Best Buy to open 150 mobile stores in fiscal 2012
Minneapolis — Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency. The retailer plans to open about 150 Best Buy Mobile stand-alone-stores in the United States, for a total of some 325 locations by year-end.
Best Buy plans to open about six to eight Best Buy-branded large-format stores in the United States, along with 18 Best Buy stores in Canada, the United Kingdom and Mexico during the year.
In China, Best Buy will focus on its Five Star branded stores and open 40 to 50 locations in growing markets. These openings would take the total Five Star stores to about 210 by year-end. Best Buy also announced it would exit Turkey, where it has two stores.
"Five Star has been a profitable business model in the large and fast-growing consumer electronics market in China. The company believes that Five Star provides Best Buy with an excellent strategic growth option in the important China marketplace," the company said.
Best Buy expects to incur restructuring charges during fiscal 2011 and 2012 of $225 million to $245 million. The bulk of the charges will be reported in the fourth quarter of fiscal 2011, with the balance of the charges reported in 2012, the company said. Best Buy expects the changes to save it $60 million to $70 million per year once they’re completed in fiscal 2013.
Wegmans commits to maintaining prices amid rising food costs
ROCHESTER, N.Y. — Escalating food costs may have a firm grip on consumers’ wallets, but one retailer is promising "to keep prices low and [its] quality and service high."
Wegmans this week said that it will not change the prices on 40 of the products most important to families through the end of 2011. According to the company’s website, many of the items listed include store-brand products and produce. Wegmans also noted that counting different varieties and sizes, about 200 items are covered by the company’s price pledge.
"We hope this — plus more low prices and great Wegmans brand items throughout the store — will help you and your family make great meals easy, healthy and affordable," the company said.
Trademark retained to lease retail for Biltmore Park Town Square
Fort Worth, Texas — Trademark Property Co. said Tuesday that it has been hired to oversee all retail leasing for Biltmore Park Town Square, a 42-acre, one million-plus-sq.-ft. mixed-use property in Asheville, N.C., developed by Biltmore Farms, LLC and Crosland, LLC.
The town center is anchored by an REI flagship store, Regal Cinemas, Barnes & Noble and features 276 urban residences and 270,000 sq. ft. of Class-A office space. It also offers a mix of local and regional retailers and restaurants in addition to a 165-room full-service Hilton Hotel.
Trademark’s town center and mall portfolio includes La Palmera in Corpus Christi, Texas, Market Street — The Woodlands, just outside of Houston, and Watters Creek in Allen, Texas.