REAL ESTATE

Mall at Partridge Creek names marketing director

BY Michael Fickes

Clinton Township, Mich. — The Mall at Partridge Creek, in the Detroit, metropolitan region, has named Melissa Morang marketing and sponsorship director. Morang will develop public programs, events and community relations for the center.

Morang returns to metro Detroit after spending the past year in the Grand Rapids area working in Meijer’s corporate office on marketing strategies for the retailers soft lines division.

The Mall at Partridge Creek is Morang’s second tour with Taubman, which owns and operates the center. She served as marketing and sponsorship director for Taubman’s Great Lakes Crossing Outlets for seven years through 2012.

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Ace enjoys record year

BY CSA STAFF

Ace Hardware’s unique value proposition allowed it to withstand strong competition from Home Depot and Lowe’s in 2013 and grow annual sales by a 8.2% to a record $4.2 billion.

“We outperformed our operating plan, exceeding $4 billion in consolidated revenues and $100 million in net income for the first time in our history,” said president and CEO John Venhuizen.

Net income was $104.5 million for fiscal 2013, an increase of $22.7 million, or 27.8%, compared with $81.8 million in fiscal 2012.

The results for fiscal 2013 included a charge of $6.2 million related to the estimated costs to close the Toledo, Ohio, Retail Support Center (RSC), while fiscal 2012 included a charge for the loss on the early extinguishment of debt of $19.9 million.

The results for fiscal 2012 also included a $7.0 million gain on the sale of paint assets, net of acquisition and disposition costs.

Total revenues for the fourth quarter of 2013 were $1.0 billion, an increase of 12.1%. Net income was $23.4 million for the fourth quarter of 2013, an increase of 4.5% from the $22.4 million earned in 2012.

“Ace retailers also had a very good year,” continued Venhuizen. “Comparable-store retail sales were up 3.5% in the fourth quarter and up 4.3% for the year, with 75% of retailers surveyed reporting record net profits.”

The December 2012 acquisition by Ace of WHI Holdings Corp., the indirect owner of the 85 store Westlake Ace Hardware retail chain, resulted in the consolidation of WHI’s financial statements into Ace’s financial statements for 2013. This affects the comparability of the 2013 and 2012 financial statements and results in a reduction of reported wholesale revenues, as wholesale revenues from Ace to WHI are now eliminated. This elimination totaled $83.7 million in wholesale revenues for all of 2013 and $21.6 million for the fourth quarter of 2013.

Ace added 152 new domestic stores and canceled 85 domestic stores in fiscal 2013 for a net increase in store count of 67. This brought the company’s total domestic store count to 4,171 at the end of 2013.

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REAL ESTATE

Wasabi opens on 7th Avenue in NYC’s Garment District

BY Michael Fickes

New York — Wasabi, a London-based sushi and bento chain, has opened a two-floor 3,400-sq.-ft. store at 561 Seventh Avenue in New York City. Ripco Realty represented the landlord, Handler Real Estate Organization in the transaction. CWM represented the tenant.

The flagship space is Wasabi’s first branch in the United States. With 36 locations in the United Kingdom, the chain plans to expand throughout Manhattan over the next 18 months.

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