Strategy

Topeka, Kan. -- Following earlier reports on Wednesday that Shopko CEO Paul Jones had departed the company to pursue another opportunity, Payless Holdings has announced that Jones has stepped in as chief executive for the shoe chain.

Jones, whose appointment is effective Oct. 22 and whose retail history includes executive positions with Sears and Kohl’s, will be based in Topeka.

Los Angeles -- CBRE Group said Wednesday that the U.S. commercial real estate market continued to show moderate improvement across all property sectors in third quarter 2012.

In the retail sector, properties continued to see modest improvement in availability, which fell 10 bps to 12.9%, during the third quarter.

Rogers, Ark. -- In its annual meeting with analysts on Wednesday, Wal-Mart Stores U.S. president Bill Simon said the retailer would accelerate small-store growth to compete with dollar stores and drug stores, and announced plans to have 500 Neighborhood Market stores and 12 Express stores by fiscal 2016.

“This gives us the opportunity to build more stores for less money," Simon said. Wal-Mart currently operates 217 Neighborhood Markets and 10 Express stores.

Norwalk, Conn. -- Charter Realty & Development said that it has arranged a 2,350-sq.-ft. lease for Verizon located in the Dress Barn Plaza in Norwalk, Conn.

Dress Barn Plaza also contains Dress Barn and Dress Woman. Verizon will be relocating and expanding from a nearby location.

Vernon, Calif. -- True Religion Apparel said Wednesday it is evaluation strategic alternatives, which could include the sale of the company.

The denim manufacturer, which also operates about 140 retail stores, said it was contacted by interested third parties, which triggered the formation of a special committee to explore alternatives.

No timetable for a potential sale has been set.

Issaquah, Wash. -- Costco Wholesale Corp. reported Wednesday that net income for the quarter ended Sept. 2 jumped 27% to $609 million, from $478 million in the year-ago period. The warehouse club operator credited strong sales and higher member fees for the improved profit performance.

Sales climbed 14% to $31.52 billion, and same-store sales rose 5%. Membership fee revenue rose 18% to $694 million. The company said it plans to open up to 14 new warehouses before the end of calendar year 2012.

Foothill Ranch, Calif. -- Wet Seal Inc. said Wednesday it has named Clinton Group nominee Lynda Davey as chairman of the board. Davey is the former chairman and CEO of Avalon Group Ltd. and will replace the recently departed Harold Kahn.

The announcement follows earlier news that four Clinton Group nominees joined the Wet Seal board of directors: Davey, Dorrit Bern, Mindy Meads and John Mills.

Minneapolis -- Best Buy Co. said Tuesday that CFO James Muehlbauer has resigned the company. He will continue in an advisory capacity until Feb. 3.

The retailer said it has launched a search for a permanent replacement.

Muehlbauer’s resignation is the latest in a string of executive departures for Best Buy, and comes as founder and former chairman Richard Schulze mulls an offer to buy the company.

Green Bay, Wis. -- Shopko Stores announced Wednesday that Mike Bettiga has been named interim CEO to replace Paul Jones, who resigned to pursue another opportunity.

Bettiga is a 35-veteran of the company, and most recently served as executive VP and COO. Shopko is owned by private investment firm Sun Capital Partners.