Department Store

Rumors that Target would open in San Francisco’s Metreon center have now been confirmed: Terranomics announced it has brokered a signed lease for Target to open in the Wesfield-owned center.

The lease for 99,677 sq. ft. was only just officially signed, San Francisco Business Times reported. The Metreon will soon begin construction on a multi-million dollar remodel that will make room for Target, and will recreate the ground level as a food collection of Bay Area restaurant concepts.

New York City -- Women’s fashion apparel retailer Francesca's Holdings Corp. filed for up to an estimated $150 million to be raised in an initial public offering.

The company has about $41.4 million in proceeds from the offering earmarked toward repaying a senior secured credit facility, Dow Jones Newswires reported. Remaining funds may be used for opening new stores and growing its e-commerce business.

For the year ended Jan. 29, Francesca's same-store sales climbed 15% on top of a 9.8% increase a year earlier.

New York City -- Gap has chosen Manhattan's Upper West Side for its second freestanding Athleta store, Crain’s New York Business reported.

The report said has signed a lease to open a 3,500-sq.-ft. Athleta at 216 Columbus Ave. at W. 70th Street. The store will open in the fall, and Gap is already seeking more New York area locations, according to Crain's.

Gap bought Petaluma-based Athleta, a catalog and website that sell women's athletic clothes, for $150 million in 2008.

Anaheim, Calif. -- Pacific Sunwear of California announced that Michael Kaplan will join the company as senior VP and CFO, effective May 2. He will be replacing Mike Henry who became interim CFO in November 2007 and was named CFO in January 2008.

Most recently, Kaplan was CFO of Harbor Freight Tools, a 349-store retailer of proprietary branded tools. Prior to joining Harbor Freight Tools in 2010, he was a senior executive of Gap Inc. from 2005 to 2010.

New York City -- Loehmann's Holding Co. announced that Joan Durkin has been appointed CFO and senior VP finance. She assumes the CFO role from Joe Melvin who successfully led the company out of Chapter 11 in early March.

Durkin most recently served as VP finance for Brown Shoe Co.

I’m not much of a follower of astrology and the signs of the zodiac, but I do know that 2011 is the Year of the Rabbit on the Chinese calendar.

It seems somehow fortuitous that speed and agility define a year that is all about economic recovery. And retail is moving forward at a rate that, while not exactly hare-like, is at least faster than the proverbial tortoise.

Target began its in-store recycling program just nine months ago, and some of the early numbers from the program are staggering. Between April 2010, when the program was launched, and December 2010, the company collected and recycled more than 170 million shopping bags and more than 1.4 million pounds of cans and bottles. In addition, the company said it collected roughly two million units of small electronic items such as MP3 players and cell phones.

Boynton Beach, Fla. -- Indianapolis-based Simon Property Group announced that Stardust Arcade, an adult penny redemption arcade, has opened at Boynton Beach Mall, in Boynton Beach, Fla.

The 10,000-sq.-ft. space features 150 machines within a Las Vegas-style setting showcasing faux Roman columns, marble details and hand-painted Greek themed murals created by Florida Atlantic University’s Arts Professor Jim Crane and his fine art students.