REAL ESTATE

Report: Von Maur seeks to enter Atlanta market

BY CSA STAFF

Atlanta — Midwest department store operator Von Maur will enter the Atlanta market, taking over a former Belk’s space at North Point Mall in Alpharetta, Ga., pending approval by the city’s design review board, Atlanta Business News reported.

If the design is approved, company president Jim von Maur said, the chain would seek to open the store in November 2011, according to company president Jim von Maur. Von Maur would use the Alpharetta location as a flagship location in the South, according to the report, and von Maur said he envisions three stores in the Atlanta market.

"We’ve seen exciting growth in the South. We want to be part of that," von Maur said, in the report. "Never in our wildest dreams did we think we would open a store in Atlanta, Ga. It’s a dream come true."

Von Maur is based in Davenport, Iowa.

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FINANCE

J.C. Penney Q3 profit rises 63%

BY CSA STAFF

Plano, Texas — J.C. Penney reported a better-than-expected increase in third-quarter profit Friday, crediting controlled costs and positive response to its newest exclusive brands, which include Liz Claiborne and MNG by Mango, and its Sephora in-store cosmetic boutiques.

The chain posted a profit of $44 million in the period ended Oct. 30, compared with $27 million a year ago. Total sales increased 0.2% to $4.19 billion, up from $4.18 billion in the third quarter last year. Same-store sales rose 1.9%.

“We planned for our new merchandising initiatives to begin to take hold in the second half, and it’s playing out this way. At the same time, our strengths in sourcing, and planning and allocation have allowed us to offer very sharp price points and to flow inventory into our stores in a way that reflects the ongoing trend of customers buying closer to need. Even including the impact of our strategic decision to wind down our catalog business, our improving sales combined with our focus on managing expenses allowed us to maintain strong profitability,” said Myron E. (Mike) Ullman, III, chairman and CEO, J.C. Penney.

Overall, the strongest merchandise results were in shoes and men’s apparel, and geographically, the best performances were in the southeast and southwest regions of the country, Ullman said.

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REAL ESTATE

Hibbett Sports opens at Northshore Plaza

BY CSA STAFF

Portland, Texas — Hibbit Sports has opened a 4,000-sq.-ft. store at Northshore Plaza, in Portland, Texas.

The shopping center is owned by New York City-based Centro Properties Group.

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