Mergers & Acquisitions

Alibaba Group Holding Ltd. is making a new strategic investment — one that will up the ante in the hyper-competitive e-commerce marketplace.  

PriceSmart is ready to break ground on its newest locations.    The warehouse club retailer has acquired approximately 242,000 sq. ft. of land in Santa Ana, Costa Rica — the home of its newest warehouse club set to open in the fall. This will be the chain’s seventh club operating in Costa Rica.  

Dillard’s has signed an agreement to move into a shuttered Macy’s store at the Layton Hills Mall in Layton, Utah, north of Salt Lake City. Construction on the 160,000-sq.-ft. site is set to begin in April, looking toward a fall 2017 opening.  

Barneys New York has promoted its COO to the top job.   Daniella Vitale has been named chief executive officer of the New York-based upscale specialty retailer.    Vitale replaces Mark Lee, who is retiring and will assume the role executive chairman. Lee joined Barneys as chief executive in 2010. He is credited with turning the business around. Lee previously served as CEO of Gucci, and also held positions at Yves Saint Laurent, Armani and Jill Sander. He started his career at Saks Fifth Avenue. 

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.  

Vestar announced the close of a deal to acquire the Twin Creeks Marketplace in Allen, Texas, north of Dallas.   Opened in 2016, the 43,134-sq.-ft. center sits on five acres at the intersection of W. Exchange Parkway and Alma Drive. Tenants include Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles, and ATI Physical Therapy.  

Tractor Supply Company shot up by the double-digits in the fourth quarter, with net sales jumping 16.4% over the year-ago quarter.   "While it was obviously a challenging retail environment, our Tractor Supply team managed the business well and drove strong comparable store sales and earnings per share growth," said CEO Greg Sandfort. "Throughout the quarter, the team worked hard to take advantage of weather trends, localize assortments, manage inventory and shorten the supply chain."  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

For the first time since 2014, Abercrombie & Fitch Co. has a chief executive.   The struggling retailer said it has promoted Fran Horowitz to the role of CEO. She will also join the company’s board of directors. A veteran fashion retailer, Horowitz joined Abercrombie in fall 2014 as brand president of Hollister Co. In 2015, she was tapped for the new position of president and chief merchandising officer of the entire company.   

Restoration Hardware has filed a lawsuit against Crate and Barrel, accusing the rival brand of stealing confidential information to gain a competitive edge.   Restoration Hardware claims Crate and Barrel implemented a similar strategy that features food and beverage services at certain gallery locations.