Mass Merchant

Stamford, Conn. -- General Electric is spinning off its Synchrony Financial consumer credit business in an initial public offering (IPO) and seeking a market valuation as high as $22 billion. Synchrony offers store credit cards for retailers such as Wal-Mart Stores Inc. and J.C. Penney Co.

Mahwah, N.J. - Dirk Montgomery, executive VP and CFO of Ascena Retail Group Inc. since January 2013, has accepted a position with a healthcare-related company based in Florida. Ascena has initiated a search process for a new CFO.

Montgomery has agreed to remain through the end of the summer. Randy Pearce, a member of Ascena’s board of directors, chair of the Audit Committee, and former CFO of Regis Corp. from 1998 to 2011, will increase his involvement in overseeing the company’s finance department during the transition.

Bentonville, Ark. – Wal-Mart Stores Inc. has reportedly invested $103 million in its Indian operations with the goals of expanding its wholesale store count and increasing its online presence there. According to the Wall Street Journal, Wal-Mart intends to increase wholesale store base in India from the current 20 to 70 in the next five years.

San Francisco -- Continuing its global growth, Gap Inc. on Monday announced that it will introduce the Gap brand to Slovenia and Austria through agreements with new and existing franchise partners. Magistrat International, a new partner, has been selected for the launch of Slovenia. Gottex, which currently manages the Gap franchise business in Israel and Hungary, will launch Austria.

Topeka, Kan. -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Wanamaker Shopping Center in Topeka, Kansas.  The regional shopping center was purchased for $18 million by Fort Wayne, Indiana-based Equity Investment Group.

The 269,875-sq.-ft. center is anchored by Big Kmart, Hobby Lobby, and Bed Bath & Beyond.

Kmart has been offering Shop Your Way members check-cashing services since September last year, but this week the retailer is making the service available for $1 or less, rather than $3. For the lowered price, members will be able to cash payroll and government checks up to $2,000 and personal checks up to $500.

Virginia Beach, Va. -- Home furnishings retailer West Elm will open a new store at Town Center of Virginia Beach, the retailer’s first in the Hampton Roads market.

The new store will be located on Main Street on the first floor of the newly constructed 4505 Main Street Tower, next to the recently announced Anthropologie store. A grand opening is slated for 2015.

Shopko is looking to drive traffic to its stores and e-commerce site with the launch of a new fashion blog called TREND.spire. The blog offers shoppers tips on how to put outfits together with pieces from either bricks-and-mortar locations or online.