Rolling Stone magazine to launch restaurant chain in L.A.
Los Angeles The nation’s most iconic music magazine, Rolling Stone, announced Friday it will open a large-scale restaurant and nightclub in Hollywood, Calif. The first Rolling Stone outpost is set to open next summer at the Hollywood & Highland Center.
The multi-level Rolling Stone space will encompass more than 10,000 sq. ft., and offer a restaurant, bar, lounge and upscale private-event space. Designed by Brodin Design, the venue will feature exposed black brick, tufted leather and vaulted ceilings throughout the location, as well as an antique iron staircase.
To help develop the new venture, Rolling Stone has tapped Lucky Rug Group, which is developing multiple restaurant, nightlife and bar properties in the Los Angeles area and across the United States.
“We’ve been looking for the ideal opportunity to expand the brand for some time and we are thrilled to be working with Lucky Rug Group,” said Jann Wenner, the founder and publisher of Rolling Stone.
Commented Lucky Rug Group co-owner Joe Altounian: “The Rolling Stone brand transcends age, gender and musical preference and we are committed in making sure that everything that encompasses the Rolling Stone space at Hollywood and Highland Center will reflect that,” added Altounian. “Our vision is to provide guests with unforgettable food and entertainment with the unmistakable Rolling Stone style as the backdrop.”
Target opens holiday To-Go shops
MINNEAPOLIS Target announced that it is hosting three limited-time-only Target To-Go shopping events in New York City, San Francisco and Washington, D.C.
The To-Go shops will feature 50 items, including toys, gadgets, home decor, beauty and fashion. Customers order the items by number, which come wrapped and ready for gift giving.
“This holiday, we wanted to give our urban markets a little slice of Target,” said Shawn Gensch, VP marketing, Target. “We’re always trying to reach our guests in new and interesting ways, and Target To-Go gives time-starved city dwellers a joyful, convenient and affordable holiday shopping experience.”
Target To-Go will be open to the public from Dec. 11 to Dec. 13, from 10 a.m. to 8 p.m. daily.
Collective Brands 3Q comps up, earnings down
TOPEKA, Kan. Collective Brands reported that third-quarter 2009 net earnings were $36.9 million, or 57 cents per diluted share, compared with $47.5 million, or 74 cents per diluted share, in the third quarter of 2008.
Collective Brands’ third-quarter 2009 net sales were $867 million, up 0.5% versus last year and up 2.9% versus last year on an adjusted basis. The company’s third-quarter 2009 comparable-store sales increased 3.1%.
“Our strong third quarter operating results demonstrate the success of our strategy in the midst of a difficult economy,” said Matthew Rubel, chairman, CEO and president of Collective Brands. “Sales increased, operating margins improved, and we generated substantially greater free cash flow. At Payless, we had strong children’s results that produced a successful back-to-school season, and we had a strong boot performance as well. Saucony and Sperry Top-Sider also showed continued strength. Across Collective Brands, we delivered on our customer promise with innovative and fresh product, outstanding customer service, effective marketing, and efficient merchandise flow, all of which led to strong results.”