Corporate Governance

REI, a leading specialty retailer of outdoor gear and apparel, achieved record annual sales of $2 billion in 2013, up 5.9% from $1.9 billion the previous year, despite a challenging retail environment and severe winter weather.

Comparable store sales, including direct-to-consumer sales, increased 2.9%.

Washington, D.C. — DC Homevet has leased a 4,400-sq.-ft. location in Brookland Plaza in Washington, D.C.’s northeastern quadrant. DC Homevet will operate District Veterinary Hospital and Concierge Medicine Center. The Center will provide medicine, surgery, concierge and specialized services primarily for dogs and cats.

Divaris Real Estate, the property’s leasing agent, represented the landlord, Jan and Anna Slamen Family Trust in the transaction.

Foodland Super Market, Hawaii's largest locally owned and operated grocery retailer, recently launched a mobile app for both iPhone and Android. The app, built in partnership with mobile commerce provider DoubleBeam, was rolled out Jan. 29 and has seen a tremendous customer response with more than 19,000 downloads in the first three weeks.

Lands' End will be back on its own as a publicly traded company following a formal announcement by parent company Sears Holdings to spin off the well-known apparel brand.

The move follows years of speculation that Sears would divest the brand, which it acquired in May 2002 for $62 a share. At the time, Lands' End was a publicly traded company with revenues of nearly $1.6 billion, profits of $67 million and earnings per share of $2.23. The $62 a share Sears paid 12 years ago represented a 21.5% premium over the closing pricing of $51.02 prior to the announcement of the deal.

New York -- Sears Holdings Corp. said its board has approved the spin on of its Lands’ End business, effective April 4, according to a filing with the U.S. Securities and Exchange Commission.
 
The agreement, which was announced in December, will make Lands' End an independent company that will trade on the Nasdaq under the symbol “LE.”

Sears stockholders on record as of March 24 will receive about 0.3 shares of Lands' End common stock for each share of Sears they own.

Hong Kong – Chinese e-commerce platform provider Alibaba Group Holding Ltd. is reportedly planning a U.S. initial public offering (IPO). According to Bloomberg, Alibaba has received approval from Hong Kong regulators for its proposed governance structure.

Queens, N.Y. — A CVS Pharmacy and The Boulevard, a new family restaurant, have leased space in the Francis Lewis Boulevard Shopping Center in the Whitestone section of Queens, N.Y.

The CVS transaction is a lease renewal for an existing 13,500-sq.-ft. pharmacy. The Boulevard has taken 4,000 sq. ft. and plans to open by the end of March.

The Francis Lewis Boulevard tenant lineup also includes McDonalds, First Savings Bank, Kumon and Aphrodite Sweets.

To celebrate the start of the men’s and women’s college basketball tournament, appliance and electronics retailer Hhgregg is kicking off its March into Hhgregg event,”which will award more than $50,000 in prizes from LG Electronics.

From now through April 7, Hhgregg shoppers can enter daily online, via smartphone, on Facebook and in-store. Winners will be selected instantly, weekly, and one grand prize winner will be selected on April 8.