Target to expand California footprint with two new locations
Minneapolis – Target announced plans to open new stores in Fresno and Rocklin, Calif., in March 2014.
The Fresno store will be part of the Marketplace at El Paseo shopping center. The Rocklin store will be part of the Rocklin Commons shopping center.
The Fresno Northwest store will be approximately 140,000 sq. ft.
“Target is thrilled to announce two new store locations in Fresno and Rocklin,” said Cary Strouse, Target’s SVP of stores in the Western region. “These stores will provide guests with the one-stop shopping convenience they have come to expect from Target.”
Spanx’s new headquarters to include flagship store
Atlanta – Spanx, the fast-growing dollar undergarment and apparel company, will open a custom designed, expanded company headquarters and a flagship store in Buckhead Atlanta, a major mixed-use project in the heart of the area’s business district. (The project, now under construction, was initially called Streets of Buckhead.)
The headquarters will occupy three floors, a rooftop garden terrace and additional balconies. Spanx is anticipated to move in November 2014.
“We wanted a unique and prestigious space where we could be creative, be ourselves and be convenient for everyone to work and thrive — a place with room to grow where we can unpack our bags and stay awhile,” said Spanx CEO Laurie Ann Goldman. “The opportunity to house a premier retail store alongside our dream headquarters made Buckhead Atlanta perfect.”
Finish Line’s Q1 profit tops Street; COO to retire
Indianapolis – The Finish Line’s first-quarter net income plunged 59% amid start-up costs related to its deal to open branded in-store shops in Macy’s. But the retailer still beat Wall Street expectations. In other news, the company announced a new role for retiring president and COO, Steve Schneider.
The Finish Line earned $5.1 million for the period ended June 1, down from $12.3 million a year ago. Revenue rose 10% to $351.1 million, also beating expectations. Same-store sales were up 2.4%.
“We are pleased with the start to fiscal 2014 as improving trends in our Finish Line running business combined with continued strength in basketball and disciplined expense management drove our results,” said chairman and CEO Glenn Lyon. “Strategically, the quarter was marked by significant progress on our key growth initiatives, including the well-received launch of our Macy’s business in stores and online and the expansion of the Running Specialty Group footprint with the acquisition of some very productive doors.”
The company said that current president and COO Schneider will transition to the role of EVP of strategic initiatives effective July 1, 2013.
“When Steve first approached me about his long-term plan toward retirement after almost 35 years in specialty retail, including 24 years at Finish Line, we discussed how to continue to capitalize on his strengths and the vital role he holds with our leadership team,” Lyon said. “Steve’s incredible business acumen, his strong operational analysis and his keen vision for planning will be key to implementing Finish Line’s long-term strategic growth plan.”