Muss to acquire Upper East Side retail condo
New York — Muss Development LLC is acquiring a 5,000-sq.-ft. retail condominium located at the base of the Touraine Condominium at 865 Lexington Avenue on New York City’s Upper East Side. Immediately upon closing, Muss will enter into a long-term lease with Le Pain Quotidien for its 31st location in Manhattan.
Known for its organic bread and cakes, Le Pain Quotidien will take the ground-floor retail component.
In the sales transaction, Jones Lang LaSalle represented both Muss Development and the seller, Lex 65.
In the lease deal, CBRE Group Inc. represented Le Pain Quotidien, and Cushman & Wakefield represented the Muss Development.
Mobile workforce provider secures more funding
Gigwalk, a leading provider of crowdsourced solutions to retailers and CPG companies, just surpassed the 500,000th member of its mobile workforce and celebrated the occasion by securing an additional $10 million in funding.
The three year old San Francisco-based company operates a software platform for consumer brands that delivers local visibility of in-store conditions to foster better collaboration with retailers. The company executes against that value proposition with a crowdsourced labor model of smartphone equipped workers known as “Gigwalkers” who are able to perform a wide range of functions in stores nationwide.
“Inefficiencies in retail execution account for hundreds of billions of dollars lost globally each year,” said Bob Bahramipour, CEO of Gigwalk. “Our enterprise software platform brings transparency and accountability to local operations, eliminating these problems and improving how brands and retailers work together.”
The most recent round of funding was led by Nokia Growth Partners (NGP) and also included new investor Randstad Holding nv and existing investors August Capital, Harrison Metal and SoftTech. Paul Asel of NGP has joined Gigwalk’s board. The funding will be used to further develop and scale Gigwalk’s software platform, expand partnerships with consumer brands and retailers, as well as support company growth and hiring.
“NGP is excited to invest in Gigwalk as they are disrupting how enterprises get local work done. The company’s robust technology platform and massive Gigwalker network is changing the speed, cost and effectiveness of doing distributed local work,” said Paul Asel, Managing Partner at NGP. “Gigwalk has a capable, visionary team that can deliver on this disruptive opportunity.”
Amsterdam-based, Randstad Holding nv, the world’s second largest human resources service provider, joined the round under their just launched Randstad Innovation Fund.
Supervalu streamlines ops, names new presidents
Supervalu reduced its organizational structure from three divisions to two and name Kevin Kemp president of the east region and Bill Chew president of the west region.
The company did not indicate what roles Kemp and Chew played in the organization previously, but did note that the east region will be headquartered in Mechanicsville, VA and the west region will be based in Hopkins, MN near the company’s Eden Prairie headquarters.
The company said the change will streamline the organization and reduce operating costs while continuing to drive sales growth with its current and prospective customers. Supervalu expects to reduce its 35,000 employee workforce by approximately 200 positions throughout its independent business regional teams, but rehire 120 people in new roles for a net loss of only 80 jobs.
Supervalu is one of the nation’s largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $17 billion and a store network consisting of 3,358 units. That network is composed of 1,834 independent stores serviced primarily by the company’s food distribution business, 1,334 Save-A-Lot stores, of which 954 are operated by licensee owners and 190 traditional retail grocery stores.