Video game developer Electronic Arts to open stores
New York City — Electronic Arts, the Redwood City, Calif.-based sports video game developer, will make its freestanding retail debut this fall, opening an EA Sports store in North Carolina’s Charlotte/Douglas International Airport.
The company is looking to open at least two additional stores in the next year.
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Best Buy to shrink store footprint and lease space to other tenants
New York City — Best Buy plans to reduce its store size by subleasing store space to smaller retailers, according to The Los Angeles Times. The chain’s new stores will be in the 36,000-sq.-ft. range, down from its current 45,000-sq.-ft. model.
"We can reduce our overall square footage while actually increasing our presence," Best Buy CEO Brian Dunn said at the company’s annual shareholders meeting this week. "It’s an opportunity to capture cost savings and get ourselves ‘right size.’"
According to the report, the new stores that move into the Best Buy space will require their own restrooms, electrical systems and air-conditioning in addition to floor-to-ceiling walls separating the businesses.
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Target to transfer leasehold interests on select sites in Canada to Wal-Mart
Minneapolis — Target on Friday announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.
Specific locations will be identified later this fall. Terms of this transaction were not disclosed.
The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January. In May, Target selected its initial group of 105 sites, the vast majority of which will become Target stores.
Target plans to announce the selection of a second group of sites this fall and expects to open 100 to 150 Target stores throughout Canada beginning in 2013.
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