Department Store

Plano, Texas -- J. C. Penney Co. announced Wednesday that its board of directors has elected William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors.

The appointments had been previously announced on Jan. 24. 
 

Cost segregation is a bargain tax strategy for shopping center owners

By Eli Loebenberg, [email protected]

Columbus, Ohio -- DSW said Tuesday that it will acquire its largest shareholder Retail Ventures and turn it into a wholly owned subsidiary, helping to simplify its relationship.

According to the shoe retailer, the two companies signed a merger agreement, under which DSW will give stockholders 0.435 of a DSW share for each share they hold of Retail Ventures.

Retail Venture holds a 62% stake in DSW.

The companies are slated to hold a conference on Wednesday to discuss the deal with investors.

Ocala, Fla. -- RMC Property Management Group announced that it has executed a new lease for a movie theater on behalf of the owner of Marion Shopping Center in Ocala, Fla.

Ocala Center 6, a six-screen theater, will occupy a 16,500-sq.-ft. space and is slated to open in May. Marion Shopping Center is anchored by Bealls Outlet and Rainbow Apparel.

Newport Beach, Calif. -- Grubb & Ellis Co. Said it has secured two new leases for Loft, a division of Ann Taylor Stores Corp., for a total of 10,589 sq. ft. of retail space in Marina Del Ray and Calabasas, Calif. 

The company signed a 10-year lease for 5,420 sq. ft. at Waterside in Marina Del Ray, and 5,169 sq. ft. at The Commons at Calabasas.

The two new stores are expected to open this spring. 

Both properties are owned by Caruso Affiliated.

San Francisco -- Gap said Wednesday that it has expanded its Gap and Banana Republic online presence to eight additional European countries through its dedicated European e-commerce sites.

Gap debuted the dedicated sites in the United Kingdom in August 2010 and then expanded to include nine additional European countries in October 2010. The newest announcement brings the total reach of it European e-commerce business to 18 countries.

Grapevine, Texas -- Indianapolis-based Simon Property Group said that Kerri Bear has joined the management team at Grapevine Mills as director of marketing and business development.

Bear will be responsible for managing marketing, advertising and public relations programs, as well as selling in-mall media, securing sponsorships, coordinating promotional events and driving tourism.

NEW YORK-- Barneys New York has launched a new editorial site called "The Window," which will reside on Barneys.com. According to the company, The Window will give viewers "a unique and expertly cultivated view into the worlds of luxury, culture, beauty and the people behind the most celebrated design houses, through interactive features and exclusive content."