Report: Walgreens to Enter Hawaii
New York City, Walgreens is rumored to be set to enter Hawaii, according to local reports. The chain is the winning bidder to fill a soon-to-be-vacant location of bankrupt music retailer Tower Records in Hawaii, according to The Honolulu Star-Bulletin. Tower Records said its last day would be in mid-December.
MTS, the former parent company of Tower Records, filed for bankruptcy on Aug. 20 and in October sold the struggling chain to Great American Group, which is now liquidating the chain and plans to shutter all its stores this month.
Walgreens’ bid for the Tower store is still pending approval in bankruptcy court, according to the newspaper. A spokeswoman also said the company was looking at additional sites in Hawaii.
Walgreens’ entry into the market could challenge Longs Drugs’ long-time dominance of the islands. The pharmacy chain has been in the market
The Bon-Ton to Buy Parisian Stores
York, Pa., The Bon-Ton Stores Inc. said Wednesday it agreed to pay $22 million in cash for four Parisian department stores and the rights to build a fifth one from privately held department store retailer Belk Inc.
The four stores are located in Michigan, Ohio and Indiana, and generated sales of more than $90 million in fiscal 2005. The fifth store will be located in Michigan and is scheduled to open in October 2007. The deal is expected to close on Oct. 30 pending customary closing conditions.
Once the transaction is completed, The Bon-Ton will operate 282 stores in 23 states, with estimated annual sales of $3.4 billion.
Manhattan to Welcome First Target Store
New York City, Target is finally coming to Manhattan. The much-anticipated and long-delayed shopping center, East River Plaza, in East Harlem has changed its anchor store from Costco Wholesale Club to Target, according to a report by The New York Times. The publication said Target recently signed a lease for 135,000 sq. ft. and will serve as an anchor along with The Home Depot.
Target has six stores in the city boroughs, with two more under construction. The shopping center is scheduled to open in 2008.