REAL ESTATE

Neiman Marcus to open at Roosevelt Field Mall

BY Katherine Boccaccio

Garden City, N.J. — A Thursday report in the Wall Street Journal said that Neiman Marcus has moved on from its earlier plans to open a department store in the Mall at Oyster Bay, located in Syosset, N.Y., and owned by Taubman, and has instead decided to open a new 100,000-sq.-ft. anchor store at Simon Property Group’s Roosevelt Field Mall in Garden City.

The new store, slated for 2015 completion, will be part of a $200-million redevelopment of Roosevelt Field.

According to Wayne Hussey, Neiman’s senior VP development, the move was about timing. “We have been waiting patiently to get a store open at Oyster Bay,” he told WSJ. That store was delayed because Taubman has been unable to reach agreement with community and environmental activists in order to break ground on the mall.

Roosevelt Field is the country’s sixth largest shopping mall, and is anchored by Macy’s and Bloomingdale’s.

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J.Petersen says:
Mar-05-2012 10:15 am

Well, it seems that there are
Well, it seems that there are some big plans for Neiman Marcus. Hopefully the move will be very successful for them and for the entire area. Please keep us updated on any further developments.

 

New department stores opening up are good for all involved with such reviews and hopefully jobs will be created so there will be a big economic boost.

J.Petersen says:
Mar-05-2012 10:15 am

Well, it seems that there are some big plans for Neiman Marcus. Hopefully the move will be very successful for them and for the entire area. Please keep us updated on any further developments.

 

New department stores opening up are good for all involved with such reviews and hopefully jobs will be created so there will be a big economic boost.

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Want a job? Retail’s got them

BY CSA STAFF

CHELMSFORD, Mass. — The Kronos Retail Labor Index released by the company on Thursday showed that retail hiring is on the rise, even as fewer people seek jobs in the retail sector.

The Index jumped to 4.2%, up nearly 7% from last year, indicating a potential recovery in the labor market. The number of applications edged down 1.3% , which is down nearly 6% from its level one year ago, pointing to applicants seeking employment in other growing industries.

“Retail firms in the Kronos sample have faced modestly tightening hiring conditions in recent months, as the pool of applications for each hire made has contracted,” said Chris Varvares, senior managing director and co-founder, Macroeconomic Advisers.

February’s decline continued the downward trend in applications that began in the second half of last year, bringing applications to their lowest level since December 2007, right at the onset of the recession.

The Kronos Retail Labor Index, analyzed by Macroeconomic Advisers, is defined as the ratio of hires to applications within a given month, expressed as a percentage. A level of 3.0% means that for every 100 applications received, three hires occurred.

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Smooth sailing into Pier 1’s first quarter

BY CSA STAFF

FORT WORTH, Texas — Pier 1 Imports is about about its first-quarter prospects after reporting surges in both comps and revenue.

The company said that its total revenue for the fourth quarter, ended Feb. 25, increased a better-than-expected 11.8% to $477 million. Same-store sales rose 10.3%.

The chain said total revenue for the fiscal year ended Feb. 25 climbed 9.8% to $1.53 billion.

"Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year," president and CEO Alex Smith said in a statement.

Pier 1 will report its fourth-quarter and full-year financial results on April 5.

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