Mass Merchant

It was a less than merry holiday for some retailers, especially in the department store sector, but total sales still managed to beat industry projections, fueled by a strengthening economy.    Retail sales (excluding autos, gas stations and restaurants) during November and December rose 4% over 2015 to $658.3 billion, according to the National Retail Federation. The group had forecast sales would rise 3.6% to $655.8 billion.  

Time Equities has acquired Colony Square, a 425,430-sq.-ft. mall in Zanesville, Ohio, for $31.5 million. It’s now the largest property in the company’s Ohio portfolio.   The enclosed regional mall is anchored by J.C. Penney, Cinemark, Dunham’s Sports, and the Elder-Beerman department store. Urban Retail Properties will handle management, marketing, and leasing at the property on behalf of TEI.  

One of Target’s rising stars is joining Amazon to drive Prime membership in international markets.   Jamil Ghani, Target’s former senior VP of strategy and innovation, will champion the growth of the retail giant’s Prime presence overseas. He will report to Greg Greeley, VP of Amazon Prime, and be based out of the company’s Seattle headquarters, according to ReCode.  

Photo: Terry Montesi, CEO, Trademark Property Co. (left), Andrea Olshan, CEO, Olshan Properties (center), and Dave Moore, President, Irvine Company Retail Properties  (right)  

Wal-Mart Stores is reportedly losing its top technology executive.    Karenann Terrell will step down as CIO of Wal-Mart on February 24, the Wall Street Journal reported. Terrell has served in the position for nearly five years.     The retailer, which did not say where Terrell is headed, expects to announce new leadership in technology “shortly,” according to the report.      

Target is bringing back its retail accelerator program for a second round.   On the heels of the first Target + Techstars retail accelerator, the retailer said it has opened applications for a second round of the program yesterday, inviting retail-specific tech startups worldwide to apply for a chance to relocate to Minneapolis and embed themselves at Target.  

Houston-based developer Levcor Inc. has asked a North Carolina town to rezone an 11-acre parcel to accommodate a shopping center of up to 100,000 sq. ft.   The site resides just south of CBL’s Hanes Mall and a power strip consisting of Home Depot, Lowe’s, Costco, and Sam’s Club in Winston-Salem. Levcor is asking that the property, assembled from multiple lots, be rezoned from residential, single family use to general business special use.  

Sportsman’s Warehouse is building out its retail portfolio in familiar territory.   The Utah-based retailer announced three new locations: Everett, Washington; Pueblo, Colorado; and Visalia, California. The new stores are expected to open in the second half of 2017.     The location in Everett will be the tenth Sportsman’s Warehouse store in the state of Washington and will be located in the Greentree Plaza.