STORE SPACES

Duane Reade partners with Smith Electric Vehicles in EV pilot

BY Allison Cerra

New York City — Duane Reade said Monday it has added Smith Electric Vehicles’ Newton zero-emission, all-electric commercial trucks to its delivery fleet.

With the addition of these medium-duty trucks, Duane Reade is the first retail pharmacy in the United States to choose fleet electrification through a pilot program with Smith Electric Vehicles, a global supplier of zero-emission, all-electric commercial vehicles.

This pilot program is part of a continued energy initiative at Duane Reade, whereby all new and renovated stores feature 95% to 98% low-heat LED lighting, translating to approximately 40% less power consumption each year, the pharmacy chain said.

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REAL ESTATE

Vornado ups stake in J.C. Penney

BY Katherine Boccaccio

Plano, Texas — J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.

The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.

Vornado holds a seat on J.C. Penney’s board, as does Ackman.

J.C. Penney has not said whether Vornado had concrete plans to add to its stake. The retailer said in the filing that Vornado is barred under the agreement from purchasing additional shares until Oct. 10.

The moves come as J.C. Penney is preparing to change chief executives. Effective Nov. 1, Myron "Mike" Ullman will be replaced by Ronald Johnson, the architect of Apple Inc.’s retail stores. Ullman will serve as executive chairman of the chain until Feb. 1.

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News

ODP looks to ‘Kindle’ sales with e-reader offering

BY CSA STAFF

BOCA RATON, Fla. — Office Depot is looking to gain a share of the popular e-reader market with the news that, beginning Sept. 25, it will offer the Amazon Kindle through its retail stores.

“Kindle is a product that has changed the way people read by allowing on-the-go access to more than 950,000 books – all in a single, sleek device,” said Farla Efros, interim head of merchandising for Office Depot. “We are thrilled to bring Office Depot customers this lightweight, portable, easy-to-read device that allows them to get all the books and news they want, when and where they want them.”

Office Depot said it will also offer a full range of Kindle accessories upon launch, including cases and chargers.

Kindle is a reading device that wirelessly downloads books, magazines, newspapers, blogs, and personal documents to a crisp, high-resolution electronic paper display.

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