REAL ESTATE

Spencer Gifts to make Manhattan debut

BY Marianne Wilson

New York City — Spencer Gifts, a mainstay of malls across North America, has leased its first-ever location in Manhattan. The 60-year-old chain operates more than 600 stores in the United States, Canada and Puerto Rico.

As one of Spencer’s few free-standing locations, the store, located downtown near New York University, encompasses over 1,840 sq. ft. on the ground floor. It is due to open in advance of the holiday season.

“This location was a big draw for Spencer Gifts, who had always wanted an opportunity like this to break into the Manhattan market,” said Winick Realty Group LLC associate director Michael Gleicher. “With the dense collegiate and residential population, as well as the many shoppers who flock to NoHo, this space is at the epicenter of their target market.”

Gleicher represented both Spencer Gifts and the landlord, Mercer Square LLC, in this long-term lease transaction.

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STORE SPACES

Gap pledges 20% reduction in greenhouse gas emissions by 2015

BY Marianne Wilson

San Francisco — Gap Monday today released its fifth Social and Environmental Responsibility report, a comprehensive update on its supply chain operations, environmental programs and community investment efforts from 2009 to 2010.

In the report, the company committed to reducing the absolute greenhouse gas emissions from its operations in the United States by 20% by 2015, when compared with 2008 levels. This follows an earlier 20% decrease in greenhouse gas emissions from 2003 to 2008.

Reducing the environmental impact of the company’s operations remains a top priority in the years ahead. Gap reported that 100% of its branded denim is made in compliance with the company’s Water Quality System, ensuring the wastewater from the laundries is properly treated before being discharged.

Another program highlighted in the report — Gap’s P.A.C.E. program (Personal Advancement and Career Enhancement) — has helped more than 5,000 female factory workers gain life and work skills education, that benefit them both at home and at work. This award-winning, proprietary program is now in place in Cambodia, China, India, Indonesia, Sri Lanka and Vietnam, and will be expanded to Bangladesh later this ye

The full online report can be viewed here.

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OPERATIONS

Macy’s executive moving to CVS

BY Staff Writer

New York City — CVS Caremark announced that Mark Cosby has been appointed president of CVS/pharmacy, effective Oct. 1. He formerly served as president of stores for Macy’s.

“We’re delighted that Mark is joining our team,” Larry Merlo, CEO of CVS Caremark (NYSE: CVS) said in a news release. “His valuable experience at major retailers in operations and strategic planning makes him an excellent choice to lead our retail business going forward.”

Cosby succeeds Merlo, who led CVS’ retail business prior to taking over as CEO in March 2011.

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