REAL ESTATE

Starbucks plans to double Clover locations

BY Dan Berthiaume

Seattle – Starbucks Coffee Company is opening its 500th location featuring Clover brewing, with plans to double the number of Clover locations globally by the end of 2014. Starbucks has offered its Starbucks Reserve coffees, a line of rare and exotic small batch single origin coffees brewed with the single-cup Clover system, since 2010.

“We are thrilled to have the opportunity to significantly expand the availability of our rare and exotic Starbucks Reserve coffees with the introduction of the Clover brewing system in many more stores around the world next year,” said Andrew Linnemann, VP, global coffee quality for Starbucks. “By brewing one cup at a time, using freshly ground beans to deliver that handcrafted cup of coffee to order, the Clover brewing system brings theater to the brewing process and enables our baristas to have rich conversations with customers about our coffee.”

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REAL ESTATE

H.H. Gregg opens new Indiana store

BY Dan Berthiaume

Indianapolis – H.H. Gregg is opening a new store in Bloomington, Ind. on Aug. 15. The new location at 240 North Gates Street will replace the previous location at 606 West Gourley Pike.

“The opening of our new store in Bloomington demonstrates H.H. Gregg’s ongoing commitment to the residents of Bloomington and the surrounding area,” said Jeff Pearson, senior VP of marketing for H.H. Gregg. “We are committed to providing great value to our customers, and hope that Bloomington residents will take advantage of our grand opening sale, including great specials on all the items residents need to prepare for the back-to-school season.”

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FINANCE

Macy’s lowers expectations after tough Q2

BY Dan Berthiaume

Cincinnati — Macy’s scaled back its earnings guidance for the remainder of the year in the wake of lower-than-expected net income for the second quarter of fiscal 2013. The retailer reported net income of $281 million, up from $279 million in the year ago period, but short of the roughly $304 million analysts had expected.

In addition, net sales fell .08% to about $6.07 billion instead of climbing 3% to $6.2.6 billion as analysts had expected. Same-store sales also declined .08%. As a result, Macy’s now predicts earnings for fiscal 2013 in the range of $3.80 to $3.90 per diluted share. Terry J. Lundgren, chairman, president and CEO of Macy’s, said consumer concerns about the economy impacted their spending during the quarter.

“We had planned our second quarter sales with a lower increase than the first quarter because of a shift in a major promotional event,” said Lundgren. “Even so, second quarter sales performance was softer than anticipated, and we are disappointed with the results. Our performance in the period, in part, reflects consumers’ continuing uncertainty about spending on discretionary items in the current economic environment. After a cool spring, we have taken appropriate markdowns and customers are responding favorably. Also on the positive side, we have seen a strengthening of the sales trend in key elements of women’s ready-to-wear, a category which has lagged over the past couple of years. Bloomingdale’s sales rebounded in the second quarter, and we are encouraged by our recent momentum,

Looking ahead, Lundgren said incremental sales opportunities in childrenswear, activewear and Impulse apparel, as well as intensified marketing support, omni-channel and online initiatives, localization and customer engagement strategies should all help boost sales later this year.

“Going into the third quarter, we also are encouraged by our early read on the back-to-school season,” he said. “We accelerated receipts of fresh inventory at Macy’s so we could be fully prepared for an early start to the academic year in certain regions of the country.”

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