Corporate Governance

New York -- Toys "R" Us has appointed Antonio Urcelay, 61, the head of its European operations, as interim CEO, according to a filing the retailer made on Monday with the Securities and Exchange commission, The Record reported.

Urcelay replaces Gerald Storch, who announced in February that he would be stepping. At the time, Storch said he would remain as CEO during the transition. While his role as chief executive ended Sunday, he continues to serve as chairman of the board.

New York – In what could be bad news for retailers, “mass affluent” consumers (those with $50,000 to $250,000 in investable assets) and Gen Y (age 18-34) are cutting back on spending to save for retirement. According to the Spring 2013 Merrill Edge Report, the average mass affluent investor expects to save $860,000 for retirement but has only saved $150,000. If given an extra $1,000 per month, 50% of mass affluent consumers would put it toward savings or paying down debt.

Seattle -- The national vacancy rate for shopping centers dropped slightly from 10.09% to 10.06% in the first quarter of 2013, according to a study by global real estate services company Colliers International. In addition, shopping centers absorbed nearly 4.5 million sq. ft. in the first quarter.

LOS ANGELES — Specialty sporting goods retailer Sport Chalet is looking to public relations boutique agency Formula PR to help establish its brand as a leader within the active lifestyle industry. 

The multi-faceted program will focus on elevating visibility around Sport Chalet’s in-house health and fitness experts, heightening regional awareness through interactive events and custom programs, in addition to connecting with consumers, and positioning the brand as the go-to resource for education, training and gear in the vast sports arena. 

Minneapolis -- Cassidy Turley announced the promotion of five employees at its Minneapolis office.
 
Brian Woolsey has been promoted to managing director; he previously served as senior VP. Jennifer Pelant has been promoted to associate VP from associate; Mark Richardson has been promoted to assistant chief operating engineer, from lead operating engineer; Angela Samargia has been promoted to senior property manager, from property manager; and Robert Franks was promoted to business manager from senior office manager.
 

St. Petersburg, Fla. -- The Sembler Co. has promoted John Paul (J.P.) Guzzardo to the position of VP development, charging him with leading the Build to Suit department focused on ground-up development projects in the U.S.

Previously, Guzzardo held positions as real estate manager and director of real estate for Sembler.

BRISBANE, Calif. — Bebe has named global entrepreneur Narry Singh to the company’s board of directors. 

Singh has been an entrepreneur, hands-on executive, adviser and deal-maker for more than 20 years, with a focus on launching and growing businesses in the digital entertainment, new media, e-commerce and software sectors. Singh was recently selected by the United Nations Foundation as one of their Top 10 “Global Entrepreneurs” and will serve as their entrepreneurship and innovation ambassador for two years.

Beachwood, Ohio -- DDR Corp. announced a strategic agreement with MobileBits Holdings Corp., provider of SAMY, a mobile marketing and engagement platform, to acquire DDR's proprietary location-based mobile marketing solution ValuText.

MobileBits will integrate the ValuText product into the SAMY solution and will make the solution available to DDR tenants and shopping centers. SAMY is an innovative 'mobile mall' application that allows shoppers to gain instant access to the latest discounts, coupons and loyalty cards, via their mobile devices.