Corporate Governance

The use of artificial intelligence has given Charlotte Russe an important competitive edge.    With its online and mobile shopping communities growing larger and their expectations for flawless services increasing,   the apparel retailer turned to IBM to prepare for the busy and critical 2016, five-day holiday shopping season kick-off. To get a jump start, Charlotte Russe launched IBM’s Watson Customer Engagement solutions in seven months. And the technology immediately gave the retailer a wake-up call.  

Rouse Properties has divested itself of an 821,564 center in Eugene, Oregon, whose tenants include Target, Cinemark, Cabela’s, Kohl’s, Hobby Lobby, and Ulta. The Shoppes at Gateway was purchased by Balboa Retail Partners for an undisclosed amount.   “The Shoppes at Gateway is a thriving shopping center that drew significant investor interest," said JLL EVP Geoff Tranchina, who represented Rouse in the deal. JLL will continue on as the managing agent of the property.  

Pottery Barn customers in the San Francisco area will soon be able to see how a product will look in their home before they buy it.   The retailer, a division of Williams-Sonoma, will launch its first smartphone augmented reality app later this month. Called 3D Room View, the app is powered by Tango technology from Google. (It can be used only on Tango enabled smartphones.)   

Avison Young has bought a Raleigh, North Carolina-based leasing and property management company and, in the process, added 65 shopping centers to its listings in the Carolinas.   The acquired company, Hunter & Associates, was founded in 1989 by Banks Hunter when he took over management of the historic Professional Building in downtown Raleigh. Hunter focused its efforts on the leasing and management of neighborhood and community centers to become the largest, locally-based retail brokerage in the region.  

A move to a more fast-fashion model helped Francesca’s to outperform many of its peers in the fourth quarter, with sales and income that topped expectations.       The retailer reported better-than-expected profit of $14.6 million, or 39 cents a share, for the quarter ended January 28, compared to $14.7 million profit, or 35 cents a share, in the year ago period.  

The nation’s largest retailer is delving deeper into e-commerce and evolving technology with its newest investment.   Walmart has formed Store No. 8, a technology incubator that will be based in the Silicon Valley. (The new initiative is named after an early Walmart store that company founder Sam Walton used to try out new retail strategies.)  

Jeff Gordman, the former CEO of Gordmans, plans to submit a bid for the bankrupt 106-store chain that would rescue it from liquidation. But he isn’t the only interested party.   

Target Corp. has unveiled its next-generation store format, which will make its debut in Richmond, Texas, a Houston suburb, in October.   In addition to the new 124,000-sq.-ft. Richmond store, 40 additional Target locations will receive elements of the redesign when they are updated, also in October.