REAL ESTATE

Four new upscale retailers come to Galleria in Houston

BY Dan Berthiaume

Houston — Simon Property Group announced today that four new, high-end retailers, Rolex, Tod’s, Trina Turk and Tourbillon, will be added to the retail mix at The Galleria shopping center in Houston. Gucci, Tory Burch, Zara, Sephora and Club Monaco will also execute lease renewals and expansions in 2014. In addition, Chanel has renewed its lease and will be renovating the boutique.

Details of 2014 activity at The Galleria in Houston include:

  • Rolex will open its store in the summer of 2014. It will mark their first location in Texas. The store will be located in Galleria I next to Tory Burch and will be 1,800 sq. ft.
  • Tourbillon will open their first store in Houston at The Galleria in early summer. The concept will open next to bareMinerals and will boast 2,815 sq. ft. in Galleria II.
  • Tod’s will celebrate its Houston debut with the opening of a 2,000 sq. ft. store in early summer of 2015. The store will be located in Galleria I.
  • Trina Turk is slated to open their doors in the fall of 2014. The store will be located in Galleria I next to Sephora and will feature 1,400 sq. ft.
  • Chanel has renewed its lease and will be renovating the boutique June 2014 and will remain open during such renovation.
  • Gucci also recently renewed its lease at The Galleria signifying their ongoing enthusiasm about their presence at Houston’s premiere luxury shopping destination.
  • Tory Burch is planning an expansion in 2014, slated for late spring/early summer. The brand plans to expand their footprint by more than 2,300 sq. ft.
  • Zara is planning a significant renovation to commence April 2014 and conclude in the fall. The current space will expand by one-story creating a two-story space encompassing more than 18,000 sq. ft.
  • Sephora will expand its current location by 3,600 sq. ft., slated for completion in fall 2014.
  • Club Monaco will relocate to Galleria II next to Zales increasing their size to more than 4,500 sq. ft.
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News

Choppy environment cause for concern at Genesco

BY CSA STAFF

Genesco, the company behind Lids and Journeys, is the latest company to express concern about the holiday season and lower fourth-quarter expectations after producing a solid third-quarter performance.

The operator of roughly 2,500 footwear, apparel, accessories and headwear stores said its third-quarter sales were essentially flat with the prior year at roughly $666 million while same-store sales fell 1%. A 5% comp increase at the 1,002 unit Lids division was offset by a 2% comp decline at Journeys. The company also saw a 10% decrease at its Schuh Group while the Johnston & Murphy footwear group increased 7%. Profits from continuing operations adjusted to exclude a litany of non-recurring items were $33.8 million, or $1.43 a share, compared to $34.5 million, or $1.44 the prior year.

"As we expected, easier comparisons in our U.S.-based retail businesses as the third quarter progressed allowed for a modest improvement in consolidated comparable sales relative to recent quarters and overall results in line with our expectations,” said Robert Dennis, Genesco chairman, president and CEO. "Comparable sales for the fourth quarter to date through Tuesday, December 3, were flat. Because the retail environment remains somewhat choppy and the calendar shifts make meaningful comparisons difficult, we are adopting a slightly more cautious outlook for the balance of the year.”

The company said its expects full-year adjusted profits from continuing operations to range from $5.10 to $5.20, 10 cents lower than its earlier forecast range.

"We continue to focus on successfully navigating the current headwinds while staying the course on our long-term strategic direction,” Dennis said. “We recently updated our five year plan and now expect annual sales to hit $3.9 billion and operating margins to be approximately 9% to 9.5% by fiscal 2018. We remain confident in our strategic position and our ability to achieve our growth targets and generate increased value for our shareholders."

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FINANCE

Big Lots Q3 loss widens; to shutter Canadian operations

BY Marianne Wilson

Columbus, Ohio – Big Lots reported a net loss of $9.5 million for the third quarter of fiscal 2013, up from a net loss of about $6 million in the year-ago period. The retailer also said it will exit the unprofitable Canadian market, which it entered through an acquisition in 2011.

Net sales grew about 2% in the same period, to $1.15 billion from $1.13 billion, and consolidated same-store sales declined about 2.5%.

Higher operating expenses offset the increase in net sales, resulting in the net loss, which came in higher than anticipated by Wall Street. For the full year fiscal 2013, Big Lots is forecasting a consolidated same-store sales decline of 2% to 3% and a total U.S. sales decrease in the range of 1% to 2%.

The retailer said it will close its stores in Canada, where it operates 73 locations. The stores are part of the Liquidation World Liquidation World chain that Big Lots acquired in 2011. Big Lots intends to begin an orderly wind-down process immediately and expect that principal operations will cease during the first quarter of fiscal 2014.

“We acquired a struggling Canadian business in July 2011 with the intention of revitalizing it and using it as the base for bringing extreme value merchandising and the Big Lots brand to customers in Canada,” the company said its earnings release. “Over the last two years, we have invested in this business and our team in Canada has worked diligently to turn it around. However, we have not been able to gain the necessary traction in the Canadian marketplace that had originally been anticipated and believe that the significant further capital investments and execution risk associated with continuing to pursue a turnaround would not be in the best interests of our company and shareholders.”

Big Lots also plans to close down its wholesale operations in the fourth quarter of this fiscal year, at which time it will be treated as discontinued operations.

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