FINANCE

Sales Decline Slightly Over Last Week

BY CSA STAFF

New York City, Weekly retail chain store sales slipped by 0.2% for the week ending Aug. 13, according to the International Council of Shopping Centers (ICSC). Despite the week’s slight decline, the overall sales pace improved to 4.4% on a year-over-year basis. “This past week, retailers felt the crosscurrents of easy comparisons in August sales on a year-over-year basis, but tougher comparisons as a result of hotter weather and higher gasoline prices. Over the course of the last week, gasoline prices jumped to another new record high—$2.55 per gallon for regular-grade gasoline, according to the U.S. Energy Information Administration—which further accentuated the worry among retailers as well as consumers,” said Michael Niemira, ICSC’s chief economist and director of research. “Taken together, these factors will likely cap the year-over-year pace of sales in August to around 4.0%,” Niemira added.

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Great Atlantic & Pacific Tea Co. Finalizes Sale of A&P Canada

BY CSA STAFF

Montvale, N.J., The Great Atlantic & Pacific Tea Company has announced that it has completed the sale of A&P Canada to Metro Inc., a supermarket and pharmaceutical operator in Quebec and Ontario, Canada, for approximately $1.55 billion.

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OfficeMax Consolidates Corporate Headquarters

BY CSA STAFF

Itasca, Ill., OfficeMax Inc. will consolidate its headquarters in Illinois. It expects to choose a Chicago-area location for the headquarters by the end of September 2005. Currently, OfficeMax’s corporate headquarters is located in Itasca, Ill., and its retail headquarters is in Shaker Heights, Ohio.

Sam Duncan, president and CEO of OfficeMax, said, “Bringing our headquarters’ associates together is a normal progression of the company’s integration efforts and we believe it will facilitate customer service as well as provide better support for our retail and contract businesses. We will emphasize a smooth transition as we consolidate our headquarters, keeping the need of our customers and our associates a priority.”

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