Strategy

Greenwich, Conn. -- Private investment firm Starwood Capital Group announced that an affiliate of Starwood has completed its acquisition of a 90% majority interest in seven U.S. shopping centers from the Westfield Group.

Westfield retained a 10% minority interest in the portfolio.

Starwood also announced that it has formed a new subsidiary, Starwood Retail Partners, to be based in Chicago, to oversee the management of the newly acquired assets and has named Scott Wolstein, co-founder of DDR, as its CEO. 

ARLINGTON, Va. — The Retail Industry Leaders Association is urging President Obama and his administration to release proposed healthcare regulations that will affect nearly 170 million Americans currently receiving employer-sponsored health coverage.

Washington, D.C. -- A report issued Thursday by the Labor Department showed that applications for jobless benefits fell 14,000 in the week ended June 30, to 374,000.

The news eased some concern that the labor market is faltering further.

“Before today it was pretty clear the labor market had softened over the past few months,” Daniel Silver, an economist at JPMorgan Chase & Co., told Bloomberg. “Today’s reports show a little bright spot.”

 

Philadelphia -- Ascena Retail Group CEO David Jaffe has pledged to preserve the jobs of 7,500 employees at soon-to-be-shuttered Fashion Bug stores, as well as 600 workers at the headquarters of Charming Shoppes, according to an article in the Philadelphia Inquirer.

Ascena, which owns the Dressbarn, Justice and Maurices banners, acquired Charming Shoppes – and its Lane Bryant, Fashion Bug and Catherines brands – on June 15.

Miami -- Swire Properties announced it has broken ground on its Brickell CitiCentre project, a $1.05 billion mixed-use development that is billed as the largest private sector venture of its kind in Miami history.

Phoenix -- PetSmart said Tuesday it has named Paulette Dodson to the position of senior VP, general counsel and secretary.
 
Dodson was previously senior VP, general counsel and corporate secretary at Sara Lee Corp. Before joining Sara Lee, she spent 14 years at the Tribune Co. – which owns The Chicago Tribune and The Los Angeles Times – most recently as assistant general counsel for publishing.



 

FORT WORTH, Texas — Kroger has opened a Signature store in the Fort Worth, Texas, market.

The 100,000-sq.-ft. store, which includes a fuel center, places more emphasis on an interactive customer experience and offers more natural and organic foods, chef-prepared meal solutions and ethnic and gourmet food choices. Along with the fuel center, the new store features a pharmacy and offers a vast wine and beer selection. Kroger currently has 30 Signature stores in the Dallas-Fort Worth market.

Carlisle, Pa. -- Ahold subsidiary Giant Food said it has commenced its conversion of 15 former Genuardi's stores. The announcement follows FTC approval of Giant Food’s plan to acquire 15 Genuardi's stores, located in the greater Philadelphia area, from Safeway.

During the conversion process, five stores at a time will temporarily close for about a week. The three-phase staggered approach is expected to be completed on July 22.