FlashPark technology unveiled at The Grove
Los Angeles — Shopping center owner Caruso Affiliated said Monday that it has launched a new parking technology, FlashPark, at The Grove retail and lifestyle destination in Los Angeles.
The technology allows smartphone users two free hours of parking and eliminates paper tickets and cash.
FlashPark, developed by Caruso with efforts led by Matthew Stoehr, senior VP information technology, was created by using the latest Microsoft and mobile technologies. It is incorporated into the existing Grove app that launched in 2012, and offers the opportunity for guests to add funds to a FlashPark account (in specified stored value amounts) prior to their visit. Once guests arrive, they can scan a code on their phone as they enter and exit the parking structure, and the parking fee will be debited from their account.
Participants will have the ability to automatically reload their account as the balance reaches a predetermined level. Guests will see their account balance displayed when using FlashPark at any entrance or exit parking machine.
“The FlashPark platform will differentiate the onsite experience and offer the next phase of unparalleled services to our guests,” said Paul J. Kurzawa, COO, Caruso. “We look forward to expanding FlashPark to other Caruso Affiliated properties down the road.”
Aeropostale Jury: Finazzo must forfeit $25-plus million
New York — A Monday report by Bloomberg said that ex-Aeropostale executive Christopher Finazzo – convicted last week on 14 counts of fraud against the retailer – has been order to forfeit more than $25 million.
Jurors unanimously found that Finazzo must turn over $25.79 million in cash, interest in four Calverton, N.Y., properties and as much as $300,000 from a trading account, according to the Bloomberg report, which cited a statement by Robert Nardoza, spokesman for Brooklyn U.S. Attorney Loretta Lynch.
The former Aeropostale merchandising executive steered $350 million worth of business to a supplier controlled by a friend; the retailer overpaid for the merchandise and Finazzo and the friend, Douglas Dey, shared the revenue. Finazzo faces a maximum sentence of 20 years in prison on each of the fraud counts.
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PwC US: Total deal value and volume surges in Q1
New York — Multibillion dollar transactions drove U.S. retail and consumer deals during the first quarter of 2013, according to PwC US.
For the three month period ending March 31, 2013, there were a total of 27 deals in the retail and consumer sector with disclosed values greater than $50 million, accounting for $39.8 billion in deal value. Deal volume increased 59% from the 17 deals during the first quarter 2012, while deal value rose 590% from $5.8 billion in first quarter 2012.
Deal value was driven by the purchase of HJ Heinz by Berkshire Hathaway Inc. and 3G Capital Partners Ltd (a total value of $28 billion including the assumption of approximately $4.5 billion of debt). Excluding the Heinz transaction, total deal value for the quarter was still more than double that of the prior year’s first quarter.
On a sequential basis, deal activity in the retail and consumer sector declined in volume from the highs in the fourth quarter 2012 due in part to the pressure to execute deals in 2012 before the fiscal cliff and pending tax increases, according to PwC.
“The potential negative impact of the fiscal cliff on transactions during the first quarter of 2013 was more subdued than anticipated as deal activity was up significantly compared to the first three months of 2012,” said Leanne Sardiga, partner and PwC’s U.S. retail & consumer deals leader. “The attractiveness of the retail and consumer sector as a whole, along with continued availability of capital from both corporate and private equity players, contributed to a positive retail and consumer deals environment. The jump in total deal value was driven by several multibillion dollar transactions.”
Total retail and consumer industry IPO proceeds raised in the U.S. in the first quarter of 2013 came in strong, far exceeding the comparative period in 2012.
Total proceeds raised during first quarter 2013 were $1.8 billion, up 50% from proceeds of $1.2 billion in fourth quarter 2012 and up more than 300% from the $431 million raised in first quarter 2012. Volume in the first quarter of 2013 was on par with the fourth quarter of 2012 with six IPOs closing and up slightly from the first quarter 2012, which had five IPOs close.
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