Corporate Governance

Fraud, cyber and security incidents escalated in 2016.   That’s according to the “Kroll Annual Global Fraud and Risk Report,” which surveyed executives worldwide across multiple industries and geographies. The study noted that 82% of the respondents experienced a fraud incident in the past year compared to 75% in 2015.  

With the deadline for the deal set to expire Friday, Jan. 27, Walgreens Boots Alliance CEO Stefano Pessina told shareholders attending the Walgreens Boots Alliance annual meeting Thursday morning that the board of directors for both Walgreens and Rite Aid were in "active" discussions toward getting the deal approved even as the Federal Trade Commission continues to deliberate over the proposed retail pharmacy merger.  

A new acquisition by Alibaba positions the company to accelerate the accessibility of global financial services.   Ant Financial Services Group, Alibaba’s e-payment arm and the parent company of Alipay, is purchasing money transfer firm MoneyGram for approximately $880 million, according to Business Insider.   

Kimco’s $18 million renovation of Wilde Lake in Columbia, Maryland, has been completed and the mixed-use development is welcoming three new retail tenants.   Starbucks will open both a café and a drive-thru this year and Salons by JC plans a fall opening. Dynamic Dental Care opened in December. Wilde Lake has 230 residential units, 30,000 sq. ft. of office space, and 41,000 sq. ft. of retail.  

The former CEO of the nation’s top plus-size apparel chains will soon head up a food retailer.   Just days after it was revealed that Linda Heasely had left her position as chief executive of Ascena Retail Group’s Lane Bryant and Catherine’s, Honey Baked Ham Company announced that it had appointed her as its new CEO, effective Feb. 6, 2017.  

EBay Inc. reported its fourth consecutive quarter of sales gains amid a successful holiday, which saw it run its first-ever U.S. television commercial.     The online marketplace said that sales for the fourth quarter rose 3% to $2.4 billion. Net income rose to $5.94 billion, fueled by a $4.6 billion income tax benefit.  

Although it’s only one of many tax proposals being floating around, the so-called border adjustment tax has raised a red flag among many retailers.    The CEO of Target Corp., Brian Cornell, recently visited Washington to lobby against the House Republican proposal, according to Fortune, which noted the visit was first reported by Politico.  

Nordstrom Rack is bullish on Chicago.    The retailer announced plans to open a store at Mellody Farm in Vernon Hills, Ill. The property, which is being developed by Regency Centers, is located 30 miles north of downtown Chicago.   The approximately 30,000-sq.-ft. store, scheduled to open in fall 2018, will be the 15th Rack store in Chicagoland following the announcement of new locations in Kildeer, Ill., and Schererville, Ind., which are opening this spring.   

The owner of one of the largest independent furniture chains in the country has sold his company to a private equity firm approximately 58 years after he founded it.  

Washington Prime Group has announced a $33 million renovation plan of Pearlridge Center in Aiea, Hawaii, near Pearl Harbor. The 1.2 million-sq.-ft. property is the largest retail center in the state, consisting of Uptown and Downtown complexes joined by a monorail.