– FLORIDA POWER FAILURE: South Florida retailers reported sporadic outages but minimal loss of business when a power failure spread across the region Tuesday afternoon. About 800,000 customers, from Miami north to Daytona Beach on the East Coast and Tampa on the West Coast, lost electricity around 1:30 p.m. after a short-circuit in a substation, said Stan Johnson, manager, North American Electric Reliability Corp., a Princeton, N.J.-based monitor of utility companies. Service was expected to be fully restored by 9 p.m. Tuesday. Eleven of Macy’s 60 Florida stores reported outages. The Village of Merrick Park, an upscale mall in Coral Gables, was without power for 90 minutes, but most stores remained open, management said. Coco-Walk, an open-air lifestyle center in Coconut Grove, also lost power for 90 minutes, but stayed open with backup generators. Bal Harbour and Aventura malls in North Miami Beach reported only flickering lights.
This story first appeared in the February 27, 2008 issue of WWD. Subscribe Today.
-RICHEMONT STAKE: Compagnie Financière Richemont, parent of brands including Cartier, Van Cleef & Arpels and Chloé, said Tuesday it had been informed by the South African company known as Public Investment Corp. Ltd. (PIC) that the latter holds a 3.13 percent stake in Richemont. PIC was obliged to make the statement under a new Swiss securities law that demands all shareholdings above 3 percent be publicly disclosed. Until February of this year, the limit for disclosure was 5 percent. PIC is a state-sponsored investment management company that oversees funds for public sector employees. Richemont is publicly traded on the Swiss stock exchange.