Corporate Governance

Chicago – A former bank building in Chicago is the planned site for a new mixed use retail/residential complex. According to Crain’s Chicago Business, Novak Construction Company intends to build a 60,000-sq.-ft. ground floor retail center with 80 to 160 residential units located above it.

Minneapolis -- Best Buy Co. earned $146 million in the second quarter, down from $266 million in the year-ago period, topping analysts earnings estimates even as its revenue fell short. Its results were helped by ongoing cost reductions. Best Buy cut $40 million in annual costs last quarter, bringing the total to $900 million.

For the quarter ended Aug. 3, revenue dropped to $8.89 billion from $9.27 billion. Analysts had expected $8.99 billion. Same-store sales fell 2.7%, which was more than analysts had expected.

New York -- Poor data collection and linkage practices are leaving organizations unable to move forward with key business goals, according to a new study by Experian Data Quality, a part of Experian Marketing Services.

The report, “Finding insight through data collection and linkage,” finds that while most organizations are looking to leverage data better to drive consumer insight, they are hindered by a lack of reliable and consolidated data sources.

Columbus, Ohio -- DSW reported that its second quarter profit rose 1.8%, better than expected, with sales up across all its segments. Profit for the quarter ended Aug. 2 was $34.3 million, up from $33.7 million in the year-earlier period.
   
Sales rose 4.5% to $587.1 million. Same-store sales increased 0.8%. Both metrics surpassed Wall Street forecasts.
    

Los Angeles -- Brentwood Associates, a consumer-focused private equity investment firm, has acquired Marshall Retail Group, a leading specialty retailer for high-foot-traffic marketplaces with locations in major casino-hotels and airports across the United States. The company is led by CEO Michael C. Wilkins, who will continue to lead the business going forward.

Melville, N.Y. - Global Facility Management & Construction has named “J.A.C.K.: Join A Cause for Kids” as the first recipient of its “Global Gives Back” initiative, an annual charitable program designed to give back to the community. Sean and Lauryn Blank presented the donation to the charity’s founder in memory of his son, Jack Perlungher during Global’s recent 10-year anniversary summer event.

Denver -- Luxury vacation club company Inspirato will open five interactive experience centers in high-end shopping centers across the country over the next few months.

Sebring, Fla. -- BV Belk Properties has retained JLL Retail to manage and lease Lakeshore Mall, a 490,000-sq.-ft. retail center located in Sebring, Florida. The mall was built in 1992, and is the only enclosed regional mall within 40 miles of Sebring.
 
“I see nothing but a good future for Lakeshore Mall, and I am thrilled at the opportunity to take a steady center and make it extraordinary for locals and passer-byes with the support of JLL,” said B.V. Belk Jr., owner of BV Belk Properties.

Miami -- Burger King Worldwide agreed to buy Canadian quick-serve chain Tim Hortons for approximately $11.4 billion, creating the world’s third largest quick-serve restaurant company. Under a tax inversion deal, the corporate headquarters of the new company will be in Canada, where the combined company’s biggest market will be.  

Sandy Kennedy, president of the Retail Industry Leaders Association (RILA), has offered her two cents on the standoff surrounding the union negotiations at the West Coast ports.

Kennedy addressed a letter to the heads of the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU), speaking on behalf of retailers who are experiencing uncertainty and instability over the ongoing conflict.