Tabani Group buys Prescott Gateway in Prescott, Ariz.
Phoenix — The Tabani Group has acquired the 578,666-sq.-ft. Prescott Gateway Mall in Prescott, Ariz., according to CBRE, the broker that represented the undisclosed seller in the transaction.
Dollarama looks strong in third quarter
Canadian dollar-store operator Dollarama reported an increase in sales and an improvement in net earnings for the third quarter ended Nov. 3. The quarter was characterized by continued growth in the store network and solid comparable store sales growth.
Sales for the quarter increased by 14.2% to $522.9 million from $458 million in the year-ago period. The increase was driven, in part, by the growth in the number of stores in the past 12 months, from 761 stores on Oct. 28, 2012 to 847 stores on Nov. 3, 2013.
Comparable store sales increased 2.9% in average transaction size and 1.9% in the number of transactions. In this quarter, 62% of the company’s sales originated from products priced higher than $1 compared to 57% in the corresponding quarter last year. Debit card penetration also increased, as 41% of sales were paid with debit cards compared to 38% in the corresponding period of the previous fiscal year.
"We are very satisfied with our continued growth in comparable store sales in the third quarter. The consistent growth and strength of our operating results are a testimony to the success of our merchandising strategy, the compelling value of our product offering and the dedication of our employees," stated Larry Rossy, chairman and CEO.
Stuart Weitzman appoints new global president
Stuart Weitzman Holdings has named François Kress as the company’s global president.
In this newly created position, Kress will oversee all aspects of the global retail and wholesale business plus take on the role of strategic leader for new initiatives and brand extensions. He will report directly to Wayne Kulkin, CEO, and will be based out of international headquarters in New York City.
Kress has more than 20 years of experience in the luxury retail and wholesale markets, working previously as president and CEO of Prada and Miu Miu USA as well as CEO and managing director of Bulgari America. Most recently, he served as president and COO at the Row.
"We are building the next generation Stuart Weitzman brand and are elated and pleased to announce François Kress in the newly created role as global president," said Wayne Kulkin, CEO. " François brings such a vast tool chest of luxury wholesale and retail experience to our company. We are all excited for the next steps of our brand. François will be a key catalyst in driving new initiatives as well as leading and collaborating with our talented management team already in place around the world. We are all looking forward to seeing the impact and benefits of François’s leadership."
"Through the years, I have been very impressed by the company’s evolution. Stuart Weitzman and his whole team have built a strong and consistent global brand which is engraved in the American fashion landscape. It elegantly combines women’s needs with the glamorous allure of fashion luxury. I’m extremely enthusiastic to join such an iconic brand and to be part of its future expansion," said Kress.
Stuart Weitzman Holdings is a global leader in designer footwear which operates 45 retail stores across the United States, including New York, Beverly Hills, Chicago, Boston and Las Vegas. The company also has 59 international stores and is sold in more than 80 countries.