Strategy

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Former Walmart president and CEO Mike Duke and company chairman Rob Walton drew large numbers negative votes when they stood for re-election to the retailer’s board at the annual shareholders’ meeting on Friday, June 6.

Dallas — Neiman Marcus saw adjusted profits slip in the third quarter, even as revenues and comps rose.

For the quarter ended May 3, the company reported a net loss of $2.7 million, compared with net income of $70.8 million in the year-ago period.  On an adjusted basis, however, the company reported earnings of $45.1 million compared with $78.7 million last year.

Also in the quarter, the company reported total revenues of $1.16 billion, up from $1.10 billion in the year-ago period. Same-store sales rose 5.9%.

Neiman Marcus may have reported total revenues of $1.16 billion for the third quarter, compared to $1.10 billion in the prior year, and a comparable-store sales increase of 5.9%, but the company’s profits took a hit, as traffic to brick-and-mortar stores decreased compared to last year.

By Jules Polonetsky, executive director, Future of Privacy Forum

In mid- May, over 30,000 professionals from the shopping center industry gathered in Las Vegas for the ICSC’s annual RECon event.

In addition to discussing leasing and the state of the retail market, for the first the first time a new topic was on the agenda – consumer privacy.

Atlanta — Arby's Restaurant Group, Inc. announced plans to launch a major remodeling program across its nationwide network of nearly 3,400 Arby's quick-service sandwich restaurants.

The turnkey revitalization initiative includes a new building image, team member re-training program and franchisee remodel financing solution.  

Bebe's Steve Birkhold has resigned as CEO, effective immediately. The board has appointed Jim Wiggett, currently CEO of Jackson Hole Group, as CEO while it starts a search for a permanent replacement.

Chicago, Ill. — Corner Bakery Café will open its first Wisconsin location later this year at The Mayfair Collection in Wauwatosa, Wis. The 4,000-sq.-ft. franchise location is near the center entrance at Burleigh Street and 114th Street.

Construction is slated to begin within the next few weeks. Neo Fourno Inc., the franchisee, plans to open 10 new cafes in Madison and Milwaukee over the next five years.