REAL ESTATE

Hudson Group to open 19 stores at new LAX terminal

BY Dan Berthiaume

East Rutherford, N.J. — The Hudson Group is opening 19 new stores at the soon-to-open Tom Bradley International Terminal at Los Angeles International Airport (LAX). The stores include Bulgari, Emporio Armani, Michael Kors, Coach, Hugo Boss, Bliss, Victoria’s Secret, Tumi, Fred Segak, Kitson, Travel & Leisure, See’s Candies, Virgin/Boost, Pinkberry, Entertainment Weekly News, CNN Newsstand Los Angeles, Angeleno, and Hudson.

"This award is a milestone for our partnership group, probably one of the most significant wins in our 25-year history,” said Joe DiDomizio, president & CEO of Hudson Group. “It demonstrates our transition from a company perhaps best known as an excellent newsstand operator to a company at ease with operating international luxury brands.”

The joint venture operating the stores includes Hudson Group Retail LLC along with equity partner Concourse Ventures, Inc. (Dale Cochran, principal), along with ACDBE partners Palazzo Concessions (Simeon Stewart and Michael Washington, principals); The Zaman Group (Karim Zaman, principal); MAJ Collection (Julie Jun, principal); and Arandia Designs (Luis Arandia, principal).

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FINANCE

Homeowners’ summer projects bode well for home centers

BY Dan Berthiaume

Seattle – Six-in-10 U.S. homeowners plan to make a home improvement or addition this summer, according to the Zillow Digs Summer Home Improvement Trend and Spending Survey. Zillow cites tight housing inventory and the fact that more than 25% of homeowners in the U.S. owe more on their mortgage than their property is worth as driving factors in the popularity of home-improvement projects.

Homeowners plan to spend a median of $1,200 on summer home-improvement projects. Sub-groups of homes with children as well as homeowners 54 years of age and younger plan to spend one-third more ($1,500) compared to homes without children and those 55 and older ($1,000). The survey also found that some of the most popular summer home-improvement projects are outdoor spaces (40%) and bathrooms (17%). Younger respondents and homes with children are significantly more likely to be planning three or more home improvements this summer.

"As we head into the long days of summer, we are seeing increased interest in outdoor spaces with very natural elements such as stone fireplaces, as well as bringing more light into bathrooms with clear glass on the walls and shower enclosures, said Cynthia Novak, trend expert at Zillow Digs.

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OPERATIONS

Dollar Tree shareholders re-elect directors

BY CSA STAFF

Chesapeake, Va. – Shareholders of Dollar Tree re-elected 11 members of the board of directors at the company’s annual meeting on June 20. Arnold S. Barron, Macon F. Brock, Jr., Mary Anne Citrino, H. Ray Compton, Conrad M. Hall, Lemuel E. Lewis, J. Douglas Perry, Bob Sasser, Thomas A. Saunders III, Thomas E. Whiddon, and Carl P. Zeithaml each received a majority of votes to serve another term on the board of directors.

In addition, shareholders approved the company’s 2013 director deferred compensation plan; ratified the selection of KPMG as the company’s independent registered public accounting firm; approved management’s proposal to increase authorized shares of the company’s common stock; and passed a proposal to approve, on an advisory basis, the compensation of the company’s named executive officers. Each of these proposals received a majority of votes cast at the meeting.

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