Report: Barneys’ San Francisco store in $1.5M remodel
New York City Barneys New York getting ready to begin a $1.5 million remodel of its San Francisco store, a contentious project that is being driven by the need to relocate utilities for the $1.6 billion Central Subway project, according to San Francisco Business Times. The project, which will break ground on June 7, will be built by the Weitz Co.
The 60,000-sq.-ft. Barneys is located at 77 O’Farrell St., in the Union Square area. Of the 3,500 sq. ft. affected on the occupied lower level, 1,100 sq. ft. will be turned over to the City of San Francisco to accommodate relocation of utilities for the Central Subway project. The remaining space will be renovated to house the cosmetics and fragrance departments.
“Weitz will complete this critical retrofit in a 12-week time frame to avoid as much customer inconvenience as possible as well as to adhere to the city’s schedule for the new downtown subway” said Bill Hornaday, west region president of the Weitz Co.
Barneys had originally fought the city mandate that they give up the space, arguing that they had already invested millions in building out the sub-basement level as retail space. Barneys and the property owner, Stockton Street Properties, filed separate appeals against The City’s decision to take back its sub-basement. The Board of Supervisors rejected the appeals in January.
CITY OF COMMERCE, Calif. Ninety-nine Cents Only Stores reported that retail sales for its consolidated operations including Texas increased by 3% to $328.6 million in the fourth quarter and same-store sales increased 3.5%. Consolidated net income increased by $9.9 million to $16.9 million, or 24 cents per diluted share, versus $7 million in the prior year, or 10 cents per diluted share.
For the full fiscal year ended March 27, retail sales for fiscal 2010 were $1.31 billion, compared with $1.26 billion for fiscal 2009. Same-store sales increased 3.9% in fiscal 2010. Net income for fiscal 2010 was $60.4 million, or 87 cents per diluted share, compared with net income of $8.5 million, or 12 cents per diluted share, in fiscal 2009.
For fiscal 2011 the company said it expects positive same-store sales in the low single digits and plans to open approximately 5% more stores in its existing markets, primarily in the second half of the year. The company said it believes that revenue growth in fiscal 2011 will primarily result from new store openings and increases in same-store sales.
Target announced that it will offer an exclusive collection of products inspired by the upcoming film, Toy Story 3.
The Toy Story 3 collection feature more than 100 products including the “To the Rescue” Nintendo DS video game, Toy Story Woody Role Play, Glow in the Dark Space Alien, 7-pack of Andy’s Toys, Lego Pizza Planet Truck Building set and Toy Story Chutes & Ladders, the company reported.
“We are pleased to offer exclusive ‘Toy Story 3’ merchandise and be the shopping destination for our guests,” said Casey Carl, VP merchandising manager, toys and sporting goods. “Target is excited about the large assortment of products at affordable prices from the highly anticipated movie.”
The Toy Story 3 collection will be available at Target nationwide and on Target.com in May 2010.