Layaway
When I was a kid, I remember signs in department stores and in the windows of local purveyors that offered "layaway" plans, providing families with the opportunity to plan and save to buy that Lionel train set, that shiny blue Schwinn bicycle, or that nifty Flexible Flyer sled. There were no charges, no service fees, nada. Well, welcome to the next generation of layaway. Major chains, including Kmart, Sears, Walmart and Toys "R" Us, are among the retailers offering layaway services during the upcoming holiday shopping season and marketing the effort heavily to consumers. At Walmart, each item must cost $15 or more, customers must have a total layaway purchase of at least $50, and they must make a 10% down payment on the total purchase price. Shoppers also must pay a non-refundable $5 service fee, and there is a $10 cancellation fee on orders that are not picked up or cancelled by Dec. 16. So, you pay Walmart with an advance plus a service fee, and you pay again if you don't purchase the merchandise. They sure are taking the edge off nostalgia. Nevertheless, what this reflects is the continuing behavioral change in the American consumer, who is becoming more fiscally conservative. The ripple effect of this trend will be significant.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
HEALTHCARE TRUST OF AMERICA
Property Accounting Supervisor
(SCOTTSDALE, AZ) The property accounting supervisor is responsible for all areas relating to the operations of a division of the property accounting department. The supervisor, together with the Property Accounting Manager, supervises staff accountants and is responsible for managing the team to ensure that work is properly allocated and completed in a timely and accurate manner.
EQUITY OFFICE PROPERTIES
Manger, Operations Projects
(BOSTON) The manager will provide analytical and technical support for regional operations, contractual and procurement related activities to improve financial performance of property operations. They will also perform ad hoc project analysis as required.
PIEDMONT OFFICE REALTY TRUST
Director, Financial Planning & Analysis
(JOHNS CREEK, CA) The director will perform and manage all activities relevant to the responsibilities of the planning and analysis role, including completing corporate forecasts and budgets, identifying trends and variance drivers (performance measurement), preparing corporate presentations, responding to queries from the investor community, and other portfolio management activities.
BRISTOL GROUP, INC.
Real Estate Investment Associate
(SAN FRACISCO) The associate will perform discounted cash flow analysis, support acquisitions and asset management efforts, coordinate economic and market research reporting, and assist with project management tasks. The ideal candidate has experience in the real estate investment field and has strong quantitative, analytical and communications skills.
THE GEORGE WASHINGTON UNIVERSITY
Executive Director, Planning, Development and Construction
(SAN FRACISCO) To manage the university's growth, GW has created this new position to ensure greater coordination, collaboration, and synergy throughout the entire planning, development and construction process, as well as after project completion, with the facilities services unit that manages, maintains and operates buildings.
RICHMOND REDEVELOPMENT & HOUSING AUTHORITY
Chief Executive Officer
(RICHMOND, VA) The chief executive officer will be responsible for the overall administration and management of the authority and is responsible for establishing and maintaining close working relationships with representatives of both the public and private sectors for the achievement of affordable housing goals.
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COLLIERS INTERNATIONAL GROUP
Manager, Service Centre
(VANCOUVER, BC) The successful candidate will be responsible for ongoing operation and enhancement of the Service Centre for the real estate management services (REMS) Canada division. The successful incumbent will be responsible to build and maintain strong partnerships within facility services, REMS and third party service providers to continually enhance the client, tenant and employee experience.
CIM GROUP
Analyst, Development
The development analyst will assist the development vice president with the day-to-day management duties of New York development activities from pre-development through construction, closeout and pre-operation phases.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
MARCUS & MILLCHAP
(MILWAUKEE) Marcus & Millichap promoted Jason S. Ladner to the position of vice president investments. Ladner began his career with Marcus & Millichap in July 2005, specializing in the sale of retail properties. Most recently, Ladner held the position of associate vice president investments.
HANCOCK FABRICS
(BALDWYN, MS) Hancock Fabrics, Inc. announced that its board of Directors has appointed Steven R. Morgan, the former interim president and chief executive officer of the company and member of the company's board of directors, to serve as president and chief executive officer. Morgan has over thirty years of retail experience and was president of GameStop Corporation from 2005 to 2008
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
STUDLEY
(NEW YORK CITY) Patrick Breslin joined international commercial real estate services firm Studley as executive vice president, East Coast Retail Services. He comes to Studley from Grubb & Ellis where he served as President, US Retail Division.
CBRE CAPITAL MARKETS
(SAN FRANCISCO) CBRE Group, Inc. announced that Jim Korinek has joined CBRE Capital Markets as executive vice president. He spent the last three years at Realty Recapitalization Advisors as a managing member. In that role he focused on recapitalizing assets in challenging capital markets.
CHASE
(NEW YORK CITY) Chase named veteran banker Ed Sigler to head its national community development real estate lending business, which is part of a team that extends $4.3 billion in financing to 75 community development organizations and more than 900 affordable housing and economic development projects across the US. He has more than 35 years of banking experience and previously led two lending teams covering the Midwest, Southeast and Southwest.
MAYFIELDGENTRY REALTY ADVISORS
(DETROIT) Realty Advisors, LLC (MayfieldGentry) appointed Ashley Atwater and Chauncey Mayfield II as investment advisors. Both will be based in the company's eastern regional office in Washington DC. Prior to joining MayfieldGentry, Atwater worked as a property manager with a Cushman & Wakefield affiliate. Mayfield worked as a Summer Associate at the law firms of Honigman Miller Schwartz and Cohn LLP and Jaffe Raitt Heuer and Weiss, P.C.
JDF REALTY
(NEW YORK CITY) JDF Realty, Inc, announced that Gregory Gang has been named vice chairman. Gang will play an integral role in the expansion of the business, particularly in the area of landlord and tenant representation and new business development and will help guide the strategic direction of the firm. Prior to joining JDF Realty Inc, he was founder and principal of Endurance Real Estate Advisors, LLC. a real estate advisory firm assisting owners in evaluating their assets.
CAPITALSOURCE
(CHEVY CHASE, MD) Commercial lender CapitalSource announced that Mark Silverstein has joined the firm as a managing director, focusing on commercial real estate secondary market transactions. Prior to joining CapitalSource, Silverstein was with Credit Suisse for approximately 14 years, where he served most recently as a managing director in the CMBS group.
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