Regency Centers wins best retail project award at Pacific Coast Builders
Los Angeles Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, has been honored with a Gold Nugget Award of Merit from the Pacific Coast Builders Conference (PCBC) for its Brea Marketplace shopping center in Brea, Calif. The project won the nomination in the best retail project category among other companies in the United States and Canada.
The project was redeveloped by Regency and designed by Perkowitz+Ruth Architects with completion in 2009. The Award of Merit places Regency Centers in the running for a Grand Award at the Gold Nugget Luncheon on June 10 in San Francisco.
Brea Marketplace is a property with more than 352,000 sq. ft. of retail space and one of Target’s first prototype podium stores.
“We were gratified to be selected along with Perkowitz+Ruth Architects on this extensive redevelopment project,” said John Hayes, Regency Centers’ VP construction. “During the redevelopment, we worked with all of our tenants who remained open during the two construction phases. The center’s tenant mix features national and regional retailers along with large anchor tenants including Sprouts Farmers Market and 24 Hour Fitness.”
Hibbett reports strong Q1, raises outlook
BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the first quarter ended May 1 increased 17% to $184.5 million compared with $157.7 million for the first quarter ended May 2, 2009. Comparable-store sales increased 14.5%.
Net income for the first quarter of Fiscal 2011 increased 58.9% to $17.3 million compared with $10.9 million for the first quarter of fiscal 2010. Earnings per diluted share increased 56.8% to 59 cents compared with 38 cents for the first quarter of fiscal 2010.
Jeff Rosenthal, president and CEO, stated, “The strong sales trend we experienced in the fourth quarter of last year continued throughout the first quarter of this year and into the second quarter. Our overall positive sales performance was driven by double-digit increases in footwear and apparel. The broad-based improvement and exceptional operating margin give us confidence in our optimistic outlook for the remainder of the year.”
The company increased its earnings guidance for fiscal 2011 to a range of $1.35 to $1.50 per diluted share based on mid- to high-single-digit increases in comparable-store sales for the full year.
Target prepares for hurricane season
MINNEAPOLIS Target announced that it will serve as a destination for consumers looking to prepare for hurricane season during National Hurricane Preparedness Week, May 23 to 29.
Target pointed to the number of services it offers including a 24-hour daily command center that monitors global events that could impact its customers and associates. The retailer also said its stores will remain open as long as possible during an emergency to help communities get the supplies they need and holds merchandise in its distribution centers in advance of hurricane season so that it can get supplies to stores as quickly as possible.
“We want our guests to know that before and after a crisis, communities can count on Target,” says Brad Brekke, VP Target assets protection.