Department Store

Nearly half of retailer leaders will be out of business if they don’t transform themselves digitally.   This is according to “Reinventing Retail: Cisco Reveals How Stores Can Surge Ahead on the Digital Transformation Journey,” a study based on data from 200 retail executives from North and South America and regions of Europe. Companies represent brick-and-mortar retailers, e-commerce, apparel manufacturers, food service and other segments of retail.  

After a 65-year run, The Andersons is leaving the retail business, closing its four big-box stores in Ohio. 

New York-based Clarion Partners has acquired Brookside Shops, a Trader Joe’s-anchored center in Acton, Massachusetts. The company did not disclose the purchase price.   “Brookside Shops is a well-positioned retail center with excellent fundamentals located in a highly affluent trade area,” said Clarion director Gary Rufrano.  

J.C. Penney has scored with Nike.   The department store retailer has teamed up with the athletic giant to open Nike branded in-store shops in more than 600 Penney locations across the country. Anchored by a Nike swoosh, the 500-sq.-ft. shops are located within the men’s department,   

Phillips Edison & Company, a leading national player in grocery-anchored centers, has promoted David Wik to senior VP of acquisitions.   In his past six years with the company, most recently spearheading growth in the Southeast, Wik sourced the acquisition of more than 100 assets representing $1 billion-plus in investments for the company’s several REITs. He previously worked in acquisitions at Midland Atlantic Development.  

The NRF Foundation has brought together leading retailers and non-profits to launch a job training and credentialing initiative called Rise Up (Retail Industry Skills & Education).   The program is designed to help people — regardless of education, background, economic means or age — acquire the skills they need to secure jobs in retail and advance into promising careers in every aspect of retail, from in-store to digital and mobile commerce, according to the NRF.  

Limited Stores has taken another step in the liquidation process it started in December.   The women’s apparel retailer announced on Tuesday it has filed for Chapter 11 bankruptcy protection. The chain also said it agreed to a "stalking horse" bid for its intellectual property and some related assets from an affiliate of private equity firm Sycamore Partners.     

Luxottica Group, the leading eyeglass retailer with multiple U.S. store banners, has entered into a deal that would create a global giant in the optical industry.   Luxottica, whose brands include LensCrafters, Sunglass Hut, Oliver Peoples, and Pearle Vision, will merge with lens-maker Essilor International of France in a deal valued at $49 billion. The merger brings together the industry’s largest manufacturer with its leading retailer.