REAL ESTATE

Cheesecake Factory to make state debut in Michigan

BY Katherine Boccaccio

Bloomfield Hills, Mich. — Taubman Centers, owner of Twelve Oaks Mall in Novi, Mich., said Friday that The Cheesecake Factory will make a Michigan debut with a new restaurant opening at Twelve Oaks.

The 8,430-sq.-ft. Cheesecake Factory will open in latter 2013, and will feature French limestone floors, decorative columns, hand-painted murals and contemporary lighting.

Twelve Oaks Mall is anchored by Nordstrom, Macy’s, Lord & Taylor, J.C. Penney, Sears and the Lifestyle Café Food Court.

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Feb-25-2013 07:02 am

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Feb-25-2013 07:02 am

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FINANCE

Nordstrom bullish on online and outlet business; to double Rack count over next four years

BY Marianne Wilson

New York — On the heels of a strong performance in 2012 that included a 7.3% same-store sales increase, Nordstrom Inc. is investing heavily in its future. Two big areas of investment: online and expansion of the Nordstrom Rack outlet division, both in the United States and in Canada.

“Rack, direct and Canada will make up approximately half of our sales in the next five years,” Blake Nordstrom, president, Nordstrom Inc., said during the company’s quarterly conference call.

Some 24 new Rack locations are planned for this year, with more than 30 expected in 2014. The company is looking to double its Rack portfolio, from its current 119 locations to more than 230 stores over the next four years.

“Rack’s total sales were up 20% in 2012, with same-store sales up 7.4%,” Nordstrom said. “Its sales productivity, even with the 15 new stores reached its highest level in recent years, over $550 per square foot.”

With regards to Canada, the company said it sees the potential for up to eight to 10 full-line stores and 15 to 20 Rack locations.

Nordstrom will also continue to invest in its direct (online) business and mobile operations. After increasing nearly 30% in 2011, Nordstrom’s direct revenues grew 37% in 2012, generating $1.3 billion in sales.

“It’s our fastest-growing channel and it is expanding our reach to existing and new customers,’ Nordstrom said. “We see substantial opportunities for outside growth to continue as we further improve the online customer experience.”

Over the next five years, Nordstrom plans to double its capital expenditures (relative to the past five years).

“Our current five-year capital plan is $3.7 billion,” CFO Michael Koppel said during the call. “Roughly 20% represents entry into Canada and Manhattan, and approximately 55% is planned for a combination of new full-line stores, Rack stores and remodels. The remaining 25% relates to e-commerce and technology investments, including initiatives to improve our e-commerce delivery and fulfillment, online and mobile experience and personalization.”

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Jul-02-2013 04:58 pm

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STORE SPACES

Rose Paving Co. to raise funds for St. Jude Children’s Research Hospital at SPECS 2013

BY Staff Writer

Bridgeview, Ill. — Rose Paving Company is set to support the efforts of St. Jude Children’s Research Hospital through a multi-event fundraising campaign in 2013. Rose Paving will host a fundraising activity at industry trade shows and events across the country, giving registered attendees the opportunity to help support St. Jude’s mission to find cures for children with cancer and other deadly diseases through research and treatment.

Fundraising will kick off in February at an expo in Chicago, Illinois, followed by fundraising at two conferences in Texas, including Chain Store Age’s SPECS show, which will be held March 17 – 20, at the Hilton Anatole in Dallas, and continuing at events in California and Georgia. SPECS conference attendees are encouraged to visit Rose Paving’s booth number 101 during exhibit hours and autograph a banner in support of St. Jude. For each signature received, Rose Paving will donate $5 to St. Jude.

“We are excited to help raise awareness and funds to support the mission of St. Jude Children’s Research Hospital, which is to find cures and save children,” said C.B. Kuzlik, SVP, Rose Paving. “After a very successful fundraising campaign in 2012, we are grateful for the opportunity to continue our efforts throughout 2013.”

Since opening more than 50 years ago, St. Jude has changed the way the world treats childhood cancer and other life-threatening diseases. St. Jude freely shares its research discoveries with medical communities everywhere, so one child saved at St. Jude means thousands more saved worldwide. And no family ever pays St. Jude for anything. With a daily operating cost of $1.8 million, St. Jude depends mostly on public contributions, like Rose Paving’s fundraising event.

For information and ongoing updates about this campaign, follow Rose Paving Company on Twitter @RosePavingCo or like Rose Paving Company on Facebook. For information about St. Jude, visit stjude.org.

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