Foot Locker unveils updated strategic plan, to open stores in 2013
New York City — In a conference call to investors on Tuesday, Foot Locker announced an updated strategic plan and financial initiatives intended to elevate the retailer’s performance for the 2012 to 2016 period.
According to chairman and CEO Ken Hicks, the company has found success in the first two years of its five-year plan. “However,” he said, “because we have already achieved several of our initial financial goals, and because we have identified significant new opportunities that we believe can drive our business to even higher levels of performance, our team has updated our strategic priorities and actions, as well as our long-term financial objectives."
Hicks said the company would open new stores in 2013 – no firm number has been made available – and would drive performance in its core athletic banners. Other new strategic priorities include:
- Make its stores and internet sites more exciting, relevant places to shop and buy;
- Deliver exceptional growth in high-potential business segments;
- Aggressively pursue brand expansion opportunities; and
- Increase the productivity of all of its assets.
Over the next five years, the company said it expects sales of $7.5 billion, sales per gross sq. ft. of $500, a net income margin of 7% and inventory turnover of 3+ times.
REI to open stores in San Antonio and Jacksonville
Seattle — REI (Recreational Equipment, Inc.) said Tuesday it is opening a new store in San Antonio, Texas, in the fall of 2012, and will make its Florida debut – in Jacksonville – in spring 2013.
The San Antonio location will occupy 27,500 sq. ft. at Huebner Oaks and the nearly 23,400 sq. ft. store in Jacksonville will be located at The Markets at Town Center.
"Texas and Florida offer an abundance of ways to enjoy the outdoors, and REI is eager to bring our quality products, helpful advice and hands-on classes to our current members and aspiring adventurers," said Rachel Ligtenberg, REI’s regional VP East Region.
The company currently operates 122 retail stores in 29 states with two online stores – rei.com and REI-Outlet.com. The new store in San Antonio joins seven other REI stores in Texas, the first of which opened in Austin in 1989 and was later relocated in 1995. Other locations opening this fall include Cincinnati, Woodbridge, Va., and Medford, Ore. A new store in Indianapolis will open on March 16.
No comments found
Mid-America Real Estate closes sale of Stone Creek Towne Center
Cincinnati — Mid-America Real Estate Corp.’s Investments Sales Group announced the recent sale of Stone Creek Towne Center located in Cincinnati.
The property was purchased by Oakbrook, Ill.-based Inland Real Estate for $36 million from a joint venture between Brandicorp and Trinity Development Co.
Stone Creek Towne Center is a regional shopping center located on Cincinnati’s northwest side. The sale included 143,000 sq. ft. (out of 450,000 sq. ft. of new retail development). Stone Creek Towne Center is anchored by Best Buy, Bed Bath & Beyond and Old Navy, and shadow-anchored by Meijer, J.C. Penney, Toys R Us and La-Z-Boy.
No comments found