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By Sandra M. Jones | Even as retail sales are improving over last year, the surge of consumer spending needed for a strong recovery is nowhere in sight, according to a new report.
More than 60 percent of consumers say they shop only when they need something, according to a consumer behavior survey conducted this month by America’s Research Group and UBS Global Equity Research.
From Crain’s Chicago Business | A joint venture with ousted developer Joseph Freed & Associates leaves a planned Lettuce Entertain You food court facing eviction from Block 37.
Get the full story: chicagobusiness.com.
Dow Jones Newswires-Wall Street Journal | A bankruptcy judge on
Friday approved as mall owner General Growth Properties Inc.’s
preferred option for exiting bankruptcy a $6.5 billion recapitalization
offer from Brookfield Asset Management Inc., causing rival suitor Simon
Property Group Inc. to declare it will no longer participate in the
bidding.
U.S. Bankruptcy Judge Allan Gropper approved the Brookfield offer as
the “stalking horse” bid in General Growth’s ongoing effort to conclude
its bankruptcy, establishing the Brookfield offer as the one others
must top to be declared the final winner later this year.
Chicago-based mall giant General Growth owns properties like Faneuil Hall Marketplace in Boston, right. On Thursday, General Growth’s rival Simon Property Group raised its bid to acquire General Growth. (AP Photo/Michael Dwyer, file)
Dow Jones Newswires-Wall Street Journal | Mall giant Simon
Property Group Inc. late Thursday raised its bid to acquire General Growth Properties Inc. in a “last and final” effort to sway its rival from going forward with a competing offer to finance its exit from bankruptcy.
In a proposal now valued at $33.5 billion, Simon offered $6.5 billion, or $20 per share, for General Growth’s equity. Simon also would pay $7 billion to eliminate General Growth’s unsecured debt and would assume roughly $20 billion of mortgages on General Growth’s malls. The revised bid improves on Simon’s buyout offer on Sunday of $5.8 billion, or
$18.25 per share.
Dow Jones Newswires | Walgreen Co. said its same-store sales
declined 0.2 percent in April, breaking a two-month streak of
increases. Overall, sales increased 5.9 percent to $5.68 billion,
helped 2.2
percentage points by its recent Duane Reade acquisition. Duane Reade
stores aren’t included in same-store results.
“Five years from now I believe this company, to some people, will be unrecognizable to what it was 30 years ago,” said Lampert, addressing a crowd at the retailer’s Hoffman Estates headquarters.
Dow Jones Newswire-Wall Street Journal | More than two years after
Sears Holdings Corp. named him interim chief executive, W. Bruce
Johnson still occupies that role, the longest current temporary tenure
for the head of a publicly traded U.S. company.
Sears, at its annual meeting Tuesday, is putting Johnson up for a
board seat and has bumped up his base salary to $1 million from
$850,000. But 27 months after the board ousted CEO Aylwin Lewis, the
retailer still hasn’t announced plans to name Johnson as its
permanent chief, raising concerns among some investors.
By Sandra M. Jones | Hewlett-Packard Co. said it hired Sears’ top marketing executive Richard
Gerstein as senior vice president of strategy and worldwide marketing
for the computer company’s personal systems group.
Gerstein resigned
from Sears Holdings Corp., where he was senior vice president of
marketing, earlier this week, the Tribune reported. Gerstein’s last day
at the Hoffman Estates-based retailer is May 7. He starts at Palo Alto,
Calif.-based HP in mid-May.
By Sandra M. Jones | Sears Holdings Corp. is in search of a marketing chief, again.
The company’s senior vice president of marketing Richard Gerstein resigned this week, the Tribune has learned. Gerstein is the second top marketing officer to leave the operator of Sears and Kmart stores since investor Edward Lampert took control of the company five years ago.
Dow Jones Newswires | Moody’s Investors Service lifted its outlook on Sears Holdings Corp. to positive as the retailer delivered strong sales from some sectors and improved margins. The ratings agency said the outlook change reflects the stellar performance from Sears Canada and Kmart franchises, as well as the positive business trend Moody’s sees in the retail markets.
Associated Press | Big-brand consumer products companies are starting to win the battle for
shoppers who traded down to store brands by cutting prices, rolling out
both lower- and higher-priced new products, and pumping up promotions.
Procter & Gamble Co., Colgate-Palmolive Co. and Unilever NV all showed strong sales growth in Thursday’s quarterly earnings report, although P&G’s results were hurt by charges including from the U.S. health care overhaul and Colgate took a hit from the currency devaluation in Venezuela.
Get the full story: Big-brand consumer product companies rebound.
The silos will be removed from Gurnee Mills in phase three of renovations thate begin this year.
Tribune file photo
By Sandra M. Jones |
Gurnee Mills is getting a $5 million facelift.
The sprawling suburban shopping mall is upgrading its design in a
three-year plan aimed at replacing the mall’s agricultural theme,
created when it was built among farm fields 19 years ago, with a more
sophisticated design, said Randy Ebertowski, the mall’s general manager.
A sales tax sharing agreement with the village of Gurnee, which dates
to 1998 and runs through 2012, will fund the makeover.
Tribune staff report | Bolingbrook-based Ulta Salon, Cosmetics & Fragrance Inc. announced that Chuck Rubin will join the company as president and chief operating officer and as a member of the board of directors effective May 10.
Following a transition period of up to four months, Rubin is slated to become chief executive. Lyn Kirby will continue as CEO through the transition period. Rubin was previously president of North American retail at Office Depot. He is also a former partner at Accenture Consulting.
From Associated Press | A federal appeals court ruled Monday that a gender discrimination class-action suit against Wal-Mart could proceed. The narrow decision by 9th Circuit in the San Francisco, 6-5, means the largest retailer will face charges that it discriminated against female employees on wages and promotions.
Read the full story: Wal-Mart gender bias suit clears appeals court
Dow Jones Newswires | Alberto-Culver Co.’s fiscal second-quarter
earnings rose 7.3 percent as the personal-care-products maker’s revenue
was boosted by its TRESsemme brand and currency fluctuations, while
lower commodities costs helped boost margins. However, the profit fell
short of Wall Street estimates.
(David McNew/Getty Images)
