Old Navy, LLC

SAN FRANCISCO — Gap Inc.'s fourth-quarter net income plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

The company reported that net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

SAN FRANCISCO — Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy and Liz Meltzer as SVP Gap international merchandising.

“Boosting our already-strong creative talent is a key focus in 2012,” said Glenn Murphy, chairman and CEO of Gap Inc. “On the heels of Tracy Gardner coming back to Gap, we are thrilled that Jill Stanton will bring her talent and proven business experience as creative advisor to Old Navy to help us deliver consistently great product.”

San Francisco -- Gap Inc. reported Thursday that net income for the fourth quarter plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

Net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

Phoenix -- Cole Real Estate Investments announced that it signed leases totaling nearly 640,000 sq. ft. at Cole-related retail properties during 2011.

Cole secured approximately 308,000 sq. ft. of new leases, along with 330,000 sq. ft. of renewals, bringing the occupancy rate for its portfolio of properties to 97.8%.

San Francisco -- Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy, and Liz Meltzer as senior VP of Gap International Merchandising.

Stanton will work with the Old Navy design and merchandising teams to provide a fresh perspective and insights to the brand. Her career spans more than 25 years in apparel retail, starting with global retailers Next and Marks and Spencer. She also has more than a decade of experience with Nike, ultimately serving as VP global apparel.

New York City -- A retail real estate market report, issued by Savills US retail group, found that, even as recovery remains slow, a few formats are progressing at a faster clip than others.

According to Gerry Mason, head of Savills, the majority of recent and planned retail development is in the grocery-anchored and outlet center category. CBL & Associates and Tanger Outlets are among the most active developers scheduled to break ground in 2012.

SAN FRANCISCO — Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3. The company has named two senior executives at Old Navy to lead the division, reporting to Gap Inc. chairman and CEO Glenn Murphy, while a formal search for a new brand president is under way.

San Francisco -- Gap Inc. announced Thursday that Tom Wyatt, president of Old Navy, will leave the chain, effective Feb. 3, 2012. The company named two senior Old Navy executives — Nancy Green, executive VP and chief creative officer, and Tom Sands, executive VP of stores and operations — to assume his duties while a search is held for a permanent replacement.

Wyatt, 56, was appointed president of Old Navy in 2008. He is leaving the chain to become the CEO of Portland, Ore.-based childhood education company Knowledge Universe.

Target may have floundered a bit in December, but many retailers reported solid sales gains for the month. Overall, retail sales rose 3.4% at the 22 retailers tracked by the Thomson Reuters same-store sales index, compared with the 3.3% analyst forecast, however results were mixed.

That was the case with the nation’s discounters and department store retailers, with many chains citing unseasonably warm weather that sapped demand for cold-weather merchandise.

Beachwood, Ohio -- DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.

DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.