REAL ESTATE

Divaris renews two retailers in Richmond, Va.

BY Michael Fickes

Richmond, Va. — Divaris Real Estate has renewed two retail leases totaling more than 9,500 sq. ft. in Richmond, Va.

Aaron’s renewed its lease for 8,008 sq. ft. in Brookhill Azalea Shopping Center, which DRE leases and manages for the landlord, BSV Premier Brookhill.

In a separate transaction, Subway renewed its lease for 1,575 sq. ft. at 360 West Shopping Center, which DRE leases and manages for the landlord, a partnership between HSW and RMW1.

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News

Misguided marketing affects Pier 1 Q2 results

BY CSA STAFF

Pier 1 Imports president and CEO Alex W. Smith identified misguided marketing and store assortments as the primary causes for the retailer’s poor earnings and performance for the second quarter ended Aug. 31.

The retailer substantially missed expectations with a 32% decline in net income for the second quarter of fiscal 2014 compared to the same period last year. Net income totaled $17.8 million in the most recent fiscal quarter, down from $26.2 million.

Total sales were $395.6 million, a 7.6% increase from $367.6 million a year earlier. Comparable store sales increased 3.5% during the second quarter.

“During the second quarter, the efforts focused around our short- and long-term goals fell slightly out of balance,” Smith said. “In particular, our marketing initiatives did not include appropriate messaging around clearance and promotional activity in our stores, or customer acquisition generally, which contributed to lower than expected store traffic. We should also have done a better job of flowing new product to the stores and reflecting those items in the floor set.”

Looking ahead, Pier 1 expects full-year revenue growth of a high-single-digit rate and also plans to return to advertising on network TV during the upcoming holiday season.

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OPERATIONS

Macy’s is launch partner for Apple’s new streaming music service, iTunes Radio

BY Marianne Wilson

New York — Macy’s announced that it is an exclusive launch partner for Apple’s new iAd-supported streaming radio service, iTunes Radio. In line with the retailer’s omnichannel strategy, Macy’s said the new service will allow it to reach a broad cross-section of consumers with compelling digital, visual and audio engagement experiences on their iPhone, iPad, iPod Touch, Apple TV, Mac or PC.

“We are really excited about the unique opportunities available with iAd on iTunes Radio, because it allows us to customize an experience across multiple screens with digital, video and audio content,” said Martine Reardon, Macy’s chief marketing officer. “iAd on iTunes radio will help us deliver fashion, value and entertainment to our customers on the devices they use at home and on the go.”

In addition to the campaigns promoted on iTunes Radio, Macy’s will continue to deliver special offers and in-store savings to customers through its app for iPhone and iPod Touch.

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