STORE SPACES

Target begins remodels of 90 stores to expand fresh food offering

BY Marianne Wilson

Minneapolis — Target Corp. said it has initiated remodels to expand the fresh food offerings at 90 stores across the nation, with the work expected to be completed on June 24, 2012.

The June stores will be the second of three cycles of remodels for Target this year. Stores scheduled for the June remodel cycle span markets across the country, from Des Moines, Iowa, to El Paso, Texas, and Dayton, Ohio.

By the end of the year, more than 1,100 Target stores will offer the expanded fresh food layout.

Beyond the grocery aisles, most of Target’s new and remodeled general merchandise stores also feature updates in other areas. The beauty aisles feature a more visual environment, while the home department offers easier navigation with wider aisles and lower product displays. The shoe department is now more comfortable with additional seating and mirrors, and the baby department is easier to shop with broader visibility between baby gear, supplies and apparel.

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News

PFresh express rolls on at Target

BY CSA STAFF

MINNEAPOLIS — Another 90 Target stores are slated to receive fresh food in June as part of a major remodeling initiative that has become known simply as PFresh.

The stores will remain open during the remodeling process and are scheduled for grand-reopening on June 24. The 90 stores currently being remodeled represent the second of three waves of stores that will undergo transformation to the PFresh store design, so named because the most significant change involves the allocation of roughly 10,000 sq. ft. to fresh foods and expanded freezer and cooler doors.

“We are excited to incorporate our enhanced food assortment into additional stores in June,” said Annette Miller, SVP grocery, Target. “By remodeling these stores, we bring an expanded offering of fresh food and added convenience to our guests in these communities.”

Beyond the grocery aisles, most of Target’s new and remodeled general merchandise stores also feature updates in such other areas as beauty, home, shoes and baby. By year end, more than 1,100 Target stores will be operating under the PFresh format and the extensive remodeling program will be in its final phases.

In fact, this year marks a significant deceleration from the breakneck pace of activity seen the past two years when upwards of 350 stores were remodeled each year. A total of 230 remodels are planned for this year with the first wave of 100 remodels already complete in March. The 90 due for June leaves only about 40 remodels left for completion in October.

To view a complete map of Target store locations receiving the expanded grocery layout in June 2012, as well as those that received the remodel in the March 2012 cycle, check out Freshfood.target.com.

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FINANCE

RadioShack posts Q1 loss

BY Marianne Wilson

New York — RadioShack Corp. on Tuesday reported a loss for the first quarter of $8 million, hurt by weakness in its Sprint postpaid wireless business and weak demand for prepaid wireless handsets, laptops and home entertainment accessories.

The electronics retailer said its net loss for the quarter ended March 31, 2012, was $8 million compared with net income of $35.1 million a year earlier.

Sales fell 0.9% to $1.01 billion, while analysts had expected $1.06 billion.

Jim Gooch, president and CEO of RadioShack Corp., stated: “As we anticipated, the first quarter was extremely challenging. While our results were disappointing, we are working quickly to drive top line growth and expand margins. We were pleased to see progress from initiatives we began implementing last year, particularly in our highest gross margin signature platform.”

Gooch added that the retailer is moving decisively to improve its marketing, with a sharpened mobility message that heightens awareness of its broad mobile offerings.

“We are continuing to capitalize on our successes in expanding product assortments in the signature product platform,” he said. “And, we are pursuing incremental growth through targeted international ventures and relationships that build on our strengths."

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