Retail

By Kris Bjorson, [email protected]

LOS ANGELES — U.K.-based Tesco has lost up to $2 billion in its failed Fresh & Easy California venture, according to a report by the Los Angeles Times — Tesco had placed the troubled grocer on the sales bloc in December following the departure of Fresh & Easy CEO Tim Mason. 

The retailer's struggles can be traced to labor unions and an ambitious investment into an 850,000-sq.-ft. distribution center that placed pressure on the 200-store chain to expand rapidly, according to the LA Times report. 

Bossier City, La. -- Covington, La.-based Stirling Properties said that it has been retained to provide comprehensive property and construction management and office leasing services for Louisiana Boardwalk, a 562,250-sq.-ft. retail/mixed-use development on the waterfront of Bossier City, La.

Garrison Investment Group of New York City recently acquired Louisiana Boardwalk and will re-launch the retail center as The Outlets at Louisiana Boardwalk.

MINNEAPOLIS — Supervalu announced that Janel Haugarth who will remain with the company as EVP and president of independent business and supply chain services. The announcement comes as Sam Duncan, Supervalu president and chief executive officer, continues finalizing his leadership team following the sale of five retail banners to AB Acquisition LLC, a transaction that was completed on March 21.

Huntsville, Ala. -- Birmingham, Ala.-based Bayer Properties said it has been engaged by Institutional Mall Investors to oversee management of Bridge Street Town Centre, a mixed-use outdoor fashion center in Huntsville, Ala. IMI’s assets now represent 2 million sq. ft. of Bayer’s 12 million-sq.-ft. owned and managed portfolio.

CARLSBAD, Calif. — 2XU, a manufacturer of high performance athletic apparel, has named Kevin Roberts CEO of the company. 

"2XU represents the pursuit of an incredible global business opportunity," said Roberts. "I greatly value the entrepreneurial culture of the brand and will continue to foster it moving forward."

Bossier City, La. -- Garrison Investment Group of New York City announced it has acquired Louisiana Boardwalk, a 562,520-sq.-ft. open-air, mixed-use development on the waterfront of Bossier City, La.   

Garrison has retained outlet consultant EWB Development to lease and marketing the center as an outlet destination. The converted retail center will be relaunched as The Outlets at Louisiana Boardwalk.

FOOTHILL RANCH, Calif. — The Wet Seal reported that net sales for the fourth quarter were $161.7 million compared with net sales of $163.2 million for the 13-week fourth quarter in fiscal 2011.

Consolidated comparable-store sales declined 8.3%, including a comparable-store sales decline of 9.1% at Wet Seal and 3.1% at Arden B. 

Net loss was $85.8 million, or 97 cents per diluted share, as compared with net income of $1.1 million, or 1 cent per diluted share, in the prior year quarter.