REAL ESTATE

Saks Fifth Avenue’s Off 5th to up store count in 2011

BY CSA STAFF

New York City — Saks’ Off 5th outlet division announced Tuesday that it plans to open four new stores this year – Kansas City, Oklahoma City, Northbrook, Ill., and Charleston, S.C.

Additionally, the Off 5th arm said it will open a new store at the Market at Town Center in Sugar Land, Texas, that will replace its store located at The Fountains in Stafford, Texas.

The stores will range from 25,000 sq. ft. to 28,000 sq. ft. and will be modeled in Saks Fifth Avenue Off 5th new ‘luxury in a loft’ store design, which maximizes efficiency and flexibility, enabling easy changes in the general layout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures, according to the retailer.

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FINANCE

TJX Q1 profit drops slips on A.J. Wright closings

BY CSA STAFF

Framingham, Mass. — TJX Cos. reported Tuesday that net income for the first quarter plummeted 20% on the closing of its A.J. Wright stores, but strong sales buoyed the retailer’s full-year forecasts.

TJX earned $266 million in the quarter ended April 30, compared with $331.4 million in the year-ago period. Revenue increased 4% to $5.22 billion, surpassing Wall Street’s estimate of $5.14 billion.

Same-store sales increased 2%.

TJX raised the low end of forecast for full-year adjusted earnings.

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News

DSW names SVP human resources

BY CSA STAFF

COLUMBUS, Ohio —DSW has named Todd Cordell as SVP human resources. Cordell will be responsible for all human resources activities in support of DSW Stores, DSW.com, and the DSW leased business division.

"Todd brings a wealth of experience and expertise in all areas of the Human Resources function, most particularly Organizational Development," said Michael MacDonald, CEO of DSW Inc. "I am confident Todd will help DSW attract, develop and retain top talent in support of our key strategic growth initiatives."

Cordell’s most recent role was VP human resources for Starbucks Coffee Company. Cordell also held executive leadership positions with Merck, Unilever, and GE. He will report directly to MacDonald.

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