REAL ESTATE

Bloomingdale’s to open store in Glendale, Calif.

BY Marianne Wilson

New York City — Macy’s said Thursday that it will open a full-line Bloomingdale’s in Glendale Galleria in Glendale, Calif., in fall 2013.

The 120,000-sq.-ft., two-level store will headline an upscale redevelopment of the center being planned by its owner, General Growth Properties. The top two floors of the former Mervyn’s location will be entirely remodeled by Bloomingdale’s, with construction expected to begin in 2012.

“Glendale Galleria will be our eighth store in the market,” said Michael Gould, chairman and CEO of Bloomingdale’s. “Much like Bloomingdale’s stores in Soho and Santa Monica, we expect our assortment and shopping experience in Glendale will be carefully edited for the community and customer.”

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OPERATIONS

Toys ‘R’ Us names leadership team for Asian businesses

BY Staff Writer

Wayne, N.J. – Toys “R” Us has named the leadership team for its retail business operations in Southeast Asia and Greater China, following the recent announcement of its new joint venture agreement with Li & Fung Retailing. With this agreement, the existing Toys “R” Us business operations in the region, which had previously been licensed, are now majority owned and controlled by Toys “R” Us.

Monika Merz, currently president and CEO, Toys “R” Us, Japan has been named president, Toys “R” Us, Asia. In addition to providing ongoing leadership for the Toys “R” Us businesses in Japan and Australia, Merz’s role has been expanded to include oversight and further development of the company’s operations across seven markets throughout Asia.

Pieter Schats has been named managing director, Toys “R” Us, Southeast Asia and Greater China. Prior to this, Schats served as CEO of Toys LiFung (Asia) Limited, which previously operated the Toys “R” Us business in Asia under a licensing agreement. In his new capacity, Mr. Schats is responsible for all operations and business activities for the company’s 90 wholly owned stores in Brunei, China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand. He also provides support for the company’s 14 licensed stores in the Philippines and Macau. Schats reports to Merz.

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News

Kohl’s tops Street, JCPenney misses

BY CSA STAFF

NEW YORK — Kohl’s Corp. reported a 3.9% rise in same-store sales in October, better than analysts’ expectations, amid strong demand for its new Jennifer Lopez and Mark Anthony brands.

In a statement, CEO Kevin Mansell said that customers responded favorably to the pair of new brands, as well as the company’s marketing programs.

“As we enter the important fourth quarter, we plan to continue our investment in marketing, especially digital and broadcast, to drive customer traffic and broaden our reach,” he said.

Macy’s reported that its same-store sales rose 2.2% in October, missing analysts’ estimates of 3.6%. The retailer said sales were hurt by the snowstorm at the end of the month and warm weather in the rest of the month.

“Sales of cold-weather products such as coats, hats and sweaters were soft for most of October as the weather stayed unseasonable warm, but they began to normalize once temperatures turned cooler,” said Terry J. Lundgren, chairman, president and CEO, Macy’s. “Ironically, sales were negatively impacted by the snowstorm in Northeast and Mid-Atlantic states last Saturday, the final sales day of the October period.”

The retailer said sales were also hurt by the company’s decision to move its Shop For A Cause event, where customers donate to local charities in exchange for access to sales, from October to August.

Macy’s noted that same-store sales rose 4% in the third quarter, which covers August through October, and that it expects the metric to rise 4 to 4.5% in the fourth quarter.

At JCPenney, same-store sales fell 2.6% in October. Analysts, on average, had expected the metric to rise 1%. Total sales for the four weeks ended Oct. 29 fell 6.6% to $1.19 billion.

While sales overall were soft, women’s apparel and accessories experienced sales gains, the company said, and the Southeast was the top performing region.

Luxury department stores, which had benefited from brisk spending in recent months, showed weakness in October. At Saks, same-store sales rose 1.8% compared to the 5.4% gain that analysts had expected. Nordstrom had a 5.4% increase, below the 6.4% gain that Wall Street expected.

Dillard’s sales soared 8%. Analysts, on average, had expected same-store sales to rise 3.7%.

The Bon-Ton Stores’ sales fell 10.2%. Net revenue fell 10.4% to $192 million. The chain cut its guidance for the year on Thursday, saying it could report a loss, and also lowered its predictions for yearly cash flow.

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