News

Fashion Place Day celebrates mall’s 40-year history

BY CSA STAFF

General Growth Properties’ Fashion Place shopping center in Murray, Utah, celebrated “Fashion Place Day” on Oct. 15 to commemorate the mall’s 40-year history.

A 15-ft. Mall of Memories wall marked the occasion, and was accompanied by a mayoral declaration and a week of special offers, giveaways, retro fashion shows and a mall-wide birthday party honoring 40 kids affected by cancer.

“We think Fashion Place looks fabulous for being 40,” said Natalie Watson, Fashion Place senior marketing manager.

Fashion Place opened in 1972, but recently has undergone major construction and rebirth to allow for more modern retail in Northern Utah. In 2009, Fashion Place saw the first phase of redevelopment, adding a new 138,000-sq.-ft. Nordstrom, a food court rotunda and contemporary outdoor plaza. Noted for being the most visited mall in Utah, Fashion Place added 16 stores and restaurants in 2011, and seven in 2012. Additional stores are planned to open in 2013.


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News

Walmart general counsel to talk e-commerce at legal conference

BY CSA STAFF

NEW YORK — Joel Lamp, senior associate general counsel for global e-commerce at Walmart, will deliver the keynote address at the 10th Annual General Counsel Conference West Coast on Oct. 30 to 31 at the Grand Hyatt Hotel in San Francisco. The event is hosted each year by American Lawyer Media’s Corporate Counsel magazine.

Lamp is expectd to speak aboout Walmart’s e-commerce initiatives and its effect on the traditional retail store, as well as a discussion of important privacy, security and compliance requirements.

Detailed information about the event, including registration forms and the conference agenda, is available at www.corpcounsel.com/gcwest.

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FINANCE

Target to sell credit card business to TD Bank

BY Katherine Boccaccio

Minneapolis — Target Corp. said Tuesday it will sell its $5.9 billion credit card portfolio to TD Bank Group.

The business will be sold for an amount equal to the gross value of the outstanding receivables at the time of closing, said Target; the portfolio currently has a gross value of about $5.9 billion.

TD Bank also agreed to a seven-year deal to underwrite, fund and own the retailer’s future credit card and Visa receivables in the U.S.

Target said in January 2011 that it planned to sell its credit card business, but delayed those plans at the beginning of 2012. Then, a week ago, Target chairman and CEO Gregg Steinhafel said the company expected to find the right buyer for the business by the end of the year.

“This transaction achieves all of Target’s strategic and financial goals for a portfolio sale,” Steinhafel said in Tuesday’s statement.

The transaction is expected to close in the first half of 2013.

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Jan-08-2013 06:49 am

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