Retail Sales End January With Whimper
New York, The week ended Jan. 29 saw a retail sales increase of 2.5% over the same week the previous year, according to a joint report by the International Council of Shopping Centers (ICSC) and UBS. January’s weak retail finish led ICSC to revise its January retail sales growth projection to 2.5% from its previous forecast of 3%.
ICSC attributed January’s lackluster sales growth to a later Super Bowl, a later New York State tax holiday and Southeastern ice storms. Also, retail sales faced a tough year-over-year comparison in January. Retail sales were up 6% in January 2004.
A Bigger Best Buy
Minneapolis, Best Buy Co. plans to open 73 new stores in its fiscal year beginning Feb. 27, plus two Future Shop stores in Canada. By February 2006, the chain plans to have 688 Best Buy and Magnolia stores in the United States and 144 Best Buy and Future Shops in Canada.
The Finish Line Completes Acquisition
Indianapolis, The Finish Line closed the deal to acquire The Hang Up Shoppes, which does business under the name of Man Alive, for $12 million in cash, plus a potential earnout of up to $6 million in cash.