Corporate Governance

Tacoma, Wash. -- Vestar announced that it has acquired James Center located in Tacoma, Washington, for $31.4 million.

The 140,240 sq. ft. center is located directly across from Tacoma Community College, which enrolls nearly 14,000 students per year. James Center is anchored by Fred Meyer and Rite, as well as feature tenants: Starbucks, Subway, Verizon, Menchie’s, U.S. Bank, IHOP, FedEx Kinko’s and Ivar’s.

Market expansion into the Minneapolis market may be the next step for Meijer, The Grand Rapids Press reported last week, confirming that the grocer acquired 30 acres of land in a Twin City suburb. "I can confirm Meijer has purchased property in Brooklyn Park, Minn.," Frank Guglielmi, Meijer senior director communications, told The Grand Rapids Press.

Nordstrom Inc. has named Kumar Srinivasan, a former technology executive at Amazon.com who has also experience with e-commerce technology providers, as CTO.

Srinivasan served as VP of Amazon Web Services from 2005-2008 and general manager of Amazon Payments from 2008-2010. More recently, he co-founded SaaS-based customer engagement platform Evocalize in 2012. Srinivasan also served as CTO of consumer-generated content platform Bazaarvoice from 2011-2012 and chief product and technology officer of social commerce site Lockerz.com from 2010-2011.

Francesca’s says its fourth quarter financial results show that the retailer's growth initiatives are bearing fruit, as the company posted a big jump in same-store sales over the holidays.

For the fourth quarter and fiscal year ended Jan. 30, same-store sales at Francesca's increased 11%. Net sales increased 25% to $134.6 million from $107.6 million in the prior year quarter.Net income totaled $14.7 million, or 35 cents diluted earnings per share, compared to $6.0 million, or 14 centsdiluted earnings per share, in the comparable prior year period.

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Starbucks knows a thing or two about developing business across channels, and on-demand, app-based grocery delivery service Shipt is bringing that expertise in-house.

Birmingham, Alabama-based Shipt has named Joe Manning, former Starbucks director of business and channel development, to lead business development. Shipt is looking to Manning to establish and grow partnerships with grocers and CPG companies as the company expands.

Three Schnucks St. Charles County stores will unveil freshly remodeled interiors prior to the Easter holiday this weekend, the company announced Tuesday. Upon entering, customers will notice improved lighting, clean lines and new décor.