Report: Belk investing in store remodels

New York City -- Belk plans to remodel almost 30 stores this year as the department store company focuses on upgrading its existing space, the reported.

Last year, Belk spent about $70 million on store remodels and renovations. In 2012, the chain plans to increase that slightly, to $75 million, and then spend up to $130 million a year in 2013 and 2014, according to the report.

"Stores, after time, tend to get tired," said Ralph Pitts, Belk's executive VP, said in the report. "It's important for us to have a store the customer feels good about, that represents our brand."

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