Report: Virgin Megastore in Times Square to Close
New York City Vornado Realty Trust plans to close the Times Square Virgin Megastore in Manhattan’s Times Square in the first quarter of 2009, according to Reuters.
Vornado and the Related Cos., also a real estate company, formed a joint venture to acquire the 10-unit Virgin Entertainment Group North America in September 2007. Vornado owns 49% of Virgin, while Related owns 51%.
The Reuters report cited Sandeep Mathrani, Vornado’s executive VP and head of its Retail Real Estate Division.
“We bought the Virgin business to wind it down to get a hold of the real estate,” Mathrani said.
Virgin pays only a $54 per square foot when the market rent in there is about $700, according to Mathrani.
In May, Virgin Megastores reported having had one of its most successful years ever. The company said same-store sales had risen 11.5% nationally in fiscal 2007. It attributed the growth to its shift to a lifestyle enteretainment shopping destination rather than solely a music retailer.
Sears boosts holiday offerings
NEW YORK Sears Holdings will approach the holidays not only with new decorations and gifts, but with new products and brands, too.
Kmart will offer seven decoration and wrapping paper themes in Martha Stewart Everyday, as well as ornaments from Christopher Radko, under the low-priced Celebrations by Radko brand, and with an Elvis theme. In time for holidays, the retailer will launch a line of CosmoGIRL bedding at Sears. This comes as the initial phase of the company’s Canon brand domestics launch begins at Kmart. Sears also will offer a nail driving tool in its Nextec compact, female-oriented line under the Craftsman brand, new treadmills from NordicTrack including the top-of-the-line $1,699 Elite XT, the first to offer a digital ATSC tuner in an integrated television set, and a new color, Chai, in its Kenmore Elite HE5t Steam Team washer and dryer.
Food Lion to share POS data
SUNNYVALE, Calif. Food Lion has selected Retail Solutions, a leading solution provider helping consumer product goods companies create value with retailer data, to help share its point-of-sale data with its suppliers.
Using Retail Solutions Demand Signal Management program, Food Lion will be able to share POS information by store and item, as well as by data points at the warehouse level, including shipment and ordering. The information is then automatically converted to the individual supplier’s format, item master and hierarchies, the companies reported.
“We chose Retail Solutions because their offering enables our suppliers to immediately and effectively leverage our data to drive improvements in our joint supply chain,” said Pete Bonneau, vp of efficiency and productivity for Food Lion. “Retail Solutions’ technology and services provide an effective solution to share near real-time data in a way that enables suppliers to take immediate action.”