Strategy

SAN FRANCISCO  — PowerReviews, a provider of social commerce solutions, announced that it has appointed former Google executive Keith Adams as CFO. 

ARLINGTON, Va. — The Food Marketing Institute announced that one of its former executives is rejoining the organization, while another will be retiring.

FMI announced last Friday that Patrick Davis has rejoined the organization as its VP state government relations, where he will serve as the principal liaison between FMI and state associations. Prior to rejoining FMI, Davis served as president and founder of Alliance Consulting.

Houston -- New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.

Terms of the deal were not disclosed.

According to KKR, Academy Sports' president Rodney Faldyn will stay on as president and will assume the CEO job from David Gochman, who is the grandson of the chain’s founder.

Bentonville, Ark. -- Wal-Mart Stores said Friday it has replaced two of its top executives in China who resigned earlier this month.

Mario-José Medina will serve as the head of Wal-Mart financial operations in China. He previously worked as the CFO of Wal-Mart Chile, and was hired in 2007 to be the CFO of Wal-Mart Puerto Rico.

The company also said that Del Sloneker, a former senior VP, will become COO in China.

Santa Ana, Calif. -- In follow-up to its prior announcement that it would explore strategic alternatives, including a potential sale or merger, real estate services and investment firm Grubb & Ellis Co. said Tuesday that is exclusivity period with Colony Capital LLC, which had expressed interest in exploring a strategic transaction with Grubb & Ellis, ended on May 29. Grubb & Ellis said that, while it will continue its discussions with Colony, it will engage in additional discussions with other parties.

Westport, Conn. -- SRS Real Estate Partners announced that Gap has leased 17,448 sq. ft. at 125 Main Street in Westport, Conn.

The transaction represents a consolidation of all of Gap brands (Gap, Gap Kids, Gap Baby) into one location and a new long-term commitment to downtown Westport, according to SRS.

The landmark redevelopment of 125 Main Street is well underway with Gap, a planned expansion and long-term lease renewal with Brooks Brothers Women and additional retail and boutique office space.

New York City -- Consumer confidence declined in May, according to the Conference Board Consumer Confidence Index. The Index now stands at 60.8, down from 66.0 in April. The Present Situation Index decreased to 39.3 from 40.2. The Expectations Index declined to 75.2 from 83.2 last month.

New York City -- Regulators in South African on Tuesday approved Wal-Mart's 17 billion rand (about $2.4 billion) bid to buy a controlling share of Massmart Holdings Ltd. The Competition Tribunal of South Africa approved the deal on the condition that no job cuts take place for two years. It also requires the merged entity to give employment preference to 503 Massmart employees who lost their jobs.

New York City -- From a local cheese shop founded by a career changer, to a specialty supermarket that has expanded to more than 100 locations without sacrificing its commitment to quality and customer service,  the winners of the National Association for the Specialty Food Trade’s (NASFT) Outstanding Specialty Food Retailers of 2011 awards are a diverse group.

Warrendale, Pa. -- Teen clothing retailer rue21 posted net income of $9.6 million for the first quarter, compared with $5.8 million. The company boosted its full-year guidance based on its better-than-expected results.

Net sales increased 25.5% to $172.9 million. Same-store sales rose 5.2%.

During the quarter ended April 30, the company opened 39 new stores expanding its total to 677.