’s Fifth Avenue is really in a class by itself.

Upper Fifth Avenue, between 49th and 60th streets, is the most expensive retail corridor in the world, with rents rising 3.6% to $3,500 per square foot through the first half of this year, according to an annual report from Cushman & Wakefield. (The top 10 streets are listed at end of article.)

Fifth Avenue rent was nearly double that of the second priciest corridor, Causeway Bay in Hong Kong, at $2,399 per square foot.

Columbus, Ohio -- WP Glimcher announced CEO Michael P. Glimcher has been named to the National Association of Real Estate Investment Trust’s (NAREIT) 2016 executive board. Glimcher previously served as chair of NAREIT’s Audit/Investment committee.

Nordstrom is adding some financial expertise to its board with its latest appointment.

The Seattle-based retailer has appointed Gordon Smith, CEO of Consumer and Community Banking at JPMorgan Chase, to the company's board of directors. The addition of Smith brings the total number of directors to 15 and the number of independent directors to 12. Nordstrom directors serve one-year terms and the company requires annual elections of all Board members. Smith will join the Compensation and Corporate Governance and Nominating Committees.

Despite weak overall sales growth and an expected decline in third quarter profits, Walmart’s third quarter results offered reasons for the company to be optimistic and for competitors to be concerned.

TJX shows no signs of losing its popular appeal with shoppers as the company reported stronger than expected traffic and same-store sales in the third quarter.

For the third quarter ended Oct. 31, same store sales at TJX Companies rose 5.3%. The company said net income fell to $587.3 million, from $595 million a year earlier. On a per share basis, net income rose to 86 cents per share from 85 cents, as the company had fewer shares outstanding. Revenue rose to $7.75 billion from $7.37 billion.

Their merger isn’t expect to close until-mid 2016, but Ahold and Delhaize Group have named more senior executives to interesting new roles to lead the combined company.

Ahold and Delhaize Group announced more members of the proposed executive committee of the combined company to be known as Ahold Delhaize. As previously announced in June, the proposed Ahold Delhaize management board consists of CEO Dick Boer, Deputy CEO and Chief Integration Officer Frans Muller, CFO Jeff Carr, COO Europe Pierre Bouchut, COO USA Kevin Holt, and COO USA James McCann.

Amazon.com has been busy expanding its same-day Prime delivery options across the U.S., and now it is hopping the pond.

Amazon U.K. has launched Amazon Pantry, a nationwide service for Prime members. Amazon Pantry offers more than 4,000 everyday grocery items, including food and drink, household supplies, baby and child care, pet, and health and beauty products.

Bruce Dayton, the father of Minnesota's governor and a key figure, along with his four brothers, in building the massive retailing business that became Target Corp., has died. Dayton, 97 and the last of the brothers to die, also launched the B. Dalton bookstore chain in 1966, the Star Tribune reported. [Star Tribune]