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Department Store

  • PREIT's Springfield Town Center sales exceed $500 PSF in its first full year

    Springfield, Va. -- PREIT announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 sq. ft. open during the center's first full year of operation, 18% above the company's portfolio average as of September 30, 2015.

    The newly redeveloped 1.35 million sq. ft. regional mall was acquired by PREIT March 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.

  • Ascena Retail to buy Ann Inc. for about $2.15 billion

    Mahwah, N.J. – It took close to a year, but Ann Inc., owner of the Ann Taylor and Loft banners, has followed the wishes of major shareholders including Engine Capital LP and Red Alder LLC and agreed to an approximate $2.15 billion buyout from specialty apparel rival Ascena Retail Group Inc. Ascena, whose store brands include Lane Bryant and Dressbarn, will acquire Ann Inc. for $47 in cash and stock per share, a 21% premium over Ann Inc.’s May 15 closing price.

  • JCP names new CIO with Target background

    J.C. Penney’s efforts to become a world class omnichannel retailer are under the leadership of a new chief information officer with a unique background.

    J. C. Penney appointed Therace Risch as executive vice president and chief information officer, effective immediately. Risch joins the retailer from COUNTRY Financial, and succeeds Scott Laverty.

  • Budget family-fashion retailer continues to expand

    Forever 21 is growing its its lower-priced format, F21 RED.

    The chain has opened three new stores, with locations in Brooklyn, New York; San Diego, California and Kendall, Florida. The Brooklyn store is 35,000 sq. ft., while the San Diego and Kendall locations are more than 20,000 sq. ft.

    Forever 21 launched F21 RED, which carries merchandise for men, women and children, in the first quarter of 2014. There are currently more than 20 F21 locations in the United States.

  • Report: Walmart could learn a lot about mobile payments from Starbucks

    As Walmart prepares to launch its Walmart Pay mobile pay solution, the discounter should study Starbucks’ success in the mobile payments area, according to a report by TheStreet.

    Starbucks rolled out its mobile wallet in 2011, and mobile payment now accounts for 21% of all transactions in U.S. company-owned stores. If Walmart wants to get even close to those numbers, it will have to follow Starbucks’ lead and make sure that its mobile payment solution provides a real value to consumers.

  • Neiman Marcus exec moving to Tuesday Morning

    On the heels of naming a new CEO, Tuesday Morning Corp. has appointed a new finance chief as well.

    The company named Stacie Shirley as executive VP, CFO and treasurer, effective January 18, 2016. Most recently, she served as senior VP - finance and treasurer of the Neiman Marcus Group. She started at Neiman Marcus in 2001.

    Prior to Neiman Marcus, Shirley served in various positions with CompUSA.

    Tuesday Morning recently names a former board member, Steve Becker, as its new CEO.

  • Get ready for 'Super Saturday'

    Shoppers are expected to turn out in droves this coming Saturday (“Super Saturday”) and also on Sunday, the last weekend before Christmas.

  • Empire Outlets to get innovative food hall

    The retail comeback of the New York City borough of Staten Island continues.

    BFC Partners, which is developing Staten Island’s 340,000-sq.-ft. Empire Oulets center, announced it will develop an artisanal food market showcasing the best local and international purveyors for the center.

    BFC is partnering with the creative team behind Gansevoort Market on the project.

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