Corporate Governance

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.

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.

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 – Ann Inc. is being urged to explore options, including a sale, by activist investor Engine Capital and Red Alder. The two firms, who collectively own more than 1% of the outstanding shares of Ann Inc., are publicly urging the company to sell at a substantial premium above current stock price.

Orlando, Fla. -- Florida's retail development market is moving indoors. According to JLL research, nearly half of all retail commercial construction in Florida in the half of 2014 is taking place in malls and shopping centers.

By Jared Isaacman

New York - Imports to the U.S. were up in July from June, and there was a measurable year-over-year increase. According to a new report from supply chain research firm Panjiva, July 2014 showed levels of imports 2% higher than imports in July 2013.

Arlington, Va. -- The president of the Retail Industry Leaders Association, Sandy Kennedy, has sent a letter to the heads of the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) urging them to remain focused on securing a new, long-term contract in the immediate future to ensure stability at the west coast ports. The letter reflects the growing angst among the retail community over the lack of a new agreement.