STORE SPACES

CarCharging and Walgreens expand EVC services to Midwest

BY Staff Writer

Miami Beach, Fla. — Car Charging Group announced Thursday the expansion of its relationship with Walgreens by adding EV charging services to 11 Walgreens locations throughout Ohio in Akron, Canal Winchester, Columbus, Dayton, Franklin, North Canton, and Reynoldsburg.

In 2012, CarCharging launched the rollout of Walgreens EV charging services at eight locations in Kissimmee and Orlando, Fla.

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Mar-24-2013 06:19 pm

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Mar-24-2013 06:19 pm

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Triad Retail Media acquired by private equity

BY CSA STAFF

Rockbridge Growth Equity has acquired Triad Retail Media, a 300 person digital retail media agency founded by former Procter & Gamble executive Greg Murtagh.

The acquisition is expected to be transparent to Triad’s retail clients such as Walmart, Sam’s Club, eBay, Toys "R" Us and CVS, but is expected to bring to Triad new capabilities as it benefits from Rockbridge’s ownership interest in other companies.

"We are very excited to partner with Rockbridge as our new equity investor, and to become part of their diverse family of companies," said Greg Murtagh, Triad’s CEO and founder. "Rockbridge has a deep operating knowledge in digital media and data and analytics, combined with expertise in technology and marketing services, providing a perfect opportunity to accelerate Triad’s already strong growth."

Founded in 2004, Triad has quickly become regarded as the market leader in creating, managing and operating digital retail media programs for highly-trafficked retail websites. The firm employs more than 300 people at offices in Tampa, Orlando, Chicago, New York San Jose and Rogers, Ar.

Rockbridge Growth Equity is a Detroit-based private equity firm founded in 2007 by Brian Hermelin, Kevin Prokop and Quicken Loans and Rock Ventures Founder and Chairman Dan Gilbert.  Rockbridge invests in business and technology services companies focused on the digital media, marketing services, financial and business services and consumer-direct marketing sectors. 

"Under the leadership of CEO Greg Murtagh and president and COO Roger Berdusco, Triad’s team has built a market-leading company in a fast-growing industry," said Rockbridge managing director and partner Kevin Prokop. "Triad can benefit from our family of more than 60 diverse companies – from Quicken Loans to Fathead to the Cleveland Cavaliers.  We can also benefit from Triad’s extensive online expertise of converting shoppers into buyers."

Rockbridge is a Detroit-based private equity firm that invests in the technology and business services, financial services, consumer-direct marketing, digital media and marketing services industries. Rockbridge seeks to make investments in companies with enterprise values in the range of $100 million to $200 million.

 

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Holiday sales soft for some parts of Ascena

BY CSA STAFF

SUFFERN, N.Y. — Ascena Retail Group reported a lower than expected 2% decline in same store sales at physical stores for the November and December holiday period, but managed a 30% increase in online sales.

Combined comparable store and e-commerce sales for the holiday period ended December 29, 2012 increased 1%, prompting Ascena to lower earnings per share guidance for its current fiscal year ending July 27.

“The holiday selling season proved to be challenging and we increased promotional activity in order to ensure appropriate inventory levels going forward. We are taking the necessary markdowns in the second quarter to effectively transition into the spring season,” said David Jaffe, Ascena’s president and CEO. “As a result, we now believe full year adjusted diluted earnings per share guidance in the range of $1.20 to $1.30 is more appropriate, versus our previous guidance of $1.45 to $1.55.

Ascena offers clothing, shoes and accessories for missy and plus-size women and tween girls, under the Justice, Lane Bryant, Maurices, Dressbarn and Catherines brands. While Justice and Catherines had in-store sales increases of 5% and 4%, respectively, Lane Byant experienced a 9% decline, Maurices a 2% decline and Dressbarn an 8% decline.

The specialty retailer plans to open 200 stores and close 125 stores by the end of its fiscal year, giving it a total of roughly 3,900 units across all formats.

The update on the company’s financial performance during the holidays follows the recent appointment of Dirk Montgomery as its new EVP and CFO, following current EVP and CFO Armand Correia’s announcement that he is retiring after 21 years with the company.

“I am very excited to be joining Ascena and share the strong vision the Ascena team has to continue to grow the business and to further extend the company’s leadership position in the specialty retailing industry. I look forward to the work ahead, including completing the integration projects already underway and, more broadly, to sharing my experience and expertise in developing and implementing a thoughtful and strategic approach to growth and value creation in the years ahead,” said Montgomery at the time.

Prior to coming over to Ascena, Montgomery was EVP and chief value chain officer of Bloomin’ Brands, which operates global restaurant brands Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse, and generated approximately $4 billion in annual revenues. Prior to that position, he served as CFO of Bloomin’ Brands for six years, and was CFO of the $9 billion Con Agra Foods Retail Group, CFO of Express (previously a division of Limited Brands) and served in several senior management positions with the Sara Lee Corporation.

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