DDR JV opens $112M mall in Brazil
Cleveland-based Developers Diversified Realty has announced the opening of Manauara Shopping Center, a 500,000-sq.-ft. enclosed mall in Manaus, Brazil.
Located on the Amazon River, Manaus boasts a population of 1.7 million people. Developers Diversified owns 47.5% of the $112 million shopping center through an ownership interest in Sonae Sierra Brasil, the developer, owner and manager of the property. Manauara is the first ground-up development by the partnership, which owns and manages nine additional centers in Brazil.
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Glass retires from Wal-Mart board
BENTONVILLE, Ark. Former Wal-Mart president and CEO David Glass has chosen not to stand for re-election to the company’s board of directors at Wal-Mart’s annual shareholders’ meeting on June 5.
Glass joined Wal-Mart as EVP finance in 1976, was elected to its board a year later and named president in 1984. He succeeded the company’s founder Sam Walton as president and CEO in January 1988 and remained in that position until retiring in January 2000.
Michaels hosts Mother’s Day craft events
IRVING, Texas Michaels announced it will host a week of free Mother’s Day events May 2 through May 10.
The events, in all U.S. and Canada stores, will feature Michaels’ Top 5 Mother’s Day personalized projects: picture frames, decorated T-shirts, jewelry, cards and paper flower bouquets. Other workshops include keepsake corsages, keepsake plates and coupon books moms can redeem with her kids for chores and favors.
“We know families are very busy and these free workshops will give them an easy, convenient and inexpensive way to make Mother’s Day special on any budget,” said Michaels’ chief marketing officer Stuart Aitken. “Our customer survey showed that more than 90% of people said a thoughtful, handmade gift would be valued, and moms especially treasure gifts made for them by their children.”
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