Report: 7-Eleven to add 550 stores during next three years
New York City 7-Eleven will add more than 75 stores in North Texas during the next three years as part of a nationwide fast-track plan fueled by opportunities created by the downturn in the commercial real estate market, The Dallas Business Journal reported.
The chain will add 550 stores nationwide and about 4,000 worldwide during the same period, CEO Joe DePinto said in the report.
“We’ve really positioned ourselves for this,” DePinto told the newspaper. “We have a strong balance sheet, real estate values are down and a lot of other retailers aren’t growing right now, so there’s a lot of real estate available that would have been cost-prohibitive in the past.”
The new North Texas stores will be built in Dallas, Tarrant, Collin, Denton and Rockwall counties, with new-store investment valued at about $50 million through 2001. The retailer has 266 stores in the area now.
7-Eleven has increased its real estate staff in Texas and hired CB Richard Ellis as its local brokerage. This is the first time the company has used an exclusive broker for its expansion plans.
Gap Inc. sees 3Q earnings boost
SAN FRANCISCO Gap Inc. reported that net earnings for the third quarter increased 25% to $307 million, or 44 cents per share on a diluted basis, compared with $246 million, or 35 cents per share on a diluted basis, for the same period last year.
Third quarter net sales were $3.59 billion, compared with $3.56 billion for the third quarter of last year. The company’s third quarter comparable-store sales were flat compared with a decrease of 12% for the third quarter of last year.
“We’re pleased with our third quarter results, particularly our ability to deliver earnings 25% above last year and our highest third-quarter operating margin in a decade,” said Glenn Murphy, chairman and chief executive officer. “Looking ahead to the holiday season, we’re focused on gaining market share as we invest in marketing and present a strong value proposition to customers across our brands.”
eBay opens pop-up experience in NYC
NEW YORK Online auction site eBay has opened a pop-up store on 57th street and Fifth Avenue in New York City.
According to the company, the 5,500-square-foot 57th Street and Fifth Avenue pop-up location gives shoppers the chance to browse a sampling of 400 hot holiday products available from almost 200 million product listings on eBay – including everything from Zhu Zhu Pets to diamond rings. Shoppers can then purchase their favorite holiday gifts online from eBay sellers via touch-screen kiosks at the pop-up location or through eBay’s iPhone application.
eBay’s pop-up holiday experience is located at 3 West 57th Street at Fifth Avenue, and is open to the public from 10:00 a.m. to 7:30 p.m. from Nov. 20 to Nov. 29 closed on Thanksgiving Day; doors open at 11:00 a.m. on Sundays and at 7:00 a.m. on Black Friday, November 27). For more information, visit www.ebayholiday.com.