News

Howard Hughes Corporation this week topped out the second of three residential towers destined for Ward Village, a 60-acre, master-planned community in Honolulu that will deliver 4,000 new residences when completed.    The finished Anaha tower, set to welcome residents in 2017, will house a Merriman’s restaurant and Oahu’s flagship Whole Foods Market.  

Abercrombie & Fitch Co.’s turnaround was called in to question on Tuesday as the chain posted a wider loss in its second quarter, hurt by a decline in tourist traffic at its flagship locations.     The teen apparel retailer also revealed that it expects to close up to 60 U.S. stores as their leases expire this fiscal year. On its quarterly conference call, company executives said the chain has flexibility to close even more stores, with about half of its U.S. leases expiring by the end of 2017, the Wall Street Journal reported.

Branch Properties, which owns 24 retail centers and restaurant parks in the Southeast, made its first foray into Alabama with the purchase of two Birmingham properties from Bayer and a silent partner.   The Atlanta-based Branch gets Inverness Corners, a 236,444-sq.-ft. center anchored by Winn-Dixie and Kohl’s, and Inverness Plaza a 74,818-sq.-ft property that houses Alabama’s only PGA Super Store. The deal was brokered by JLL.  

Fred’s Inc. named Craig Barnes, executive VP of supply chain, global and domestic logistics, to the newly created role of COO — front store.    In his new role, Barnes will be responsible for merchandising, marketing, supply chain, store operations and real estate, and will report directly to CEO Michael K. Bloom.    

DSW Inc. on Tuesday posted better-than-expected results for its second quarter and reaffirmed its full-year outlook.    The company also said it expects to see $25 million of annualized savings in 2017 as a result of a restructuring program it launched earlier this year, with about $7 million of the total to be realized this year. The retailer said the savings would result “from organization realignment and improvements in procurement and other business processes.”  

Christopher & Banks Corp.’s loss widened in its second quarter amid soft sales its outlet channel and a temporary shutdown of its e-commerce site.   The company reported a net loss of $3.9 million, or a $0.11 loss per share, compared to a net loss for the prior year period of $0.7 million, or a $0.02 loss per share. Same-store sales decreased 5.8%, compared to a 12.4% decrease in the same period last year.  

Toys "R" Us announced the appointment of Melanie Teed-Murch as president, Toys "R" Us, Canada, effective Sept. 1.       Teed-Murch joined the retailer in 1996 as a store manager for Toys "R" Us in Kitchener, Ontario. She went on to hold a variety of senior leadership, merchandising and operational roles with increasing responsibility, including her most recent position as Canada's chief merchant.  

Amazon.com is going to give select employees the chance to work a shorter week for reduced pay — but with full benefits.  

In a scenario that few could have predicted, Walmart has emerged as one of President Obama’s most reliable corporate allies, a partner that has backed the White House on more than a dozen initiatives, including Obamacare and climate change, bloomberg.com reported.  

On the heels of the biggest deal in its history, Canada’s Alimentation Couche-Tard Inc. has entered into yet another deal to expand its U.S. footprint.   The retailer has signed an agreement to buy 53 stores in Louisiana, primarily in the Baton Rouge market, from American General Investments and North American Financial Group for an undisclosed price.