Strategy

Velocity Retail Group, a full-service commercial real estate services company based in Phoenix, has secured a 10-year lease for Beall’s Outlet.

Beal’s Outlet will join the lineup at Westporte Village in Glendale, Arizona. The 23,600-sq.-ft. space is slated to open in November 2015. Velocity Retail Group VP Michael Clark and associate VPs Larry Miller and John Jackson represented the landlord. Newmark Grubb Knight Frank represented the tenant.

The mobile payment arena keeps getting more crowded.

Two weeks after U.S. bank Capital One partnered with MasterCard and Visa to offer contactless mobile payment capability in its Capital One Wallet app, another major bank plans to offer a mobile payment app.

J.P. Morgan Chase & Co. is launching Chase Pay, a tokenized mobile payment service for in-store, in-app and online purchases. Interestingly, Chase is partnering with MCX, a retailer-backed mobile payment consortium, as its premier partner.

Boston – Gordon Brothers announced that Alex Sutton, managing director of Industrial Inventory for Gordon Brothers-AccuVal, will be honored by the Commercial Finance Association with the 2015 Harry H. Chen Memorial Instructor of the Year Award.

Coach says increased demand for its merchandise and fewer discounts led the luxury goods maker and retailer to report increased profit in the first quarter despite a steep 9.5% drop in same-store sales.

The company said that for the first quarter ended Sept. 26, earnings were 41 cents a share (analysts expected 40 cents). Net income fell 19% to $96.4 million. Sales dropped 0.8% to $1.03 billion in the quarter, missing analysts’ $1.04 billion projection.

Walgreens Boots Alliance is in advanced talks to acquire Rite Aid in a deal that could be worth as much as $10 billion, according to a report published Tuesday by The Wall Street Journal.

Kohl’s is in growth mode when it comes to the retailer’s store base.

Next year, Kohl’s plans to open five to 10 new stores in a smaller 35,000-sq.-ft. prototype, aimed at underserved areas. Kohl’s also plans to open 10 to 15 stores dedicated to its proprietary Fila brand in outlet malls across the country. Additionally, the retailer will open two more Off-Aisle by Kohl’s off-price locations in 2016.

Alibaba Holding Group Inc. profits surged as a result of a one-time benefit in the second quarter of fiscal 2016, while mobile sales boosted revenue.

A revaluation of Alibaba’s holding in its Alibaba Health Information Technology Ltd. subsidiary drove year-over-year net income growth of 657% to $3.57 billion, from $480 million.

REI has shocked the retail industry — and shoppers — with its decision to lock its doors on one of the biggest and most profitable shopping days of the year.

The retailer says it will be closed not only on Thanksgiving Day but also on Black Friday. REI.com will operate as normal on Thanksgiving. On Black Friday, REI.com will have a black takeover screen encouraging people to get outside. Customers will still be able to view product and make a purchase on Black Friday, but the order will not be processed until Saturday.

Two weeks after publicly stating it had lost $56 million processing payments for Starbucks, Square no longer has to worry about future losses.

Starbucks has selected Chase Commerce Solutions, the global payment processing and merchant acquiring division of JPMorgan Chase & Co., to transition processing of all non-mobile payments and U.S. retail card payment transactions in company-operated stores. Chase will also partner with Starbucks on the rollout of chip-enabled payment terminals.

Two leading retailers highlighted different aspects of their digital customer experience efforts at the recent SAP Retail Forum in Miami.

Keri Stelle, director, Target Technology Services, said Target Corp. is trying to modify its entire corporate culture to respond to changing needs of the new digital customer in a session titled, “Who is the Evolving Target Guest?”

“It’s not just about Mom anymore,” said Stelle. “Today, the entire family wields influence over the retail purchase.”