Apparel

Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 69,381-sq.-ft. Park Avenue Shopping Center in Lille Rock, Ark., for $28.12 million. IREIT Business Manager & Advisor assisted Inland Real Estate Acquisitions in the transaction.

New York -- Uniqlo is remodeling the second floor of its Manhattan flagship on Fifth Avenue, and will reopen it on March 28 as the “SPRZ (Surprise) NY Store.” The renovated space will include the introduction of the “Starbucks Experience,” a full-service coffeehouse.

Lease-to-own retailer Aaron's has named Michael P. Ryan as VP of franchising. He replaces Todd Evans, who will be exiting the company. Henri Rogers, currently senior regional manager for Aaron's Three Rivers region, will succeed Ryan as divisional VP of Northern operations.

Charlotte, N.C. — Belk has announced a $12.6 million expansion and renovation of its store in Cool Springs Galleria, a 1.1 million-sq.-ft. mall in Franklin, Tenn., a suburb of Nashville. CBL & Associates Properties and TIAA-CREF own the center jointly.

Belk plans to create a new fashion flagship store for the greater Nashville region.

Virginia Beach, Va. — Divaris Real Estate has announced four new retail leases in the greater Richmond area.

Friendly Motors has leased 5,000 sq. ft. in the Divaris-leased and –managed Belt Trade Center.

Zoe’s Kitchen has taken 2,800 sq. ft. in The Corner at Short Pump. DRE’s Richmond office represented the tenant in the negotiations.

New York -- The Jones Group Inc. has scheduled a special meeting of The Jones Group shareholders for April 7, 2014 to consider and vote upon the previously announced merger agreement entered into with Sycamore Partners on Dec. 19, 2013. Under the agreement, affiliates of Sycamore Partners will acquire The Jones Group for $15 per share in cash, or about $1.2 billion.

Ascena Retail Group, the operator Lane Bryant, Justice and Dress Barn stores, cited increased spending on growth initiatives and a challenging sales climate for a second quarter profit decline and its second full year earnings guidance reduction in two months.

Dallas – Zale Corp. reported a 10% in net earnings during the second quarter of fiscal 2014, rising to $51 million from $41 million in the same quarter the prior year. However, revenues dipped 2% to $656 million from $671 million, while same-store sales rose 1.9%.

Zale attributed the decline in revenues primarily to the net decrease of 86 stores compared to fiscal 2013 and a decline in the Canadian exchange rate, partially offset by the 1.9% constant currency same-store sales growth.