Department Store

J.C. Penney Co. said Wednesday it is proposing to refinance a $2.25 billion senior secured term loan, and to extend the maturity of the loan, which is currently set at May 2018. The transaction is expected to be complete in June.

Penney also reported positive same-store sales for its quarter-to-date through Memorial Day.
 

Galeries Lafayette Group is the latest retail entity to launch its own tech accelerator program.

The French specialty retail conglomerate, which operates the Galeries Lafayette, BHV Marais, Royal Quartz, Louis Pion and Didier Guérin banners, is partnering with Silicon Valley-based technology accelerator and venture fund Plug and Play in the effort. The three-month program aims to develop an integrated platform to assist startups focused on the fashion and retail sectors. It will include access to venture capitalists, mentors, and Fortune 500 companies.

Letting customers pick up online orders at physical stores may be a hot retail trend, but Target has reportedly decided to terminate a test of the offering.

A new report from HRC Advisory finds that retailers’ online sales are eroding in-store sales and taking a big bite out of retail profitability. Chain Store Age editor Marianne Wilson spoke with Antony Karabus, CEO, HRC Advisory, about the study and its implications for retailers. 

What did you find most surprising in the study findings?

Nordstrom has opened its second full-line store In Toronto.   The department store retailer opened a three-level, 199,000-sq.-ft. store at Yorkdale Shopping Centre on Oct. 21. It is the company's second location in Toronto, with the first, at CF Toronto Eaton Centre, opening in September.      

A well-located, 30-year-old mall is about to undergo a major overhaul and add a much-needed shopping, dining and entertainment alternative in the Myrtle Beach marketplace.

According to Misuma Holdings and Peak Financial Partners, Myrtle Beach Mall will launch a full redevelopment in 2017.  

Saks Fifth Avenue plans to shutter its 107,000-sq.-ft. store at The Mall at Short Hills, in Short Hills, New Jersey, amid plans to open a flagship in a huge retail and entertainment center in the state.
     
As previously announced, the upscale retailer plans to open a store at the under-construction, three-million-sq.-ft. American Dream Meadowlands mega-center, in East Rutherford, New Jersey.

A store development executive from Gap Inc. has been tapped to head up real estate for Foot Locker.   Foot Locker announced the appointment of Scott Martin as senior VP – real estate, effective June 13. Martin succeeds Jeffrey Berk, who retired in April after almost 20 years with the company.