Corporate Governance

Walmart China CEO Greg Foran reiterated the company’s goal of accelerating Sam’s Club growth in the coming years with several published reports indicating the pace of Sam’s Club openings may eventually reach 10 units annually.

Ikea plans to launch an employee loyalty program launch in the new year. Beginning in 2014, every employee worldwide will receive an equal contribution to their pension plan, based on the company's financial goals being met.

The program named Tack! — which means ‘thank you’ in Swedish — was inspired by Ikea founder Ingvar Kamprad's wish to “share the success of the Ikea Group with all employees.”

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eBay has completed its previously announced acquisition of Braintree, a global payment platform powering the next generation of leading online and mobile-first startups.

In accordance with the terms of the acquisition agreement announced Sept. 26, eBay acquired Braintree for total consideration of approximately $800 million in cash.

Seattle -- Shoefitr, which provides improved fit and sizing information for customers buying shoes online, has partnered with Nordstrom to help customers shopping on Nordstrom.com find the right fit. As part of the partnership, Nordstrom has also made an investment in Shoefitr.

The capability is now live on Nordstrom.com and uses Shoefitr's 3-D imaging software to provide size and fit recommendations on some of the company's most popular shoe styles that the customer is interested in buying.

Store growth is the ultimate goal of most chain retailers. The more locations you have, the more revenues you (generally) bring in. But sometimes adding new stores creates its own new challenges.

When San Francisco-based Philz Coffee determined about four or five years ago that it wanted to start adding to its base of five coffee shops in the Bay Area, first with more stores in California and eventually hundreds of locations throughout the U.S,, the retailer knew its existing enterprise systems would not support that type of aggressive growth strategy.

London — Starwood Capital Group has acquired seven retail parks and shopping gallerias in Sweden for SEK 3.9 billion, according to CBRE, Starwood’s adviser on the transaction. Kooperativa Forbundet, a Swedish retail group, was the seller.

New York — Cushman & Wakefield Inc. has appointed Edward C. Forst president and CEO, effective January 6, 2014.

Forst, 53, comes to Cushman & Wakefield from Goldman, Sachs & Co. where he served as global co-head of the Investment Management Division, as a member of the firms management committee and previously as the firm’s chief administrative officer.

He has more than 30 years of experience working in international asset management, capital markets and operational leadership.
 

North Plainfield, N.J. — The Shops at 5 in Plymouth, Mass., has named Levin Management its exclusive managing agent.

The 420,000-sq. ft. open-air shopping center takes its name from its location off Route 3 at Exit 5 on Long Pond Road. Anchor tenants include BJ’s Wholesale Club, TJ Maxx/HomeGoods and Kohl’s. Other national names include The Sports Authority, PetSmart, Pier 1 Imports, Panera Bread and IHOP.

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the financing of Wyoming Valley Mall in Wilkes-Barre, Pa., and used a portion of the proceeds to repay the mortgage loan balance on Beaver Valley Mall in Monaca, Pa., without penalty.

The new 10-year, non-recourse loan on Wyoming Valley Mall totals $78 million and replaces a $65 million loan that was repaid in September. The transaction produced proceeds of $13 million. The interest rate on the new mortgage is 5.17%, a decrease of 68 basis points from the previous rate.