REAL ESTATE

Sears Canada executes landlord transactions on two stores

BY Staff Writer

Toronto — Sears Canada Inc. will enter into a series of transactions related to two stores within shopping centers co-owned by Oxford Properties Group and Alberta Investment Management Corporation that give the co-owners the right to require Sears Canada to vacate the properties by March 2014. The transactions, valued at $191 million, affect stores at the Yorkdale Shopping Centre in Toronto and at Square One Shopping Centre in Mississauga.

In addition to the agreement on the two stores, Sears has also agreed to sell an option relating to a third store located at Scarborough Town Centre to the co-owners for financial consideration of $1 million. The co-owners have five years to exercise the option on this property at a fixed total cost of $53 million. All three transactions are expected to be finalized on June 24.

"When transactions such as this become available, we must evaluate the trading value other possible release of these properties is a way to increase the total value of Sears Canada’s holdings,” said Calvin MacDonald, president and CEO of Sears Canada. “In this case, we were presented with an opportunity that gives us a significant financial benefit without changing our plans to improve the business and make Sears more relevant to Canadians.”

Sears said that any employees whose jobs are affected by any store closings will be offered other jobs with Sears Canada in the greater Toronto area.

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R.Orrom says:
Jun-17-2013 07:44 pm

Sears Closing stores
I'm curious , how does closing 2 of your stores in MAJOR shopping malls in the GTA area make Sears more relevant to Canadians. It may improve your business by closing unprofitable stores but I don't understand the "more relevant" part of the statement. I would think it would make Sears less relevant to Canadians especially southern Ontario Canadians

R.Orrom says:
Jun-17-2013 07:44 pm

I'm curious , how does closing 2 of your stores in MAJOR shopping malls in the GTA area make Sears more relevant to Canadians. It may improve your business by closing unprofitable stores but I don't understand the "more relevant" part of the statement. I would think it would make Sears less relevant to Canadians especially southern Ontario Canadians

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OPERATIONS

Eli’s Cheesecake meets traditional goals with new media

BY Dan Berthiaume

Chicago — Eli’s Cheesecake, which sells cheesecakes and other baked goods from a retail store in Chicago as well as an e-commerce site, uses emerging social media tools to meet traditional marketing goals. At the recent Internet Retailer conference in Chicago, Debbie Marchok, VP of marketing for Eli’s Cheesecake, reviewed how the retailer meets the four traditional marketing goals of attention, interest, desire and action with social media.

“We gain attention with fans, followers, visitors and views,” said Marchok. “Interest is driven with clicks, retweets, likes and shares. We generate desire with email, downloads and customer reviews, and create action with buys and endorsements.”

To help meet these goals, Marchok said Eli’s Cheesecake uses social media to tell the brand story.

“We discuss cakes, ingredients and our community efforts,” she stated.

Marchok said the retailer also responds to every single customer engagement made via social media. Seven full-time employees manage social media activities across 12 channels, including email.

“Email is a big part of social media,” she said.

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OPERATIONS

Hansen resigns from Delhaize board

BY Staff Writer

Brussels, Belgium — Jean-Pierre Hansen is resigning from the board of directors of The Delhaize Group effective June 30. Hansen, who initially joined in 2011, said the position required more time than he anticipated and he needed to attend to commitments in the energy sector and other unspecified duties.

“I have very much enjoyed working with great colleagues on the Board and wish the company well in its future growth," said Hansen.

"A prominent figure in the European business world with impressive experience gained outside of our sector, Jean-Pierre Hansen brought a very thoughtful and highly valued contribution to the board and he will be greatly missed" said Mats Jansson, chairman of the board.

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