Best Buy announces locations of store closings
Minneapolis — Best Buy on Saturday announced the locations of the 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota. The chain has already closed two locations: one in Missouri and one in Arizona.
Most of the remaining 48 stores will close by May 12, with three stores scheduled to close this summer.
On Tuesday, Best Buy said CEO Brian Dunn had resigned after the board of directors began investigating his "personal conduct." The company lost $1.7 billion in the most recent quarter, partly because of restructuring costs.
For the complete list of Best Buy store closures, click here.
Lord & Taylor opens in Westchester, N.Y.
New York — Lord & Taylor has opened an 80,000-sq.-ft. store in Ridge Hill center, Westchester, N.Y.
The store, which cost a reported $30 million to build, has a very contemporary look and spacious feel, with large Italian white tiles throughout.
Report: Retailers’ growth plans running 5% ahead of last year
New York — Retailers’ growth plans are running about 5% ahead of year-ago projections, according to ChainLinks Retail Advisors’ Spring 2012 Retailer and Restaurant Expansion Guide.
“Demand is being driven by discounters, grocery store chains, off-price apparel retailers, fast-food and fast-casual dining concepts,” said Garrick Brown, national retail research director, ChainLinks, one of the leading retail real estate advisory services organization in North America. “Growth from those players will help to lower vacancy for most shopping center types.”
According to the report, some of the most active retailers currently include:
- Subway: Hoping to open as many as 2,500 stores worldwide this year.
- Dollar General: Planning 650 new stores in 2012.
- Family Dollar: Planning 500 new stores this year.
- 7 Eleven: Planning on at least 300 new stores over the next 12 months.
- Dollar Tree: Planning 300 units in 2012.
The comprehensive report details the current expansion plans for over 2,500 U.S. retail and restaurant chains can be downloaded here.