s.kuhlman to open in Manhattan
New York City European-inspired menswear retailer s.kuhlman has subleased 2,300 sq. ft. of retail space at 989 Third Avenue on the corner of East 59th Street in New York City, according to the retailer’s exclusive real estate advisor, The Lansco Corp., a member of the X Team Retail Services Network.
s.kuhlman will sublease the space until February 2010 and will have the opportunity to do a direct deal with the building landlord, the Allan Riley Co., at the end of the term. The asking rent for the three-level retail space is $25,000 per month, but Lansco, who also represented the sublessor, said it was able to negotiate a substantially lower base rent with a percentage based on sales.
“This unique arrangement provides s.kuhlman with the opportunity to test drive the market with a temporary store before committing to a longer term lease, and is something we were able to creatively negotiate because of our relationship with both the subtenant and sublessor,” explained Lansco executive VP Robin Abrams, who represented the tenant with director Peter Weissman.
Weissman added that the retail space was in good turnkey condition, which is ideal for a retailer looking to open a short-term store.
Founded by Scott and Susan Kuhlman in 2002 and run as a public company until 2007, s.kuhlman has rebranded and re-entered the marketplace with private-equity partners Louis Silverman and Jason Behfarin. The retailer offers signature, classic European-inspired pieces, and is described as a hybrid of men’s sportswear and dress wear.
In addition to opening a temporary store in Minneapolis, Lansco will act as the exclusive broker as s.kuhlman strategically rolls out stores across the country, including Boston and Los Angeles.
BJ’s 2Q merch comps up 2.9%
NATICK, Mass. BJ’s Wholesale Club reported net income for the second quarter ended Aug. 1 of $35.1 million, or 64 cents per diluted share. For the second quarter of 2008, the company reported net income of $36.5 million, or 61 cents per diluted share. Results for the second quarter of 2008 included income of $2.0 million post-tax, or 3 cents per diluted share, related to favorable state income tax audit settlements.
Total sales for the second quarter decreased by 5.2% to $2.5 billion, and comparable-club sales decreased by 7.7%, including a negative impact from sales of gasoline of 10.6%. Excluding the impact of gasoline, merchandise comparable-club sales for the second quarter of 2009 increased by 2.9%.
For the year ending Jan. 30, 2010, the company now expects to report an increase in net sales of 0.5% to 1.5% and a decrease in comparable-club sales of 1% to 3%, including a negative impact from gasoline sales of 6% to 8%. Merchandise comparable-club sales excluding gasoline are expected to increase 4% to 6%. Previous sales guidance was for an increase in net sales of 0.6% to 2.6%, and a decrease in comparable-club sales of 2.5% to 0.5%, including a negative impact from gasoline sales of 6.5% to 8.5%. Merchandise comparable-club sales excluding gasoline were expected to increase 5% to 7%.
For the full year, the company now expects to report net income in the range of $134 to $140 million, and diluted earnings per share in the range of $2.46 to $2.56. Previous guidance was for net income in the range of $132.7 million to $138.2 million, and diluted earnings per share in the range of $2.44 to $2.54.
Men’s Wearhouse suits up for the unemployed
HOUSTON For the seond year in a row, Men’s Wearhouse will provide unemployed men with professional attire through its National Suit Drive, Sept. 1 to Sept. 30, the retailer announced.
Men’s Wearhouse said that it is working with more than 200 local non-profit organizations throughout the country to collect thousands of articles of professional attire to be used by individuals looking to re-enter the work force. In addition, Men’s Wearhouse will donate one tie for every suit donated to help complete the outfit.
All 1,065 Men’s Wearhouse and Men’s Wearhouse & Tux locations will serve as drop-off sites for gently used suits, dress shirts, sport coats, slacks, ties, belts and shoes that will be used to benefit men in need of these items to transition into the work force.
“It became apparent many years ago that there was a long-standing need to help men who are striving for self-sufficiency,” said George Zimmer, CEO and chairman of Men’s Wearhouse. “We started a Merchandise Donation Program to provide professional clothing to nonprofit organizations serving these men. However, our program could not meet the demand, so we implemented the National Suit Drive to assist us in our efforts to help less fortunate men by giving them a renewed sense of dignity and respect. Philanthropy is a major part of our corporate fabric and given the economic-climate, this year’s National Suit Drive is more important than ever.”
Last year, the inaugural suit drive garnered 125,000 professional items over a two-month period, Men’s Wearhouse reported. This year, the company has set a goal of 150,000 items despite the economic downturn and its shortened duration this year.