Retail roundup: Mother's Day, Glendale Galleria to get makeover, Dov Charney reduces stake
-- Good news, moms: Mother's Day spending is expected to return to 2008 levels, according to a National Retail Federation survey. The retail group said the average person celebrating the holiday is expected to spend $140.73 on gifts, up from $126.90 last year. Men will spend an average of $168.84 on the women in their life this Mother’s Day; women will spend an average of $114.01. Adults 25 to 34 years old will spend the most ($191.35), followed by 18-to-24-year-olds ($183.38) and 35-to-44-year-olds ($155.97).
-- The stodgy Glendale Galleria will be getting a major makeover this summer, the mall's corporate parent said this week. General Growth Properties, which recently emerged from bankruptcy, didn't provide many details on the renovation; however, mall executives are working with Rick Caruso, owner of the neighboring Americana at Brand, to make the two properties more in sync. Caruso recently announced that he would be moving the Galleria's Nordstrom store as part of an Americana expansion.
-- American Apparel Chief Executive Dov Charney has reported a reduced stake in the Los Angeles clothing company. The company said Charney now owns a 45.6% stake after a recent sale to a group of Canadian investors; as of March 24, his stake was 56.8%. A week ago, American Apparel, which had warned of a possible bankruptcy filing, said it was getting a financial lifeline of up to $45 million.
-- Andrea Chang