Carrefour, the largest retailer in Europe, said CEO Jose Luis Duran will step down at the first of the year and will be replaced by Lars Olofsson, executive vice president for strategic business units, marketing and sales at Nestle. Shareholders in July removed Duran from the French retailer's board.
Cabot Investment Properties is investing up to $2 million in a makeover of East Town Mall in Green Bay, Wis. The renovation, which includes a new entrance, upgraded bathrooms and a new center court lounge with Wi-Fi, is expected to be complete by summer.
The completion of J.C. Penney's multiyear turnaround effort has been key to the retailer's survival before and during the economic crisis, according to Ken C. Hicks, president and chief merchandising officer. The company's strategy includes expanding private-label, exclusive and national brand offerings, slowing store growth and developing off-mall stores.
Somera Capital Management plans to break ground on its $35 million redevelopment of Kingsport Town Center in Tennessee early next year. The owner plans to re-merchandize the 530,000-square-foot center, develop outparcels and revamp the food court.
A number of retail owners, including Tanger Factory Outlet Centers and Simon Property Group, are aggressively courting shoppers with 24-hour shopping starting at midnight on Black Friday and e-mail marketing. Some 99% of mall owners plan to be open for 24 hours a day at some point during the holidays, found ICSC.