Strategy

CHATTANOOGA, Tenn. -- CBL & Associates Properties announced that construction has started  on The Crossings at Marshalls Creek, a 103,000-sq.-ft. shopping center development in Stroudsburg (Middle Smithfield), Pa.

The shopping center will be anchored by Price Chopper grocery, Rite Aid, STS Tire and Auto Centers and Family Dollar and will feature approximately 22,000 sq. ft. of stores and restaurants. The grand opening is scheduled for June 2013.
 

NEW YORK — Harwood Feffer LLP, a law firm that represents investors and investment groups, announced that it is investigating potential claims against the board of directors of Best Buy, concerning whether the board is fulfilling its fiduciary duties to shareholders in connection with an offer from the company's founder and former CEO, Richard Schulze, to take the company private.

New York -- Damco announced it has been named a 2012 Partner in Transformation for Sears Holdings Corp. in recognition of its innovative contributions to Sears. Damco is a leading third-party logistics provider specializing in customised freight forwarding and supply chain solutions.

Sears grants the Partners in Transformation award to a select group of supplier companies who have been helping support the transformation of the company through innovation around customers, core retail excellence and financial and operational discipline.

New York -- Walgreens has agreed to create 500 jobs in Illinois over three years and invest $75 million to expand and renovate more than two dozen of its corporate offices, according to the Chicago Tribune.

New York -- J.C. Penney chairman and CEO Ron Johnson on Monday sent out an email to the chain’s customers  detailing how it is returning to the pricing policies its founder James Cash Penney intended.

"While you will see many changes, you can rest assured that we'll never lose sight of our founder's values," Johnson wrote. "When James Cash Penney built his first retail stores over a century ago, he called them 'The Golden Rule,' because treating customers with respect was his highest priority."

NORTH BERGEN, N.J. — The Vitamin Shoppe announced that Stephen Bontempo has joined the company.

Bontempo, who previously served as SVP e-commerce and catalog for Fanatics Inc./GSI Commerce, has become VP e-commerce for the Vitamin Shoppe. He will report to chief marketing officer Lou Weiss.

"Having someone of Stephen's caliber is another way we continue to strengthen the leadership team," Vitamin Shoppe CEO Tony Truesdale said. "We're pleased to have him join The Vitamin Shoppe family."
 

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion. Schulze said he would offer Best Buy shareholders between $24 and $26 for each of their shares in the chain, according to a letter sent to the board that he made public.

London -- New shopping center development in Europe is expected to increase by a quarter in 2012 to meet retailer demand for modern, high quality retail space, according to the latest research by global property adviser CBRE.

Turkey is the most active market, accounting for one-third of new space delivered in the first half of the year. This is some way ahead of Germany, with Italy and Poland just behind.