Department Store

Late last month, Ann Inc. received an open letter from activist investors Engine Capital and Red Adler urging the company to sell at a substantial premium above current stock price. The company has today publicly responded to the letter, stressing its board is “very active and consistently has been, and remains, focused on enhancing shareholder value.”

Ann Inc. also said its board regularly reviews all options and uses a financial adviser to help evaluate them.

New York – Ann Inc. is publicly responding to an open letter sent by activist investors Engine Capital and Red Alder on Aug. 25, which urged the company to sell at a substantial premium above current stock price. In a press release, Ann Inc. said its board is “very active and consistently has been, and remains, focused on enhancing shareholder value.”

Ann Inc. also said its board regularly reviews all options and uses a financial advisor to help evaluate them.

Charlotte-based Belk has teamed up with Project Runway season 12 winner Dom Streater. The exclusive collection designed by Streater, "Dom," offers classic, premium designs in modern prints and is now available in 30 Belk locations, including belk.com.

When the Grand Metropolitan Mall opened in 2013 in Bekasi, Indonesia, just east of Jakarta, it did so with an award-winning design.    

Houston – The Mansour Group has arranged the sale of the 99% leased, 223,223-sq.-ft. Almeda Crossing Power Center located in Houston, for more than $30 million. The seller was a Texas-based developer and The Mansour Group was able to deliver the property to a national REIT.

The center is leased to an array of national tenants including Ross, Marshall’s, Staples, PetSmart, Conn’s, Party City, Show Carnival, Dollar Tree, Anna’s Linens, Aaron’s and many others and is shadow anchored by a Walmart supercenter.

Beachwood, Ohio -- DDR Corp. announced that CEO Daniel B. Hurwitz will be leaving the company next year, as he and the board agreed not to renew his employment agreement, which expires December 31, 2015.

According to DDR, Hurwitz is expected to remain CEO through 2015 to facilitate a smooth leadership transition.

Hurwitz was named CEO on January 1, 2010, after serving as the company’s president and COO for two years prior. He has worked for DDR in various senior executive capacities since June 1999.

Overall retail spending growth in August 2014 was the strongest in more than a year, according to the First Data SpendTrend report.

Retail dollar volume growth reached 2.8% in August — compared to 2.6% in July — as back-to-school shopping propelled spending growth in several retail categories.

Hudson's Bay Company is reaping the rewards of its acquisition last year of Saks. The company’s retail sales soared 86.6% to $1.8 billion, from $948 million in the prior year.

Consolidated same-store sales increased by 1.9% on a local currency basis, with increases of 1.1% at HBC’s department store group (DSG), 2.2% at Saks Fifth Avenue and 14.9% at Off 5th. Digital commerce sales totaled $162 million, including $116 million from Saks and growth of 82.2% at DSG.