Mergers & Acquisitions

Beachwood, Ohio -- DDR has named a new financial chief, and the shopping center company reached from within its own ranks for the appointment. Luke J. Petherbridge, age 35, assumes the role of CFO effective immediately.
 
"Luke is an accomplished executive with a proven track record within our company, overseeing the balance sheet, fostering strong banking and capital partner relationships, and sourcing large scale transactions during his tenure with us," said David Oakes, president and CEO.

Australian specialty tea retailer T2 has made its U.S. debut, opening a store in the heart of Manhattan's Soho neighborhood. The shop stocks over 200 teas from around the globe along with an extensive assortment of teapots, cups, sifters and other related items.

Miami Gardens, Fla. -- Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-sq.-ft. shopping center located at 3799 NW 167th St. in Miami Gardens, Florida. Anchor tenant Wal-Mart Neighborhood Store was recently completed and is now open.  

Framingham, Mass. – Staples Inc. underwent a difficult fourth quarter of fiscal 2014 as the company swung from a profit to a loss on special charges, faced investor pressure to change its board, sluggish sales and deal with fallout from its plan to acquire its largest competitor.  

Greensboro, N.C. – The Fresh Market Inc. will close its remaining stores in California, which include locations in Palo Alto, Santa Barbara and Laguna Hills, by March 31 in order to focus on higher growth opportunities. The decision comes even as adjustments to promotions and pricing helped drive impressive fourth quarter results.

Seattle – If you can’t beat ‘em, join ‘em. Amazon.com is reportedly heeding that old saw with plans to open a store on the Tmall site of Chinese e-commerce giant Alibaba Holding Group.

T2 STEPS ONTO THE GLOBAL STAGE

Australian specialty retailer T2 is looking to tap into the growing global market for premium teas — and it’s doing so with a style all its own. The company’s first international store, in London’s hip Shoreditch neighborhood, took top honors as the Store of the Year in the Retail Design Institute’s 2014 International Design Competition.

Largest U.S. retail development to open since 2006

Perhaps nothing signifies the resurgence of the U.S. retail market, both on a macro and micro level, more than the long-delayed opening of Downtown Summerlin, in Las Vegas. Opened in October, the open-air center is the largest retail development to debut in the United States since the economic downturn. It has quickly ramped up to become not only one of the hottest retail destinations in the Las Vegas region, but in the entire Western part of the country.

Putting aside all the challenges at Staples – weak demand, activist investor pressure to change its board and an uphill battle to acquire its largest competitor – one aspect of the company’s business is encouraging.

Although the company’s results for the fourth quarter were not good on either an as reported or adjusted basis, the commercial division achieve respectable sales growth and in the fourth quarter was the most profitable of Staples three business segments.

The Fresh Market will cede some of its market share to its biggest competitor even as it posted strong fourth quarter earnings and an upbeat outlook for 2015.

The company announced that it would be exiting California by the end of this month and closing all three of its remaining stores there, as it focuses on its stores in the eastern part of the United States. The company also cited slower “organic store growth” as another reason for the decision.