Introduction: Mid-Atlantic Muscle
In a shaky marketplace, stability stands out. When
An analysis by Sperry Van Ness earlier this year reported that the “brightest retail markets are metro areas located in the mid-Atlantic and southwest parts of the nation.” It credited the mid-Atlantic’s retail resiliency to support from population and migration patterns demonstrating that “Northeasterners who flocked to Florida in recent years have since relocated or bought an additional home further back up the East Coast.”
While the developers we interviewed for this supplement are quick to say that a tough economy has had its effects, they concur that the mid-Atlantic states have fared far better than other regions of the country—and they emphasize that if a project is relevant, and the location is right, the mid-Atlantic is proof that growth can still happen.
Dillard’s 3Q loss widens
LITTLE ROCK, Ark. Dillard’s reported a third quarter net loss of $56 million, or 76 cents per share, compared to a net loss of $11.3 million, or 15 cents per share, for the same period last year.
Dillard’s ceo, William Dillard, II, stated, “The oppressive economic environment clearly weighed heavily on our results during the third quarter. We continue to take aggressive action to navigate these challenging times. We announced the closure of 21 under-performing stores during 2008, dramatically reduced capital spending for 2008 and 2009 and are executing appropriate operating expense reduction measures throughout the Company. These efforts are not only designed to position ourselves to weather near-term economic uncertainty but also to position Dillard’s well for the long term.”
Net sales for the quarter were $1.508 billion compared to net sales of $1.633 billion last year. Sales in comparable stores declined 9%.
Fred’s sees 3Q income growth
MEMPHIS, Tenn. Fred’s reported net income of $6.1 million, or 15 cents per diluted share for the third quarter 2008, an increase of 32% from net income of $4.6 million or 12 cents per diluted share in the year-earlier quarter.
Fred’s total sales for the third quarter of fiscal 2008 were $418.0 million compared with $419.9 million for the same period last year, with the year-over-year decline of 0.4% reflecting the company’s store-closing program. Excluding stores closed in 2008, total sales from ongoing stores increased 4% over the third quarter of last year. On a comparable-store basis, third quarter sales increased 1.4% versus 1.1% in the year-earlier period.