OPERATIONS

Wet Seal names PacSun exec as merchandising head

BY Dan Berthiaume

Foothill Ranch, Calif. – Christine Lee has been appointed executive VP and chief merchandising officer, starting on Sept. 3. Lee served as senior VP/general merchandise manager, women’s apparel, accessories and design at Pacific Sunwear of California Inc since 2010.

Prior to Pacific Sunwear, Lee spent 18 years with Urban Outfitters Inc. Brieane Breuer, who joined PacSun in 2007 and is the company’s current VP of women’s design, will replace Lee on an interim basis.

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FINANCE

Weis Markets Q2 net income plummets

BY Dan Berthiaume

Sunbury, Pa. – Net income at Weis Markets Inc. plummeted close to 47% during the second quarter of fiscal 2014, compared to the prior year period. Weis reported net income of $12.8 million, compared to $21.18 million a year earlier.

Weis cited company reinvestment and price discounting as driving the net income decline. Second quarter sales increased 4.5% to $691.9 million, from $662.1 million and same-store sales increased 2.9%.

"This is a year of planned recalibration for our company and one where we are reinvesting in increased sales and market share to better ensure our long-term growth," said Jonathan Weis, president and CEO of Weis Markets. "We have achieved these sales results despite self-imposed grocery department deflation due to our pricing initiatives. Our investments in these price reductions and other sales building programs have resulted in higher sales per customer and an increased customer count."

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REAL ESTATE

Phillips Edison expands Texas shopping center portfolio

BY Dan Berthiaume

Cincinnati – Phillips Edison-ARC Grocery Center REIT II Inc. has acquired two grocery-anchored shopping centers, Northpark Village and Spring Cypress Village. These acquisitions add properties in Texas to the company’s portfolio.

Northpark Village is a 70,479-sq.-ft. grocery store-anchored shopping center located in Lubbock, Texas, anchored by a United Supermarkets grocery store. Other national and regional tenants at the center include GNC, Starbucks, Super Tan and Sun Loan Company.

Spring Cypress Village is a 97,550-sq.-ft. grocery store-anchored shopping center located in Houston, Texas. Spring Cypress Village is anchored by Sprouts. National and regional tenants at the center also include Burger King, State Farm Insurance and Spec’s.

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