Canadian discounter acquires 10 stores from Hudson’s Bay Co.
Mississauga, Ontario — Canadian discount store chain The Bargain! Shop said Monday that it will acquire 10 retail locations from Hudson’s Bay Co.’s closing Fields banner, effective Aug. 1.
The acquisitions will grow The Bargain! Shop to 237 stores.
"As part of our plan to further grow our organization, this is a great opportunity for us to expand our footprint across Canada," said Lloyd Davis, president of The Bargain! Shop.
The 10 stores, located throughout Canada, will open this fall under The Bargain! Shop banner. A Biggar, Saskatchewan store will be a relocation of the existing The Bargain! Shop store in the town of Biggar. All other locations will be new The Bargain! Shop stores for each of these markets.
The Bargain! Shop originated as the Canadian arm of Woolworth’s discount store chain and became independent in 1999. It has carved out its niche by operating a value and convenience format mainly in rural and smaller communities.
Z Wireless acquires T2 Wireless
Sioux Falls, S.D. — Verizon Wireless services retailer Z Wireless, which operates 12 stores throughout Kansas, on Monday announced the acquisition of T2 Wireless, another Verizon retailer which operates more than a hundred stores in the Great Plains.
Atlantic Street Capital, a private equity firm investing in the lower middle market, acquired Z Wireless in 2011.
“We are building a market leading position in the midwest through organic growth as well as carefully targeted acquisitions,” said Kevin Tupy, CEO of Z Wireless.“T2 is a very well-run organization that meets our strict acquisition requirements and strengthens our footprint in Kansas.”
Front-end sales warm up Walgreens February results
DEERFIELD, Ill. — Higher front-end sales for the month of February helped counter-balance lost revenue from Express Scripts prescriptions, Walgreeens reported Monday. Overall, the drug store chain reported a 1.5% sales increase to $5.9 billion.
Shares of Walgreens were up slightly by 8 cents to $32.77 in early morning trading.
This year’s total February sales benefited from one extra day because of leap year, the company noted.
Total front-end sales increased 6.9% compared with the same month in 2011, while comparable-store front-end sales increased 2%. Customer traffic in comparable stores was down 0.2% while basket size was up 2.2%.
Total sales for the second quarter of fiscal 2012 were $18.6 billion, up 0.7% from the same period a year ago.
Fiscal 2012 year-to-date sales for the first six months were $36.8 billion, up 2.6%. Calendar year-to-date sales were $11.6 billion, a decrease of 0.6%.
Walgreens opened 10 stores during February, including one relocation, and acquired one store.