Corporate Governance

Belk begins new ownership era
The 127-year old family owned Belk department store chain is family owned no more, although one of the founder’s descendants remains in place as CEO.

The private equity firm Sycamore Partners completed its previously announced acquisition of the 296 unit Belk chain on Dec. 10, thus beginning a new chapter for what had been the nation’s oldest privately held department store retailer.
Wegmans breaks new ground — but not with a retail store
There is a new tourist attraction in Washington, D.C., and visitors have a retailer to thank.

The Smithsonian’s National Museum of American History has opened “Wegmans Wonderplace,” the first gallery on the National Mall tailored for the learning needs of children six and under. The space, made possible by a $1.5 million gift and in-kind donations from Wegmans Food Market, allows kids to “cook” in a kitchen inspired by Julia Child’s.

Retailers urge Congress to reject customs bill unless online sales tax is included

The National Retail Federation called on Congress to reject a customs reauthorization bill set for a vote this week unless it includes a provision allowing states to require online merchants to collect sales tax the same as local stores.
Former Disney executive joins Kroger board

Kroger is adding a veteran of the consumer products industry to its board of directors.
Survey: Holiday shoppers are in a hurry

Retailers looking to provide a positive customer experience this holiday season should realize time is of the essence.

According to a new survey of 1,267 U.S. consumers from LoyaltyOne Consulting, 94% of respondents said they expect retailers to take extra measures to keep checkout lines moving during the holiday rush. When asked why they avoided stores completely during the holiday season, 36% of shoppers said their primary reason is waiting too long at the checkout.
Vera Bradley adds e-commerce expertise to board

Vera Bradley is adding some deep e-commerce experience from Best Buy to its board of directors.

Kelley has e-commerce, marketing, and strategic planning experience and has served as president, e-commerce for Best Buy since 2014. Prior to joining Best Buy, Kelley served as senior VP, e-commerce for Chico's FAS and held the posts of VP of retail real estate and marketing and VP of e-commerce for L.L. Bean.
Time Equities expands its footprint in Wisconsin by acquiring four centers

New York -- Time Equities acquired four Wisconsin multi-tenant retail assets for $18.1 million, spanning 307,668 sq. ft. in total. The acquisitions, consisting of two separate transactions, include The Geneva Commons purchased for $1.3 million, in addition to Oak Creek Centre, Park Plaza and Taylor Heights acquired for $16.8 million.
Wheeler appoints new member to its board of directors

Virginia, Beach, Va. -- Wheeler Real Estate Investment Trust announced it has appointed John McAuliffe to the company's board of directors, effective Dec. 2. McAuliffe returns to the company's board of directors after having previously served from November 2012 until April 2013. McAuliffe has over 36 years' experience in the financial services industry. In April 2013, he resigned from the company's board of directors to focus his efforts on investment banking with Newbridge Securities Corporation.
CBL completes sale of Mayfaire Community Center

Chattanooga, Tenn. -- CBL & Associates Properties announced that it has completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors.

Mayfaire Community Center is the 210,000-sq.-ft. center located in Wilmington, North Carolina, which CBL acquired in June of 2015. CBL will be providing leasing and management services for the new owners.
GBT announces development of The Shoppes of Northgate

Nashville, Tenn. -- GBT Realty Corporation announced it acquired a 13.1-acre site along Memorial Blvd in Murfreesboro, Tennessee for $2.4 million. The company plans to develop the site into The Shoppes of Northgate, a 98,000-sq.-ft. center anchored by a 30,000-sq.-ft. Sprouts Farmers Market, along with retail tenants PetSense, Liquor Barn and Newk’s Eatery. The construction of the $16 million retail center is expected to begin this month with store openings set for spring 2016.
Ripco Real Estate’s New Jersey office continues to grow

Lyndhurst, N.J. -- Ripco Real Estate Corp. announced David Townes has joined its New Jersey office sales team. Prior to joining Ripco Townes worked at Welco Realty for five years where he represented a combination of landlords and retail tenants. One of his many strengths and areas of expertise includes assisting retailers looking to expand in the New Jersey and Rockland County, New York areas.
Francesca's has a new vision for growth

Specialty retailer Francesca’s says its third-quarter sales show initiatives such as reducing inventories and enhancing assortments are producing results ahead of a new growth strategy for the company.

For the third quarter ended Oct. 31, the company posted a net income of $6.95 million, down 4.4% from a year earlier, and earnings of 16 cents per diluted share, down 1 cent from the third quarter of 2014. Net sales were up 19% from one year ago, to $103.7 million. Same-store sales rose 4%.