Department Store

Hoffman Estates, Ill. – In its latest move to capitalize on the value of its real estate and raise more cash, Sears Holdings Corp. has formed a joint venture with Simon Property Group whereby Simon will take ownership of 10 Sears stores in Simon malls and lease them back to Sears, who will continue operating Sears stores in the venture. The stores include properties Sears has leased to other entities.

CNBC host and investment advisor Jim Cramer breaks down the impact of cheap oil and the labor outlook with a view toward which retailers are best positioned to win.

A recent feature on the Thestreet.com featured 18 of Cramer’s top picks in the retail world, including many familiar names which have already enjoyed a nice run and are trading at or near their 52 week high.

New York -- Stuart Weitzman Holdings announced that Alyssa Mishcon has joined as president, global retail. Mishcon will oversee all aspects of the global retail business including customer experience and relationship management, strategic operations development, merchandising and international retail growth.

Mishcon brings more than 15 years of experience in luxury brands, working most recently as president of Thomas Pink Inc., LVMH Fashion Group and then previously VP strategy, merchandising & retail at TAG Heuer, LVHM Watch & Jewelry Division.

Saks Off 5th is joining the likes of Nordstrom Rack, Marshalls and Old Navy as the newest tenant at a Southern California shopping center that serves by value conscious residents of a community synonymous with celebrity and glamour.

Surging sales at Old Navy helped Gap Inc. offset sales declines at its namesake division and its Banana Republic stores in March. 

Gap Inc. reported that net sales for the five-week period ended April 4 increased 1 percent to $1.53 billion compared with net sales of $1.51 billion for the five-week period ended April 5.

New York -- Saks Fifth Avenue Off 5th will open its first store in Los Angeles County, in the Beverly Connection shopping center in Beverly Hills California.

The new two-level, 27,000-sq.ft. store will be fashioned in an open, modular layout.

“Saks Fifth Avenue Off 5th’s move to Beverly Hills is an exciting venture for us,” stated Jonathan Greller, president of outlets, HBC (Saks’ parent company).
 

L Brands continued to be a bright spot in specialty retail in March, reporting a 9% increase in same-store sales.

The company said an earlier Easter and the spring break season helped its March sales increase 6% from the year before. L Brands is the owner of Victoria’s Secret, Bath & Body Works and its own eponymous brand. The company reported brisk sales at Victoria's Secret and Bath & Body Works in March.

San Francisco – Strong same-store sales growth at Old Navy helped drive a 1% increase in net sales at Gap Inc. to $1.53 billion in March 2015, compared with net sales of $1.51 billion for the same month the previous year.

Gap Inc.’s overall same-store sales were up 2%. The company said that the earlier timing of the Easter holiday peak shopping weeks in 2015 benefited March sales results and will likely negatively impact its April sales results.