David’s Bridal Could Open First NYC Store
Conshohocken, Pa. David’s Bridal is close to signing a 10-year lease for its first shop in Manhattan, according to a report in Crain’s NY Business.
The retailer, which targets the middle market, is expected to take over 11,500 sq. ft. on the ground floor of a new building located at Sixth Avenue, between West 24th and West 25th streets. It will also have access to a small storage basement. Asking rent is about $175 per square foot.
The company, which operates more than 280 stores, already has shops in Queens, Westchester County and New Jersey. However, the chain has been looking for a Manhattan location for some time. The continued development and increased traffic flow along the Sixth Avenue corridor could benefit the retailers, especially as it competes against high-end players including Vera Wang and Kleinfelds.
Matthew Gorman and Josh Gettler of New Street Realty Advisors are representing the tenant. Ariel Schuster and Barry Fishbach of Robert K. Futterman & Associates are negotiating on behalf of the landlord.
Walgreens to reduce drug store growth
DEERFIELD, Ill. Walgreens reported that it plans to reduce its organic drug store growth from about a 9% increase for the current fiscal 2008 year to about 6% in fiscal 2010 and to about 5% annual increases beginning in fiscal 2011.
Previously, the company had planned a long-term store growth rate of 8 %. New store openings that are already in the pipeline are expected to result in approximately 8% organic store growth in fiscal 2009.
According to Walgreens, its planned future expansion rates are the equivalent of opening about 495 net new organic stores in fiscal 2009, 425 in fiscal 2010 and 365 in fiscal 2011. These new growth targets resulted from the company’s regular review of its growth and capital expenditure plans.
“This move allows us to improve both return on invested capital and overall shareholder value,” said Walgreens chairman and ceo Jeffrey Rein. “At the same time, it gives us the flexibility to invest in our core strategies.”
Tuesday Morning 4Q sales drop 10.4%
DALLAS Tuesday Morning reported net sales for the fourth quarter ended June 30 were $196.5 million compared to $219.4 million for the quarter ended June 30, 2007, a decrease of 10.4%.
Comparable-store sales for the quarter ended June 30 decreased by 12.7% comprised of an 11% decrease in traffic and a 1.8% decrease in average ticket.
Based on the fourth quarter sales results, the company currently expects diluted earnings per share for the fourth quarter to be in the range of (5 cents) to (8 cents) compared to 5 cents for the same period last year.