DEALS

Dollar Tree signs five leases in New Jersey

BY Al Urbanski

Dollar continues to expand its already large footprint in the nation’s most densely populated state.

The value chain has executed five leases at locations in New Jersey, the largest a 12,230-sq.-ft. inline space at Plainfield Plaza, a grocery-anchored center in Plainfield, according to R.J. Brunelli, Dollar Tree’s real estate representative in the state.

Other locations:

Toms River: 10,200-sq.-ft. freestanding space on Route 37

Bayonne: 10,000-sq.-ft.-ft. end-cap unit at the new Bergen Point Retail Center

Marlton: 9,300- sq.-ft. inline space at Plaza 70, located at 85 Route 70 in Marlton

Bellmawr: 9,100-sq.-ft. newly constructed building at 42 North Blackhorse Pike

Chain Store Age “10 Under 40 in Real Estate” honoree Danielle Brunelli-Albrecht brokered the deals.


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ECOMMERCE

Target gets in bed with popular mattress-in-a-box brand

BY Marianne Wilson

An online start-up has turned to a traditional retailer to help grown its brand.

Target Corp. has entered into a partnership with Casper, an online brand credited with disrupting the mattress category. Target will start selling the brand’s mattresses and other products, including a few exclusive items, beginning on June 18.

Launched in 2014. Casper quickly developed a cult following for its mattress, which is made of memory and latex foams, and delivered in a box. The mattress, available in a variety of sizes, comes with a 100-day money-back trial. Prices range from $550 (twin) to $1,150 (king).

“At Target, we strive to bring guests amazing new products and exciting partnerships, said Jill Sando, senior VP, merchandising, home, Target. “We love Casper’s brand and innovative products — and we really love the idea of giving our guests a simple way to get a better night’s sleep, with everything they need in one convenient place.”

Target has sold mattresses online for a while, including brands such as Sleep Comfort, Serta and Sealy. But as part of this deal, Casper will become the only mattress brand available online through Target.com, said Amy Koch, a Target spokeswoman.

The Casper mattress will be available (online only) in a variety of sizes. But other Casper products, including pillows and sheets will be available in select Target stores and on the retailer’s website.

In addition, Target will be the exclusive vendor of two new Casper items: a mattress topper, called Casper Layer, and a flexible seat, called Casper Lounger. Both products will be sold in Target stores and on its website.

“Since our launch online three years ago, we’ve seen a huge demand from customers who want to experience the Casper brand in person,” said Philip Krim, CEO and co-founder of Casper. “Partnering with Target allows us to bring Casper products directly to consumers in-store on a national scale

Target has sold mattresses, including such brands as Serta and Sealy, online for some time. But as part of its new partnership, Casper will be the only mattress brand available online at Target.com, the Minneapolis StarTribune reported.

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C-SUITE

Teen retailer on hunt for new finance head

BY Marianne Wilson

The Buckle is losing its finance chief.

The apparel retailer on Thursday said that Karen B. Rhoads, senior VP of finance and CFO, will retire later this summer. She will continue to serve as a member of the board. Rhodes joined the Buckle in 1980, and has served as CFO since 1991.

The retailer has hired an executive search firm to assist with the search for Rhoads’ replacement. Rhoads will remain in her role to support the search and to assist with the transition.

Also on Thursday, the Buckle reported disappointing results for its first quarter amid an ongoing sales slump. Net income for the quarter ended April 29, 2017 was $16.3 million, or $0.34 per share, just missing Street forecasts.

Net sales for quarter decreased 12.8% to $212.3 million. Same-store store net sales fell 12.7%. Online sales decreased 7.2% to $21.8 million.

Headquartered in Kearney, Nebraska, Buckle operated 462 stores in 44 states at the end of first quarter.

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