Tapestry, Inc.

Indianapolis -- Simon Property Group announced that it has acquired 50% of Silver Sands Factory Stores, an outlet shopping destination located in Destin, Florida. Howard Group, developer of the center, will remain 50% owner of the center. Simon will assume primary responsibility of leasing and management duties.

The 465,000-sq.-ft. Silver Sands center is home to over 100 stores including Ann Taylor Factory Store, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Nike and Saks Fifth Avenue Off 5th.
 

New York -- Coach Inc. posted a higher-than-expected quarterly profit on Tuesday, benefiting from strong sales and improved margins. The company also announced that its board of directors has voted to increase its cash dividend by 33%.

Net income for the third quarter ended on March 31 was a better-than-expected $225 million compared with $186 million a share, a year earlier.

Revenue rose 16.6% to $1.11 billion, just above analysts’ expectations. Same-store sales in the United States rose 6.7%.

DALLAS — Neiman Marcus has named Michael Kingston SVP, CIO of The Neiman Marcus Group. He succeeds Phillip Maxwell, who earlier this month announced his retirement.

Kingston joins The Neiman Marcus Group from Ann Inc., parent company of Ann Taylor, where he was the EVP enterprise transformation and technology. Prior to Ann Inc., Kingston was VP applications at Coach Inc. and international director information services at LVMH.

While there still is not enough new shopping center construction to warrant a “Fastest-Growing Developers” ranking system — as Chain Store Age provided for 20 consecutive years, from 1989 to 2008 — progress continues to be made.

2014 marked progress in new development, particularly on the outlet front

After nearly a decade of stalled growth in the shopping center industry, 2014 finally saw progress being made on the new development front. While it’s true that much of the ground-up construction was of the outlet center ilk, the value sector wasn’t the only new-build push.

Bloomfield Hills, Mich. -- Taubman Centers on Thursday announced the opening of City Creek Center in Salt Lake City, Utah. Thousands of visitors attended the grand opening of the only regional shopping center to open in the United States this year. 

According to the International Council of Shopping Centers, City Creek Center is the first enclosed regional shopping center to open in the United States in six years.

The outside world doesn’t have a lot of visibility into the bench strength of Target’s leadership team beyond the top tier of executives so it’s hard to know whether the company has the talent it needs to fill the void created by high profile defections to rival JCPenney.

Plano, Texas -- As part of its strategic transformation program, J.C. Penney Co. said Monday that it has made several new hires and promotions at the executive level.

To lead merchandise strategy, Liz Sweney has been promoted to chief merchant and will lead the reinvention of the retailer’s apparel and home portfolio. Sweney most recently served as executive VP and senior general merchandise manager of women's apparel, accessories, footwear, jewelry and juniors divisions, as well as Sephora inside J.C. Penney.