Corporate Governance

Petco creates market expansion role
Petco has named William Engen senior VP of retail market expansion, a newly created role dedicated to optimizing the company’s investments in store growth. Engen, who joins Petco from Wingstop Restaurants, where he served as COO, will be in charge of real estate, construction, and store design. He previously served in senior operations roles at 7-Eleven and Circuit City.
Under Armour names new president
Jason LaRose has been named Under Armour’s president, North America. LaRose succeeds Matthew Mirchin, who will transition to the role of strategic advisor, global rrevenue, effective Oct. 1. The two men will continue to closely work together to “accelerate our footprint in North America,” Kevin Plank, founder and CEO of Under Armour said in a statement.

Target CEO rallies his troops

Photo: Brian Cornell
Target Corp. CEO Brian Cornell made a rousing appeal to the chain’s associates at the company’s annual fall meeting. "We have 137 days in front of us to turn this into a winning year, to start that second-half rally," he said, the Star Tribune reported.
This is one place where department stores are expanding

Department store retailers are pulling back in the United States, but they are doing just the opposite of the border. The department store industry is expanding in Canada, the New York Times reported, with several factors driving the growth, including less competition and a stable market.
Warehouse, London
Rent-A-Center improves customer lease processing

Rent-A-Center customers can now attain merchandise even faster. The rent-to-own retailer added Provenir Cloud, from risk analytics and decisioning solutions provider, Proviner, to support the processing of customer applications for lease purchase agreements across its Acceptance Now division. AcceptanceNow partners with a variety of furniture, appliance and other retailers, increasing shoppers’ accessibility to high quality brands.
Long-delayed American Dream mall moves closer to reality

The nearly 3 million-sq.-ft. American Dream retail and entertainment center in the New Jersey Meadowlands has moved one step closer to completion. On Thursday, the New Jersey Sports and Exposition Authority, which owns the site, voted for a second time to issue $1.15 billion in bonds to finance the completion of the long-delayed project after a non-profit group had threatened to file a law suit to block the sale, NorthJersey.com reported.
U.S. department store retailer continues Canadian expansion

Nordstrom is continuing to grow its footprint in Canada. The retailer on Friday opened its store at CF Toronto Eaton Centre, the company's second international flagship location since opening at Pacific Centre in Vancouver, British Columbia, last fall.
Unusual deal gives Aeropostale new lease on life — and it just got better

A first-of-its kind arrangement has saved Aeropostale. A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.
Glimcher exec moves to Olshan to head retail

Kenneth Marshall, a 25-year veteran of the retail real estate industry, has joined Olshan Properties as head of retail. For the last two years, he was VP of development at WP Glimcher. Marshall began his career in 1991 with Urban Retail Properties and worked there for 12 years, rising to VP of development. He did stints at Westfield, Colonial Properties Trust, and Mid-America before joining Glimcher.
Inland sells FedEx facility

Inland Private Capital Corporation has sold a FedEx Ground facility in Zionsville, Indiana, for $37.1 million. The 303,000-sq.-ft. FedEx center was constructed just two years ago on the property, which covers two land parcels totaling 49 acres in the town 17 miles northwest of downtown Indianapolis.
Saks Off 5th opens store in D.C. area

Saks Fifth Avenues’ value-luxury brand opened its fourth Virginia outlet this week in Springfield, just outside of Alexandria. The new store occupies a 30,000-sq.-ft. space on two levels in the PREIT-owned Springfield Town Center, its first mall location in the Washington, D.C., area.