Strategy

Specialty retailer Francesca’s says its third-quarter sales show initiatives such as reducing inventories and enhancing assortments are producing results ahead of a new growth strategy for the company.

For the third quarter ended Oct. 31, the company posted a net income of $6.95 million, down 4.4% from a year earlier, and earnings of 16 cents per diluted share, down 1 cent from the third quarter of 2014. Net sales were up 19% from one year ago, to $103.7 million. Same-store sales rose 4%.

Chattanooga, Tenn. -- CBL & Associates Properties announced that it has completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors.

Mayfaire Community Center is the 210,000-sq.-ft. center located in Wilmington, North Carolina, which CBL acquired in June of 2015. CBL will be providing leasing and management services for the new owners.

Kroger is adding a veteran of the consumer products industry to its board of directors.

The 127-year old family owned Belk department store chain is family owned no more, although one of the founder’s descendants remains in place as CEO.

The private equity firm Sycamore Partners completed its previously announced acquisition of the 296 unit Belk chain on Dec. 10, thus beginning a new chapter for what had been the nation’s oldest privately held department store retailer.

Shoppers at Walmart stores will soon be able to pay with their smartphones as the retailer has developed a unique solution to become the newest entrant in the crowded world of mobile wallets.

Angela Ahrendts, senior VP of retail for Apple and former CEO of Burberry, is taking a more luxe approach in some of the company’s retail stores. “The stores are the best physical manifestation of the brand,” Jan Dawson, an analyst at Jackdaw Research, told the New York Times. “Angela is bringing her sensibility to that experience.” [New York Times]

Nashville, Tenn. -- GBT Realty Corporation announced it acquired a 13.1-acre site along Memorial Blvd in Murfreesboro, Tennessee for $2.4 million. The company plans to develop the site into The Shoppes of Northgate, a 98,000-sq.-ft. center anchored by a 30,000-sq.-ft. Sprouts Farmers Market, along with retail tenants PetSense, Liquor Barn and Newk’s Eatery. The construction of the $16 million retail center is expected to begin this month with store openings set for spring 2016.

Vera Bradley is adding some deep e-commerce experience from Best Buy to its board of directors.

Kelley has e-commerce, marketing, and strategic planning experience and has served as president, e-commerce for Best Buy since 2014. Prior to joining Best Buy, Kelley served as senior VP, e-commerce for Chico's FAS and held the posts of VP of retail real estate and marketing and VP of e-commerce for L.L. Bean.