Corporate Governance

Indianapolis -- Simon Property Group is launching a new business, Simon Venture Group, that will invest in retail innovation, focusing on technology opportunities that enhance the shopping experience.

"We believe we have only scratched the surface on applying technology to the retail environment in innovative, interesting ways," said Mikael Thygesen, chief marketing officer of Simon Property Group.

Tiffany & Co. reported a net loss of $104 million in the fourth quarter of fiscal 2013 thanks to a $473 million charge resulting from arbitration with The Swatch Group Dec. 2013.

The company reported net sales for the quarter of $1.3 billion, up 5% from $1.23 billion last year. Same-store sales for the quarter increased 6%.

Montvale, N.J. -- The Great Atlantic & Pacific Tea Company (A&P) announced that company COO Paul Hertz has been appointed president and CEO, effective immediately. He succeeds Sam Martin. In January, A&P confirmed Martin’s departure.

Leading packaging provider Silgan Holdings named long-time KPMG executive Joseph Jordan to its board of directors.

Silgan isn’t a name familiar to the average consumer, even though its products come in contact with millions of people daily. As a leading supplier of rigid packaging for shelf stable foods and other consumer goods, Silgan operates 87 manufacturing plants worldwide and generates annual sales of $3.7 billion.

Newport Beach, Calif. - Engaged Capital, an investment firm specializing in small and mid-cap North American equities and stockholder of Abercrombie & Fitch Co. has retained an independent global professional services firm to assist Engaged Capital in setting a new direction for Abercrombie. The firm has decades of experience in the retail and apparel sector, including the turnaround and restructuring of underperforming businesses.

Outdoor retailer Cabela’s is bringing its smaller format, next-generation concept to the Indianapolis suburb of Noblesville.

The store isn’t due to open until the fall of 2015 but Cabela’s tends to pre-announce store expansion plans well in advance of actual opening dates as its stores tend to be big news events in the communities where they are located.
Construction is expected to begin later this at Interstate 69 and Campus Parkway in the new Saxony Campus development adjacent to Hamilton Town Center.

Foothill Ranch, Calif. – The Wet Seal Inc. shrank its net loss to $27.5 million during the fourth quarter of fiscal 2013 from $85.8 million in the same quarter a year earlier. Net sales slipped 23% to $124.8 million from $161.6 million and same-store sales dropped 16%.

Bexley, Ohio — Stanbery Development has named Marc Hays as a partner. He will focus on finding locations for new developments and acquisitions as well as leasing.