Strategy

The downsizing continues at Sears Holding Corp.

The troubled retailer is closing what it described as a “very small percentage” of its overall number of Kmart and Sears stores across the country.

"Every year we evaluate our store portfolio and make changes based on leases or stores with poor performance," company spokesman Howard Riefs said in a Reuters report.

The exact number of stores to be shuttered has not been disclosed. But Reifs also said Kmart would account for the majority of the closures.

Chain Store Age has launched our annual search for 10 individuals in retail real estate we call “retail stars.” All will be featured in the May 2016 issue of CSA with bonus distribution at the International Council of Shopping Centers’ RECon event in Las Vegas!

The award recognizes people under the age of 40 who are making an impact in retail real estate – whether from the tenant (retail) or the landlord (shopping center company) side.

Newport Beach, Calif. -- X Team International announced that partner Strategic Retail Advisors negotiated the purchase of a 104,423-sq.-ft. property at La Habra Towne Centre located in La Habra, California, on behalf of Northgate Gonzalez Markets.

La Habra Town Centre is situated on 9.2 acres and is currently home to CVS, Petco and Jack in the Box. Nelson Wheeler and Blaine Bush of SRA represented Northgate Gonzalez Markets. Jones Lang LaSalle represented the seller.

The Vitamin Shoppe is changing the structure of its board of directors as it looks to enhance its corporate governance practices.

The company announced its board will rotate the role of lead director for the second time since the company's Oct. 28, 2009, initial public offering. David Edwab, who served as lead director since April 2011, has stepped down from that role and John Bowlin, who became a member of the Vitamin Shoppe board in October 2014, will now serve as lead director.

Publix Super Markets named a new CEO to replace current chief executive Ed Crenshaw, who announced his retirement on Wednesday.

The company said that Crenshaw will step down effective April 30, 2016. Upon his retirement, current company president Todd Jones will become president and CEO.

Sheetz, the family-owned and operated convenience store chain, announced it will invest more than $15 million to raise the wages of store employees across the company. And it is doing so without cutting back on hours for full-time employees.

Rancho Cucamonga, Calif. -- Passco Companies has acquired Day Creek Village located in in Rancho Cucamonga, California for $15.8 million.

Day Creek Village is a neighborhood shopping center in the second largest submarket in California’s Inland Empire market. The 25,002 sq. ft. center is 100% leased and is shadow-anchored by a Ralph’s grocery store, and currently has 14 tenants, including Starbucks, Wells Fargo, Super Cuts, Subway, and Orange Theory Fitness.

Supervalu wants to unlock the value of its Save-A-Lot division with a planned spinoff, but the 1,336 store division did little to enhance its appeal to investors with a weak showing in the third quarter.