REAL ESTATE

Nordstrom, Saks give Plaza Internacional the nod

BY CSA STAFF

Las Vegas Taubman Centers, Bloomfield Hills, Mich., announced from the RECon convention that it received signed letters of intent from Nordstrom and Saks Fifth Avenue to anchor the planned Plaza Internacional shopping center in San Juan, Puerto Rico. This will be both fashion retailers’ first entry on the island.

Taubman and New Century Development of San Juan are partnering on the retail portion of the project, which is anticipated to include a hotel, casino and approximately 650,000 sq. ft. of mall shops and restaurants, including the two department stores. 

“We are pleased to announce Nordstrom and Saks Fifth Avenue’s intent to anchor Plaza Internacional.” said Steve Kieras, Taubman senior VP development. “We believe their presence will solidify this project as the Caribbean’s preferred destination for high-end retail.”

“We’ve had the pleasure of serving residents of Puerto Rico at our mainland stores over the years,” said Erik Nordstrom, president of stores for Nordstrom.  “We’re thrilled to open our first Nordstrom store in San Juan and look forward to being a part of this community.”

Steve Sadove, chairman and CEO of Saks, commented: “We look forward to delivering our unique, world-class selection of luxury brands and experiences to the residents of and visitors to the island.”

Plaza Internacional, located just minutes from the airport, will serve a trade area encompassing nearly two thirds of Puerto Rico’s four million people. 

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Barnes & Noble 1Q better than expected

BY CSA STAFF

NEW YORK Barnes & Noble reported that total sales for the first quarter were $1.1 billion, a 4% decrease compared to the prior year. Barnes & Noble store sales decreased 3.5% to $989 million, with comparable-store sales decreasing 5.7% for the quarter, slightly better than guidance for a decrease of 6% to 9%. Barnes & Noble.com sales were $93 million for the quarter, a 7% decrease compared to the prior year.

The first quarter net loss from continuing operations was $2.1 million or 4 cents per share, compared to guidance of a loss per share of 10 cents to 20 cents.

For the second quarter, the company expects comparable-store sales at Barnes & Noble stores to decline 5% to 7%. Second quarter earnings per share is expected to be in a range of 5 cents to 15 cents, compared to 18 cents from continuing operations a year ago (excluding a physical inventory benefit).

Based on the company’s better than expected performance during the first quarter, the company is raising its full-year earnings per share guidance range to $1.10 to $1.40, from $0.95 to $1.25. For the full year, the company now expects comparable-store sales at Barnes & Noble stores to decline 3% to 5%, better than previous guidance for a comparable store sales decline of 4% to 6%.

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Sears Holdings returns to profit

BY CSA STAFF

HOFFMAN ESTATES, Ill. Sears Holdings reported net income for the quarter of $26 million (21 cents per diluted share) as compared to a net loss of $56 million (43 cents loss per diluted share) in the first quarter of 2008.

For the quarter, total revenues decreased $1 billion to $10.1 billion for the 13 weeks ended May 2, as compared to total revenues of $11.1 billion for the 13 weeks ended May 3, 2008. The decrease includes a $208 million decline due to unfavorable foreign currency exchange rates and was primarily due to lower comparable-store sales.

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