Levin tapped to build and lease New Jersey center
Levin Management Corp. will be building, leasing, and managing a new neighborhood center on the former site of an auto repair shop in Union, New Jersey.
Rising household incomes in the area make it a prime location for new retail in a dense urban region, according to Levin’s senior VP of Leasing and acquisitions Joseph Lowry, who points to a daytime population 86,000 and an average household income of $110,000.
“We anticipate a great deal of interest in the new shopping center due to the area’s superb retail market demographics, and the property’s excellent visibility and location,” Lowry said.
Available spaces range from 1,200 to 9,500 sq. ft., as well as a 2,240-square-foot end cap with excellent street visibility.
Levin has been busy in New Jersey in recent months, winning leasing and management contracts in Delran, Freehold, Hackettstown, Madison, and Secaucus.
Hudson’s Bay Co. taps former Penney exec as CFO
The parent company of Hudson's Bay, Lord & Taylor and Saks Fifth Avenue has appointed a 25-year retail veteran as its new finance head.
HBC named Edward Record as CFO, effective August 28, 2017. He succeeds Paul Beesley, who, as previously announced is leaving HBC.
Record joins HBC after more than three years as CFO of J. C. Penney Company. In July, he announced he was stepping down from the company to "pursue other interests."
Prior to Penney, Record was executive VP, COO of Stage Stores, and previously served as its CFO. He has also held executive leadership positions in finance at Kohl’s and Belk.
“Ed’s deep retail experience will support our company’s mission to get ahead and stay ahead of the rapidly changing retail environment,” commented Jerry Storch, CEO, HBC. “He will play a key role as we continue to drive performance and make the right strategic decisions to improve our retail businesses, while also evaluating the best use of our real estate assets.”
Gap strong in Q2, raises outlook
Gap Inc. beat the Street in its second quarter with both bottom and top line gains, boosted by its Old Navy division and fewer discounts.
The apparel retailer earned $271 million net income, or 68 cents per share, in the quarter that ended July 29. That's up from $125 million, or 31 cents per share, a year ago.
Excluding a one-time insurance gain related to a fire in 2016 at a Gap distribution center in Fishkill, New York, the retailer earned 58 cents per share. Analysts has expected earnings per share of 52 cents.
Total revenue fell 1.4% to $3.8 billion, just edging past analysts' estimate of $3.77 billion. (The translation of foreign currencies into U.S. dollars negatively impacted the company’s net sales for the second quarter of fiscal year 2017 by about $37 million.)
Same-store sales edged up 1% for their third consecutive quarterly increase. By brand, same-store sales rose 5% at Old Navy Global and fell 1% at Gap Global. Same-store sales fell 5% at Banana Republic Global.
“With a third consecutive quarter of comp sales growth, we are seeing our investments in product, customer experience, and brand equity begin to pay off,” said Art Peck, president and CEO, Gap Inc. “Based on the strength of the first half, we are pleased to increase our full year earnings guidance.”
Looking ahead, Peck said the company will focus on product categories that have clear differentiation. It also will continue to invest in its online and mobile offering, and take advantage of its operating scale to drive speed to market and responsiveness.
Gap raised its adjusted profit forecast for fiscal 2017 to $2.02 to $2.10 per share from $1.95 to $2.05 per share.
The company ended the quarter with 3,642 store locations in 47 countries, of which 3,179 were company-operated.