IKEA Store Planned for Portland, Ore.
Plymouth Meeting, Pa., IKEA has plans to build a store in Portland, Ore., with an anticipated opening in spring of 2007. The company already operates a store in Renton, Wash. The 280,000-sq.-ft. future IKEA Portland and its approximately 1,200 parking spaces will be built on nearly 19 acres at the southwestern corner of Interstate 205 and Airport Way. The IKEA store will be located at the eastern end of Cascade Station, a 120-acre mixed use development of office, hotel and retail in a pedestrian-friendly environment adjacent to the Portland International Airport.
Charges Push Office Depot to 3Q Loss
Delray Beach, Fla., Office Depot Inc. reported a loss of $47.9 million in the third quarter, as compared to an $89.3 million profit in the year-ago period. The retailer attributed the downturn to asset-impairment costs, exit costs and options expensing. Without these, the retailer’s earnings were $115 million in the quarter. Revenues increased 5% to $3.49 billion in the quarter.
Whole Foods Creates Foundation for Third-World Entrepreneurs
Austin, Texas, Whole Foods Market announced the establishment of the Whole Planet Foundation, an independent non-profit that will fund collateral-free micro-loans as small as $100 to female entrepreneurs in developing countries where the company sources product.
“As we’ve done business around the world, we have increasingly felt the responsibility to help those communities where we’re trading,” said John Mackey, chairman and CEO, Whole Foods, in a release.
Women were chosen specifically to receive the loans, Whole Foods explained in a release, because they statistically have the greatest impact on Third World countries when given access to money for starting businesses.