REAL ESTATE

Von Maur to enter Mo.

BY CSA STAFF

St. Louis Von Maur Department Stores plans to begin construction of its first store in Missouri by mid-June at The Meadows at Lake Saint Louis lifestyle center in Lake Saint Louis.

The store will be Von Maur’s 25th overall and first in Missouri. The retailer projects that the store will employ approximately 225 people when it opens in fall 2010.

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REAL ESTATE

Best Buy plans to open 13 new stores

BY CSA STAFF

Richfield, Minn. Best Buy said Friday that it will open 13 new stores by the summer, including its first store in Wyoming and the second Best Buy store in Alaska.

As part of the plan, stores will open in North Anchorage, Alaska; Miami Beach, Fla.; Hammond, La.; Hunt Valley, Md.; Hutchinson, Minn.; Bronx, N.Y.; Brier Creek, N.C.; Pottstown, Pa.; Park City, Utah; Martinsburg W.V.; Casper, Wyo.; Bastrop, Texas, and Laredo North, Texas.

The chain currently operates 1,032 locations in 49 states and Puerto Rico.

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REAL ESTATE

Dollar General to undertake chainwide renovations

BY CSA STAFF

Goodlettsville, Tenn. During Dollar General’s first-quarter conference call on Tuesday, the chain’s executives announced a new remodeling plan.

The decision follows the completion of five store remodels, which are already contributing to “a significant sales increase,” chairman and CEO Rick Dreiling said during the meeting.

The renovated stores will all be designed in the same vein as new stores, including new paint and wider aisles. The discount chain plans to remodel 250 to 300 stores this year, and open 450 new locations. Approximately 104 of these new stores opened their doors in the first quarter.

Remodels and new locations alike are expected to contribute to even more favorable earnings moving forward. For the quarter ended May 1, Dollar General’s sales were $2.78 billion, almost a 16% increase from the first quarter last year. Net income rose to $83 million from a mere $5.9 million for the same period a year ago, and same-store sales increased more than 13%.

At the end of the quarter, the chain operated 8,462 stores in 35 states.

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