Limited Brands to up capex by 39%
Columbus, Ohio — Limited Brands told investors Wednesday that it would up its capital spending to $590 million next year, a 39% increase over the $425 million it will spend this year and double what the retailer spent in 2009 and 2010.
Limited CFO Stuart Burgdoerfer, in his address at the company’s annual investor update meeting in New York City, said that most of the increase will be used to expand or remodel Victoria’s Secret stores in the United States.
Limited plans to open its first full-assortment Victoria’s Secret stores outside of North America next year, with a company-owned store opening in London in June 2012 and franchised stores opening in the Middle East in fall 2012.
Including the La Senza and Bath & Body Works banners, Limited will increase its international store count to more than 880 by the end of next year, compared with 580 at the start of 2011.
7-Eleven to open 200 stores in Ontario over four years
Toronto — A Tuesday report by the Financial Times said that c-store operator 7-Eleven will open as many as 200 new corporate stores in Ontario, between 2012 and 2016, with a major focus on the Greater Toronto area.
The announcement is slated to take place at this week’s International Council of Shopper Centers’ conference in Toronto.
The planned expansion is worth hundreds of millions of dollars, and would boost the operator’s Canadian store count by nearly 50%. 7-Eleven currently operates 467 locations in Canada.
“What is driving our growth plan is we believe we are incredibly under-stored in a vibrant area of Canada,” Ken Barnes, regional development director for 7-Eleven, told the Times. “There are a lot of people here and not nearly enough 7-Elevens.”
Barnes said the company plans to have at least a dozen deals done by year-end.
Filene’s to close four Massachusetts stores
Boston — Filene’s Basement will close four Massachusetts stores around Christmas time this year, according to a Tuesday report by the Boston Globe.
The struggling discounter will close stores in Braintree, Peabody, Saugus and Watertown, Mass., leaving three stores in the state – in Back Bay, Newton and Norwood – and 22 stores in all.
Syms Corp. bought Filene’s Basement out of bankruptcy in June 2009.