Corporate Governance

Oakbrook Terrace, Ill. -- Chicago-based Mid-America Real Estate Group announced the appointment of Cynthia J. Kratchman as a new principal at its Detroit-based division Mid-America Real Estate-Michigan Inc.

Kratchman joins the firm with more than 20 years of retail brokerage experience in Michigan, and will be primarily responsible for tenant representation, surplus disposition and high profile listings.

Previously, she was a broker with Landmark Commercial Real Estate Services.
 

By Suzy Stewart, DHR International

It appears that 2010 was a real turning point for retailers going to the outside to find experienced and talented omnichannel executives.

TORONTO — Sears Canada is closing three downtown stores in Vancouver, Calgary and Ottawa. The move follows an announcement last month by Sears Holdings, the majority owner of Sears Canada, that it will raise about $770 million by spinning off parts of its business and selling prime real estate.

QUINCY, Mass., and PURCHASE, N.Y. — Stop & Shop customers in New England and the New York Metro area helped the retailer give back more than $22 million in 2011 into the hundreds of communities in which they operate.

ATLANTA — The Martha Stewart brand continues to resonate with consumers, which is why it is no suprise that The Home Depot has extended its agreement with Martha Stewart Living Omnimedia to offer Martha Stewart Living branded products at its 2,000-plus stores through March 2016.

The agreement also calls for an expansion of products offered. 

CAMP HILL, Pa. — In the wake of tornadoes that hit communities in Kentucky on Friday, retail pharmacy chain Rite Aid has donated to a local Red Cross chapter to assist victims.

The company said Sunday that the Rite Aid Foundation, its philanthropic arm, had donated $15,000 to the Bluegrass chapter of the American Red Cross. The foundation also will provide supplies and items to assist with disaster relief efforts. Eli Lilly Foundation also pledged to donate $100,000 to the Red Cross.

DEERFIELD, Ill. — Higher front-end sales for the month of February helped counter-balance lost revenue from Express Scripts prescriptions, Walgreeens reported Monday. Overall, the drug store chain reported a 1.5% sales increase to $5.9 billion.

Shares of Walgreens were up slightly by 8 cents to $32.77 in early morning trading.

This year’s total February sales benefited from one extra day because of leap year, the company noted. 

JACKSONVILLE, Fla. -- Stein Mart has plans to open three new stores on March 15, located in Irvine, Calif.; Suwanee, Ga.; and Sunset Hills, Mo.

The Irvine store is a relocation of another Irvine location. The two new and one relocated store bring Stein Mart’s total store count to 264.

“We are pleased to announce the expansion of our footprint in these three existing markets,” said Jay Stein, interim CEO.

PITTSBURGH — Dick’s Sporting Goods plans to open three new stores in three states on March 7.

A new store in St. George, Utah, will open simultaneously with new locations in Ft. Lauderdale, Fla., and Boardman, Ohio. Giveaways and special events will accompany each opening.

The St. George, Utah, store, the retailer’s third in the state, is located at Red Rock Commons shopping center. The Ft. Lauderdale, Fla., store joins 17 other Dick’s stores in the state and will be located at the Regions Bank Plaza.

Naperville, Ill. — OfficeMax has named new leadership at its contract division. The company announced that, effective April 2, John Kenning will serve as executive VP and president and will report directly to Ravi Saligram, president and CEO of OfficeMax.