Target’s Q1 Results: Give me back my Tar-zhay!
By Sandy Skrovan, U.S. Research Director, Planet Retail
On Target’s first quarter results, Sandy Skrovan, U.S. Research Director at Planet Retail, comments:
"Don’t expect a lot from Target this quarter. The data breach and subsequent fallout – including leadership turnover and ongoing shopper trust issues – weigh like an albatross around the retailer’s neck. Besides dealing with internal issues, some broader retail metrics don’t bode well for Target either, suggesting another disappointing quarter is on the cards."
"Target also has its work cut out to refocus attention on some basic retail fundamentals – e.g. inventory management, merchandise excitement, and good old friendly customer service. Out-of-stocks are becoming increasingly problematic. Some aisles beyond grocery even appear in bad shape.
"It’s taken its eye off the ball – namely,i.e. core US operations – by taking on too many new ventures all at once: Canada, urban CityTarget, online. Two years ago, Planet Retail surmised that while this combination of future growth possibilities could be quite powerful, we were concerned Target was biting off more than it could chew. I wish Target had proved us wrong, but sadly it’s not the case."
Sandy Skrovan can be reached at [email protected]
DLC acquires The Court at Deptford in Deptford, New Jersey
Tarrytown, N.Y. — DLC Management Corp. has acquired The Court at Deptford in Deptford, New Jersey. DLC plans to redevelop the 361,000-sq.-ft. center located next to the Deptford Mall.
Tenants include Ross Dress for Less, Party City, Pier 1 and Olive Garden.
Shopping centers in the well-occupied trade area averages occupancy rates of 95%, thanks to a population of 210,985 with an average annual income of $77,600.
Westfield’s plan for Village at Westfield Topanga
Woodland Hills, Calif. — Westfield has unveiled the layout, landscaping and décor plans for Westfield Topanga’s outdoor extension, The Village at Westfield Topanga.
Construction has commenced, and the center is slated to open in the fall of 2015.
Located in Canoga Park, Calif., in the San Fernando Valley’s Warner Center, The Village will offer retail, restaurants, leisure and entertainment. The design will include plant and water elements that pay homage to the San Fernando Valley before the region was urbanized. Examples of landscaping include hundred-year-old California Sycamores plus London Plane, Aleppo Pine and Canary Island Pine trees. All were salvaged from the site prior to groundbreaking.
Additional design elements include trellises and canopies framing outdoor patios, fire pits, hanging basket chairs and communal tables.