FINANCE

TJX purchases off-price online retailer Sierra Trading Post for $200 million

BY Marianne Wilson

Framingham, Mass. — The TJX Cos. said Friday it has acquired Sierra Trading Post, an off-price Internet retailer based in Cheyenne, Wyoming, for approximately $200 million in cash.

The purchase was financed from TJX’s existing cash balances.

Sierra Trading Post is a privately held company that launched its e-commerce business in 1999. The company has successfully grown its business to more than $200 million in annual revenue, and has a strong organization of approximately 700 associates with substantial e-commerce experience and expertise.

As part of this transaction, TJX acquired Sierra’s office, fulfillment center and photography studios in Cheyenne, Wyoming, its customer call centers in Cheyenne and Cody, Wyoming, and its four outlet stores in Idaho, Nevada and Wyoming.

“We continue to plan on launching e-commerce sites for TJX brands and this acquisition adds immediate scale, capabilities and infrastructure in e-commerce, which we can leverage in that regard, said Carol Meyrowitz, CEO, TJX Cos. “We believe we will be able to build upon this platform as we continue to develop our e-commerce strategy. Further, we are confident that TJX can help grow the Sierra business profitably through our buying scale, marketing and our other capabilities.”

The TJX Cos. operates 1,039 T.J. Maxx, 912 Marshalls and 417 HomeGoods stores in the United States; 222 Winners, 88 HomeSense and 14 Marshalls stores in Canada and 344 T.K. Maxx and 24 HomeSense stores in Europe.

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REAL ESTATE

Forecast: Value stores, luxury shops, restaurants to lead retail development in 2013

BY Marianne Wilson

Chicago — The value and luxury classes of retail will supply the most construction opportunities in 2013, according to a forecast by Englewood Construction. The Lemont, Ill.-based commercial builder also predicted an uptick in restaurant development and a squeeze on middle-market retail.

While value-based stores and high-end shops meet today’s retail demands, the development of both destinations will look different in 2013. Unlike the segregated past with the big-box value seeker shopping in a completely different locale than the high-end couture spender, said William Di Santo, president of Englewood Construction. He predicts more integration, with these two types of shoppers strolling down the same retail street.

“No longer will new or renovated shopping centers only cater to one set of buyers or income bracket, but rather, most locations will offer a wider variety of retailers,” Di Santo said.

Despite recent growth in the value and luxury segments, internet shopping has taken a toll on brick-and-mortar operations. But mall owners and developers are turning to a different type of tenant to fill vacancies – restaurants.

“Fast-casual food franchises inside shopping centers and new stand-alone restaurants on out lots have become a major driver of commercial construction projects,” Di Santo said. “Restaurants still offer an experience and entertainment value that the online market cannot compete with.”

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Apr-01-2013 11:30 am

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M.Willson says:
Apr-01-2013 11:30 am

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OPERATIONS

J.C. Penney hires former Abercrombie VP as director of visual merchandising

BY Staff Writer

New York — J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.

Tonniges was a VP in Abercrombie’s “brand senses” division, described on the chain’s website as the “creative force” behind its store experience, according to the report.

Tonniges will report to a VP under Michael Fisher, who was named SVP visual presentation in March.

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R.Von says:
Mar-15-2013 12:15 pm

Without a doubt, he will be
Without a doubt, he will be an asset to the company. But of course, he still needs to prove this with his work. - Rich Von Alvensleben

R.Von says:
Mar-15-2013 12:15 pm

Without a doubt, he will be an asset to the company. But of course, he still needs to prove this with his work. - Rich Von Alvensleben

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Dec-27-2012 10:07 pm

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Dec-27-2012 10:07 pm

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