REAL ESTATE

Office Depot selects Boca Raton for headquarters

BY Staff Writer

Boca Raton, Fla. — Office Depot has selected Boca Raton, Fla., for its global headquarters rather than the Naperville, Ill., corporate home of its merger partner OfficeMax.

In November, Office Depot Inc. and OfficeMax completed their merger and took the name Office Depot. The new company will use Office Depot’s existing corporate campus in Boca Raton.

“Selecting the headquarters location is a critical step toward integrating our two companies,” said Roland Smith, chairman and CEO, Office Depot, Inc. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.”

Office Depot will maintain a presence in Naperville throughout the headquarters transition and accompanying integration activities.

The company has about 1,600 workers in Illinois and 1,700 in Boca Raton.

The location of Office Depot and OfficeMax stores, customer service centers, warehouses and distribution centers are not affected by the selection of the headquarters location.

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REAL ESTATE

Nordstrom Rack to increase New Jersey footprint

BY Marianne Wilson

Seattle — Nordstrom announced plans to open a Nordstrom Rack at Livingston Center in Livingston, N.J. The approximately 32,155-sq.-ft. store is scheduled to open in fall 2014.

The developer for the project is G&S Investors.

"We’re excited about the opportunity to open our third Nordstrom Rack in New Jersey at a great location in the Livingston community," said Geevy Thomas, president of Nordstrom Rack.

The first Rack store opened at Bergen Town Center in 2009, and the Livingston Center Rack will be the third Rack to open in the state. Nordstrom operates five full-line stores in New Jersey.

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REAL ESTATE

Casey’s improves net income 24% in Q2; plans 70-105 new stores annually

BY Dan Berthiaume

Ankeny, Iowa – Casey’s General Stores’ net income rose more than 24% during the second quarter of fiscal 2014, to $41.3 million from $32.8 million. The company also boosted revenue 5% to $2.01 billion from $1.91 billion.

Casey’s annual goal is to build or acquire 70 to 105 stores and replace 20 existing locations. Through the first six months of fiscal 2014, the company has built 14 new stores and acquired an additional 22, and also completed 14 replacement stores as well as 19 major remodels. Casey’s currently has 34 new stores and 14 replacement stores under construction, as well as five stores under written agreement to acquire.

“For the second quarter, total inside sales were up 15.5%, and total gasoline gallons sold increased 9.8% compared to the same quarter a year ago,” said chairman and CEO Robert J. Myers. “The company is pleased with the growth and customer count lift associated with the various initiatives we have put in place.”

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