REAL ESTATE

Report: Barnes & Noble to trim store count over next decade

BY Marianne Wilson

New York — Barnes & Noble is planning to shutter approximately one-third of its stores during the next 10 years, CEO Mitchell Klipper said in an interview with the Wall Street Journal. As of Jan. 23, the company operated 689 stores. (The company also operates a separate division of 674 college book stores.)

“In 10 years we’ll have 450 to 500 stores,” said Klipper in the interview, who noted that, even with the reduced store count, “it’s a good business model.”

Regarding the changing nature of retail, Klipper told the Journal that, "You have to adjust your overhead, and get smart with smart systems.”

“Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It’s different. But every business evolves,” he said.

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News

Target gets fresh in Detroit

BY CSA STAFF

MINNEAPOLIS— Target’s remodeling effort has made its way to Detroit. The company announced Monday that it will add fresh grocery to stores in the area.

In addition to featuring a large selection of affordable fresh foods, the new layout will include reinventions in several other departments such as beauty, home, shoes and baby, aimed at providing guests with an exceptional one-stop shopping experience.

Remodeled stores will include approximately 10,000 square feet dedicated to fresh food, including a curated assortment of fresh produce, fresh packaged meat and pre-packaged baked goods, in addition to dry and frozen offerings. Guests will also find a selection of national food brands, as well as owned brands including Archer Farms premium foods, Market Pantry value staples and meal options, and Sutton & Dodge premium quality USDA Choice beef.

Beyond the grocery aisles, the remodeled stores will also feature other enhancements. In the beauty aisles, guests will experience a more visual environment, making it easier to browse a mix of everyday essentials and exclusive brands. The home department will offer easier navigation with wider aisles and lower product displays. The shoe department will be more comfortable with additional seating and mirrors, and the baby department will become easier to shop with broader visibility between baby gear, supplies and apparel.

“We’ve heard from our guests that they want more fresh food options in the convenience of their local Target store,” said Annette Miller, senior vice president of grocery, Target. “We’re excited to unveil a new, one-stop shopping experience and believe this significant investment underscores our commitment to the Detroit community.”

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FINANCE

Great American Group handles Bakers Footwear liquidation

BY Katherine Boccaccio

Woodland Hills, Calif. — Great American Group said Friday it has been selected to handle the liquidation of Bakers Footwear Group, offering discounts for products in 56 of Bakers Footwear Groups’ remaining stores, as well as online at Bakersshoes.com.

Bakers locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Virginia are part of the sale event.

On Jan. 15, 2013 a bankruptcy judge for the U.S. Bankruptcy Court in St. Louis signed a Chapter 7 order allowing Bakers Footwear Group to conduct going-out-of-business sales at its remaining stores. It once operated 236 Bakers and Wild Pair shoe stores in 37 states before filing for Chapter 11 bankruptcy last October due to declining sales. At that time, the company hired GA Keen Realty Advisors of New York, a division of Great American Group, to market leases for 150 Bakers and Wild Pair shoe store locations in 31 states.

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