Department Store

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.  

For the first time since 2014, Abercrombie & Fitch Co. has a chief executive.   The struggling retailer said it has promoted Fran Horowitz to the role of CEO. She will also join the company’s board of directors. A veteran fashion retailer, Horowitz joined Abercrombie in fall 2014 as brand president of Hollister Co. In 2015, she was tapped for the new position of president and chief merchandising officer of the entire company.   

On the heels of a less than stellar holiday, Target Corp. is scaling back on some parts of its innovation agenda in order to concentrate on its core business.    The Minneapolis Star Tribune reported that Target has scrapped its highly secretive e-commerce startup called Goldfish, and also has shelved a prototype for a store of the future, complete with robots, that was due to be built soon.

Barneys New York has promoted its COO to the top job.   Daniella Vitale has been named chief executive officer of the New York-based upscale specialty retailer.    Vitale replaces Mark Lee, who is retiring and will assume the role executive chairman. Lee joined Barneys as chief executive in 2010. He is credited with turning the business around. Lee previously served as CEO of Gucci, and also held positions at Yves Saint Laurent, Armani and Jill Sander. He started his career at Saks Fifth Avenue. 

Kristin Grove, most recently director of leasing for GGP, has joined JLL as VP of National Retail Leasing. Grove will be based in Los Angeles and oversee leasing efforts and merchandising strategy for retail space on the West Coast.  

After a decade-long increase, Valentine’s Day sales may be less rosy this year.   U.S. consumers are expected to spend an average $136.57, down from last year’s record-high $146.84. Total spending is expected to reach $18.2 billion, down from $19.7 billion last year, which was also a record, according to the National Retail Federation and Prosper Insights & Analytics, which surveyed 7,591 consumers about their Valentine’s Day plans.  

Eighty retail real estate executives from CBRE recently gained the distinction of being the first class to graduate from a course designed to give field professionals a deeper knowledge of rapidly evolving retail business models and how they influence site selection.  

Despite a volatile global retail environment, Coach increased sales and profits for its fiscal second quarter.   The luxury handbag and accessories retailer reported revenue of $1.32 billion for the quarter ended December 31, 2016, up 4% from $1.27 billion last year. The retailer’s net income was $200 million, up from $170 million in 2015.