Best Buy to shrink store footprint and lease space to other tenants
New York City — Best Buy plans to reduce its store size by subleasing store space to smaller retailers, according to The Los Angeles Times. The chain’s new stores will be in the 36,000-sq.-ft. range, down from its current 45,000-sq.-ft. model.
"We can reduce our overall square footage while actually increasing our presence," Best Buy CEO Brian Dunn said at the company’s annual shareholders meeting this week. "It’s an opportunity to capture cost savings and get ourselves ‘right size.’"
According to the report, the new stores that move into the Best Buy space will require their own restrooms, electrical systems and air-conditioning in addition to floor-to-ceiling walls separating the businesses.
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Target to transfer some Canadian leases to Walmart
MINNEAPOLIS—Target last week announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.
Specific locations will be identified later this fall. Terms of this transaction were not disclosed.
The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January. In May, Target selected its initial group of 105 sites, the vast majority of which will become Target stores.
Target plans to announce the selection of a second group of sites this fall and expects to open 100 to 150 Target stores throughout Canada beginning in 2013.
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Toys”R”Us brings “Toy Story: Hawaiian Vacation” to life
WAYNE, N.J. — Toys"R"Us announced that it will offer an exclusive collection of toys based on the animated short Toy Story: Hawaiian Vacation, playing in theaters in conjunction with Cars 2.
Examples in the line include:
Sheriff Woody 16-inch action figure dressed in Hawaiian shirt, straw hat and lei. The toy can say 20 phrases when kids pull the string on his back and plays Hawaiin music.
Hawaiian Vacation Talking Buzz Lightyear 12-inch action figure dressed in beaded necklace, faux grass skirt and glow stick. The toy says more than 20 sayings, which are activated when kids press the red, green and blue buttons on his chest for mission mode, voice and sound effects.
Barbie and Ken set complete withHawaiian print shirt and shorts, as well as candy leis.
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