Department Store

Los Angeles, Calif. — CIM Group has acquired a seven-asset portfolio that includes an office tower with ground floor retail and an enclosed regional shopping mall.

Ed Record, a former finance executive with Stages stores, Kohl’s, Belk and Federated, has been appointed to replace Ken Hannah as CFO at J.C. Penney.

Hannah joined J.C. Penney less than two years ago under the leadership of former CEO Ron Johnson, a former Apple executive who pursued a costly transformation strategy that alienated customers and led to sharp sales declines. Johnson was ousted last April and former J.C. Penney CEO Myron Ullman was brought back to restore growth and undo much of Johnson’s handiwork.

Plano, Texas — J. C. Penney Company, Inc. has named Ed Record executive VP and CFO, effective March 24. He will succeed Ken Hannah, who will remain CFO through that date to ensure a smooth transition.

As CFO, Record will be responsible for the financial operations of the company. He will report to Myron E. (Mike) Ullman III, CEO of J.C. Penney, and join the company`s executive board.

By Dr. Paul Helman, KSS Retail

Before 2013 was over, prognosticators were making bold predictions about retail margins in 2014. As technology disrupts the market and chains feel the squeeze, a number of key areas will demand attention in the coming months.

Rock Bottom Pricing

Meijer has upgraded its fashion offering to challenge national retailers in the apparel and accessories space.

The Grand Rapids, Mich.-based retailer touts itself as a pioneer of the one-stop shopping concept, but it said in a release that it is best known for its produce and meat departments. The company, therefore, has taken steps to upgrade its fashion offerings, not only by stocking a variety of on-trend merchandise, but also creating a dedicated fashion website and launching a social media initiative to promote their upgraded apparel and accessories category.

Chicago — Jones Lang LaSalle has announced the appointment of Josh Burmeister as executive VP and Gulf Coast retail brokerage lead and Ms. Buff Teague as VP. They will cover Alabama, Mississippi, Louisiana and the Florida Panhandle, partnering with John Bemis, Southeast retail market lead and John Lambert, Fla., retail market lead.

Burmeister and Teague join JLL from SRS Real Estate Partners.

While at SRS, Burmeister served as market leader for operations in Mobile, Ala., and co-market leader for Birmingham Ala., operations.

Kohl’s has teamed up with actress Katie Holmes to confront the “pink elephant in the room” — breast cancer — in a new awareness-raising initiative. Kohl’s will donate up to $1 million to Susan G. Komen to help support the cause.

New York -- For the second consecutive year, Chain Store Age will select 10 individuals in retail real estate as “retail stars;” all will be featured in the April/May 2014 issue with bonus distribution to the International Council of Shopping Centers’ RECon show in Las Vegas in May.

The award recognizes people under the age of 40 who are making an impact in retail real estate – whether from the tenant (retail) or the landlord (shopping center company) side.