Corporate Governance

Regency Center has announced the start of a ground-up addition to a center in an affluent section of Miami.   The nation’s largest retail REIT will add 70,000 sq. ft. of retail to an existing 173,000-sq.-ft. Target on US- 1 to create the new center, called Pinecrest place. The bulk of the addition will be occupied by a 46,000-sq.-ft. Whole Foods Market.   Construction is expected to be completed in second quarter 2018.  

Kohl’s Cos. has a new chief marketer.   The retailer on Monday named former Best Buy marketing executive Greg Revelle as chief marketing officer. He will be responsible for Kohl’s marketing organization and overall marketing strategy, including its focus on driving customer engagement through analytics, enhancing the loyalty platform, accelerating customer traffic and continuing to build Kohl’s overall brand position. Revelle will report to Michelle Gass, chief merchandising and customer officer.  

A veteran retailer has been named co-chairman of Lululemon Athletica.   The retailer has appointed Glen Murphy to its board as co-chairman, effective immediately.    Murphy served as chairman and CEO of Gap Inc. from 2007 to 2014. Prior to that, he was CEO of Canadian drugstore chain Shoppers Drug Mart. Currently, Murphy is head of FIS Holdings, where he is responsible for leading the high-impact consumer-focused investment firm deploying a combination of operating guidance and capital flexibility.

Forever 21 announced a major expansion of its F21 Red division.   The fast-fashion retailer plans to open more than 40 F21 stores across the United States in 2017. The first three are scheduled to open in April, in San Antonio, Texas; Bronx, New York, and Chicago.   New locations will continue to open throughout the year in key cities, bringing the brand’s total store count to more than seventy locations by year-end.  

Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition.   The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments.   Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations. 

The fashion retailer known for its bold, colorful designs is losing its chief executive.   Benetton Group’s Marco Airoldi will resign as of May 16. The board accepted his resignation on Tuesday.   Airoldi joined the company in 2013 – first as a consultant, then as CEO and managing director. During his tenure, he has contributed to the definition and subsequent launch of the company’s refocus and relaunch plan, which targets a selection of markets, stores and the Benetton Group brands. 

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers.   The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.  

Fred’s plan to purchase at least 865 divested Rite Aid stores may be getting a step closer to becoming a reality.    More than one prominent investor has recently approached Fred’s Pharmacy with the intention of investing money in the operator of 601 locations in 16 states, according to the New York Post.