Foot Locker increases capital expenditures for 2013
New York — Foot Locker announced that its board of directors has approved a $220 million capital expenditure program for 2013. The amount marks a significant increase over the approximately $163 million spent on in 2012.
The company said it plans to invest in such growth initiatives as including new and innovative store formats; continued expansion in Europe; technology to improve its customers’ experience; and robust capabilities for its digital segment.
MGM may sell parts of CityCenter project
Las Vegas — MGM Resorts International CEO Jim Murren said Wednesday that the company is considering selling parts of its $8.5 billion CityCenter project on the Las Vegas Strip, including the Crystals Mall.
The sell-off would be a move to reduce CityCenter’s $1.85 billion in debt, which has been paid down from $2.5 billion last year.
CityCenter also houses the 4,000 Arai hotel casino which, said Mullen, is not part of any potential sale.
While there are no negotiations under way, Murren told the Associated Press that the 500,000-sq.-ft. luxury mall Crystals, which features such tenants as Gucci, Prada and Tiffany, is especially enticing to investors.
MGM owns CityCenter in a 50-50 partnership with Dubai World, the investment arm of Dubai’s government.
Build-A-Bear CEO joins Foot Locker board
NEW YORK — Build-A-Bear CEO Maxine Clark has joined the Foot Locker board of directors.
Clark founded Build-A-Bear Workshop in 1997. She has extensive experience in the retail industry, having also served as president of Payless ShoeSource Inc. and for 19 years as an executive of The May Department Stores Company.
"Maxine Clark has a depth of experience in both domestic and international retailing, and she is well-known for her innovative approach to the industry," said Ken Hicks, hairman of the board and CEO of Foot Locker Inc. "We are pleased to be adding an individual with her talent and expertise to complement our already strong board of directors."