REAL ESTATE

Books-A-Million to open two Northeastern stores

BY CSA STAFF

Birmingham, Ala. Books-A-Million said Wednesday it will open new stores in Paramus, N.J., and Willow Grove, Pa.

The Paramus location, Books-A-Million’s second in New Jersey, will be part of the Paramus Park Mall, which is managed by General Growth Properties.

The Willow Grove location, Books-A-Million’s third in Pennsylvania, will be part of the Willow Grove Park, a regional suburban shopping center near Philadelphia managed by Philadelphia-based PREIT.

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Analysts say “buy” Dollar General

BY CSA STAFF

Christmas came early to Dollar General on Dec. 23, as analysts at three investment firms issued buy recommendations on the company.

Deutsche Bank analyst Michael Baker initiated coverage of the company with a buy rating and established a $29 price target. According to Baker, Dollar General should achieve above average earnings per share growth due to its favorable positioning in an environment of changing consumer behavior, an underpenetrated footprint, which enables above average sales growth, compelling store economics and free cash flow characteristics, and operating margin expansion potential through efficiency gains.

Citigroup analysts Deborah Weinswig also initiated coverage of the company with a buy rating and set her price target slightly higher at $30 due in large part to a belief that Dollar General has sustainable growth plans in place.

“We are encouraged by the company’s continued strong top line, fundamental, and earnings momentum, and believe Dollar General has a sustainable business model and is also a compelling deleveraging and cash flow story,” according to Weinswig.

Bernstein Research analyst Colin McGranahan initiated coverage with an outperform rating and a $29 price target in a report titled, “the rebirth of a growth retailer,” which reference the fact that Dollar General recently completed an initial public stock offering.

“There is little argument that Dollar General exited two years in private hands as a fundamentally better company,” according to McGranahan. “With new leadership, new technologies, new processes and new discipline, Dollar General has improved virtually every critical function at the company.”

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Payless to provide free shoes for needy kids

BY CSA STAFF

NEW YORK Payless ShoeSource has partnered with JBFCS to provide free shoes to children.

Payless donated 200 $15 gift coupons to JBFCS for distribution to the children they serve at their Hawthorne Cedar Knolls residential treatment center in Westchester County.  Most of these children come from New York City.  Each coupon is redeemable for, or toward, a pair of children’s shoes at any Payless shoe store.

“I appreciate the generosity of Payless ShoeSource.  We hope this partnership continues to grow.  It is an important ‘step’ forward,” said Tony Mann, JBFCS president-elect. 

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