Saks Fifth Avenue to relocate Houston Galleria flagship
Houston — Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design. The current store will remain open until the new store opens in fall 2015. Once the old store closes, it will be converted to a two-level mall wing connecting the new Saks to Neiman Marcus and adding 35 retailers and restaurants.
The Galleria is co-owned by Simon Property Group and Institutional Mall Investors. It is the nation’s fourth-largest shopping center with 2.2 million sq. ft. of retail space, four department stores and more than 350 other retail tenants.
Walgreen August comps beat Street
Deerfield, Ill. — Walgreens reported that same-store sales for the month of August rose 4.8%, beating Wall Street expectations of a 2.9% gain.
Results included a 6.4% gain from the pharmacy and a 2.2% rise from the front-end.
Total revenue for August rose 6% to $6.17 billion.
Rite Aid records modest same-store sales rise in August
Camp Hill, Pa. — Rite Aid Corp. saw same-store sales edge up 1.1% in August, hurt by a 1.7% front-end same-store sales drop. Pharmacy comps rose 2.5%.
For the quarter, total sales edged up 0.7% to $6.25 billion, and same-store sales rose 1%.