Department Store

Plano, Texas -- J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.

The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.

In past columns, I’ve spent time discussing how supermarkets and big-box retailers are successfully rolling out smaller stores. What hasn’t been talked about much is how that trend is starting to spread across the industry, in particular, with specialty retailers. It’s not just the big boys getting smaller any more, it’s almost everyone.

San Jose, Calif. -- Online auctioneer eBay said Monday it has launched a virtual outlet mall in the United States it is calling Fashion Outlet.

The virtual mall will allow users to access discounted apparel and accessories across brands and retailer banners. Featured brands and banners include BCBG, Neiman Marcus, Brooks Brothers, Last Call and Timberland.

According to eBay’s head of global fashion Miriam Lahage, the company is leveraging the burgeoning popularity of the outlet category as the fastest-growing retail channel.

Flushing, N.Y. -- Five Guys Burgers and Fries said Monday is has opened a new location at Sky View Center, located in Flushing, N.Y.

The upscale fast-food chain has opened a 2,000-sq.-ft. location on level B of the 800,000-sq.-ft. regional mall, and is one of 200 new franchises opening in 2011 for the chain.

JACKSONVILLE, Fla. — Stein Mart announced the appointment of Jay Stein as interim CEO, effective immediately, following the retirement of David Stovall, Jr., who has held that position since 2008.

"On behalf of the board, I want to thank Dave for his service to Stein Mart over the last three years, and in particular, his accomplishments in returning the Company to solid profitability," said Jay Stein, chairman of the board of Stein Mart. "We wish him many happy years of well-earned retirement."

MINNEAPOLIS — Target announced that this fall it is investing more than $50 million in education. The donation will fund programs such as Target School Library Makeovers, Take Charge of Education and a series of education grants and awards that will provide the resources needed to help students and teachers excel, the company reported.

Keurig brewed up a powerful incentive at Target this week with an ad on the cover of its weekly circular touting a $30 gift card for those who purchase the B60 Special Edition single-serve brewer from Keurig for $149.99. The offer appeared quite alluring at first because $30 would help soften the blow of purchasing a coffee maker that is fairly expensive.

Seattle -- Nordstrom opened the doors to its newest store, in Nashville, Tenn.

The 149,000-sq.-ft. store is located in The Mall at Green Hills.