REAL ESTATE

Tile Shop opens Albuquerque store

BY Dan Berthiaume

Minneapolis – The Tile Shop has expanded its presence into New Mexico with the opening of its Albuquerque store. The Tile Shop’s new 22,000-sq.-ft. Albuquerque location features fully decorated, room-size displays — kitchens, baths, and other spaces within a home, as well as premium lighting and plumbing fixtures that allow homeowners to see what their Tile Shop tile and stone will look like installed in their home.

“There continues to be a strong desire to have hard surface flooring, particularly given the arid and temperate climate in this region,” said Carl Randazzo, senior VP of retail for The Tile Shop. “We’re excited to join the Albuquerque community, introduce them to our incredible selection of high quality, affordable tile and a ‘Beautiful Made Easy’ customer experience, while helping them achieve their tile project vision for their homes.”

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REAL ESTATE

Gap set to open three-story flagship in Taiwan

BY Marianne Wilson

TAIPEI — Gap will officially open its first Taiwan flagship store on March 8 as part of its ongoing strategy to expand Gap’s global footprint. With plans to open about 30 Gap stores across its Greater China region, including three in Taiwan, the brand expects to have more than 100 stores by the end of fiscal 2014.

“Our Taiwan entry builds on the strong performance Gap has had in other international markets, showing how the brand resonates with customers around the world,” said Jeff Kirwan, president, Greater China, Gap Inc. “We see Taiwan as an important milestone in our regional expansion and a market with ample opportunity for growth.”

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REAL ESTATE

PetSmart to open 70 stores

BY Marianne Wilson

New York — PetSmart plans to open some 70 net new stores, including approximately 50 of its standard prototypes, 20 micro stores and three PetsHotels, this year.

News of the expansion comes in conjunction with the retailer’s fourth quarter results. Net income increased 14% to $132 million in the quarter, compared to $115 million in the year-ago period,

Net sales increased 2.9% to $1.8 billion. Same-store sales, including Internet sales, grew 1.2%.

Services sales, which are included in net sales, grew 2.6% to $186 million.

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