Department Store

Foothills Ranch, Calif. -- Fashion retailer Wet Seal Inc. swung to a loss in its  first quarter amid declining sales. The company reported a loss of $21.8 million, compared with a year-earlier profit of $3.1 million.

Sales fell 17% to $116.7 million. Total same-store sales, including e-commerce, fell 16.9%.
 
Wet Seal said it was challenged by  weak mall traffic, higher promotional activity and disruptive weather as challenges for the quarter.

Thorofare, N.J. - Checkpoint Systems, Inc. is launching its next generation of intelligent electronic article surveillance (EAS) solutions. The Evolve iRange comprises six different EAS antennas, a broad range of EAS labels designed for visible and source-tagging application to various types of merchandise, and the Counterpoint iD deactivation unit for faster and consistent deactivation at point-of-sale (POS).

A recent Infosys Rethinking Retail Survey found that 86% of consumers who have experienced personalization technology while shopping have admitted that it has influenced their purchasing decisions. Moreover, 69% of consumers responded to the study stating that consistency of customer service across physical and online stores was of importance to them.

Baltimore — The Mall of Istanbul opened today in Istanbul, Turkey. The 34.5-acre mixed-use development features 2.1 million sq. ft. of retail space, 1.4 million sq. ft. of residential space and 322,600 sq. ft. of office space.

Baltimore-based DDG won the design contract for the mall in 2009 in an international competition.

Ross Stores’ board approved a succession plan whereby chief merchandising officer and president Barbara Rentler will become CEO, making her the 25th female chief executive to currently serve at a Fortune 500 company.

Rentler will succeed Michael Balmut, who announced nearly two years ago his intent to step down as CEO on June 1, and become executive chairman. Ross Stores said Balmut will continue to play an integral role on the senior management team.

Kansas City, Kan. — Lids and Haggar Clothing Co. will open at Legends Outlets Kansas City in Kanas City, Kansas, over the Memorial Day weekend. Lids will occupy a 1,368-sq.-ft. space, and Haggar has taken 2,476-sq. ft.

The new tenants will join other recent new tenants including Woody’s Automotive, sweetFrog, Pizza Studio, Bath & Body Works, Nail Envy and Coach Factory.
 

Woodland Hills, Calif. — Peak Financial Partners, Inc., a private real estate investment firm and Misuma Holdings, have acquired a $45 million note secured by Myrtle Beach Mall, a 521,000-sq.-ft. enclosed mall facility in Myrtle Beach, South Carolina.

Stein Mart has named Sara Meza as director of e-commerce. Although Meza came on board in April — after a 12-year tenure at Belk where she led the original launch of the retailer’s website business — the company made the announcement in conjunction with solid first-quarter results.

Net income for the quarter decreased to $14.1 million, or $0.31 per diluted share, from a net income of $14.7 million, or $0.33 per diluted share in 2013.