Burkle files appeal in Barnes & Noble poison pill ruling
Friday, September 3, 2010
ShopperTrak reports year-over-year sales up 5.4% for week ending Aug. 28
Year-over-year GAFO (general merchandise, apparel, furniture, sporting goods, electronics, hobby, books and other related store sales) retail sales increased 5.4% for the week ending Aug. 28, while sales slipped 4.6% versus the previous week ending Aug. 21, according to ShopperTrak’s National Retail Sales Estimate. . . more
Read more...Retail stocks push higher on upbeat same-store sales
Retail stocks on Thursday extended recent gains, buoyed by a strong batch of sales numbers from a sector benefiting from increased promotions and ramped-up back-to-school spending.
The S&P Retail Index /quotes/comstock/10u!i:rlx (RLX 420.59, +9.00, +2.19%) gained 2.2% to finish at 421 points, on top of the 3% rise in Wednesday's broader-market buying spree. . . more
Century 21 Department Store Takes 61,000 SF in Old Barnes & Noble Location
High-end discount department store Century 21 is taking over a high-profile space in Lower Manhattan. It will be replacing Barnes & Noble, which will close its location at 1972 Broadway in January 2011.
Century 21 plans to take possession of the space, which is across from Lincoln Center, in February 2011. This will be its second Manhattan location and its seventh metropolitan area location. The space is owned by Millennium Partners and was developed in the early 1990s. . . more Read more...
ARE YOU BEING SERVED?
American workers are mad as hell, and they’re not going to take it anymore. That’s the clear message of flight attendant Steven Slater’s emergence as a “working-class hero,” after he threw his job away with a tirade against passengers and a slide down an exit chute. Slater’s fifteen minutes of fame may be winding down, but his heady time in the spotlight—he was the subject of numerous tribute songs and his Facebook fan page drew more than two hundred thousand people—suggested just how frustrated employees are with stagnant pay, stressful working conditions, and obnoxious customers. . . more
Read more...Thursday, September 2, 2010
P&G Lures Panda Express Restaurant Founder in Dry Cleaning Push
Procter & Gamble Co. is no longer content just to sell detergent to wash your clothes -- it wants to dry clean them, too. The world’s largest consumer-products company plans to roll out franchised Tide Dry Cleaners across the U.S. The strategy could be a hit, says one franchising veteran. . . . more
Burger King in advanced sale talks: report
Report: A&P considering sale of Food Emporium
The Great Atlantic & Pacific Tea Co. is mulling the sale of its Food Emporium stores to boost liquidity, the Wall Street Journal reported. . . more
Read more...Walgreens to buy assets of 18 ApothecaryRx pharmacies
The Pantry to acquire 47 stores, hires Borders COO
The Pantry has signed a deal to buy 47 convenience stores from Presto Convenience Stores LLC, which operates stores under the Presto banner. The company said it will pay cash to buy the stores, of which 44 are located in Kansas, and three in Missouri. Financial terms of the transaction were not released. . . more
Read more...Discounters gain in August
Discount retailers posted solid gains for August, helped by aggressive discounting as consumers continue to seek out bargains. Tax-free holidays in nearly 20 states also helped attract customers. Analysts also said the warmest August in more than a quarter of a century helped spur sales of late lingering summer clothing inventory. . . more
Read more...Coffee prices bite businesses, public
That morning latte may be about to get more expensive. The price of coffee is continuing to rise. Wholesale coffee prices are the highest they've been in 13 years.
Futures contracts for December 2010 delivery have risen each of the last few days and a fungus in Colombia is threatening to hit the country's coffee output, according to a Bloomberg News reports, leaving managers of many Boston-area coffee shops to ponder whether to pass on those costs to customers. The J.M. Smucker Co., which licenses Dunkin' Donuts coffee for sale in retail stores, has already announced it will raise prices by four percent.
But whether local Dunkin¹ Donuts shops hike coffee prices is up the each franchisee, according to the Canton donut and coffee chain. . . more
Wednesday, September 1, 2010
New era docks on the waterfront at Boston's Liberty Wharf
Five & Dime to expand nationally
According to Prime Sites, it will create a feasibility study on tourism markets throughout the United States. “Our goal is to provide our client -- Five & Dime General Stores -- with a comprehensive look at key locations in hard core tourism markets throughout the country,” said Daniel O’Grady of Prime Sites. . . more Read more...
New retail concept set to debut
Simon Property Closes Prime Outlets Acquisition
After close to half a year of regulatory scrutiny, Simon Property Group has closed its $2.3-billion purchase of locally based Prime Outlets Acquisitions Co. and its affiliated entities from the Lightstone Group. When the deal was first struck at the end of 2009, it was to have added eight million square feet to Simon’s portfolio. . . more
Read more...Olympia Sports' homefield advantage
Tuesday, August 31, 2010
Saks Shares Surge on Buyout Talk
Shares of Saks rose sharply early Tuesday after a report that said the company may receive a buyout offer of $1.7 billion.
The Daily Mail of Britain said that American and British buyout firms were nearing a bid of $11-a-share for Saks, a 75 percent premium from the stock’s close on Monday. In trading before the market opened, shares of Saks rose as high as $9.
. . . more Read more...Wagamama Plans Major Expansion in the Boston Area
A small global chain of Japanese noodle houses is looking to continue its expansion into the Boston area, with a number of locations possibly opening up over the next few years.
According to The Financial Times, Wagamama is planning to open ten more restaurants in and around Boston by the end of 2013, having the dining spots join the three that are already open in Faneuil Hall in downtown Boston, the Prudential Center in the Back Bay, and Harvard Square in Cambridge. . . . more
Monday, August 30, 2010
Tension builds over Filene’s site project
The developers of the stalled Filene’s redevelopment are refusing to acknowledge the city’s Sept. 26 deadline for resuming work on the massive construction crater they left in Downtown Crossing, intensifying a very public fight with Mayor Thomas M. Menino.
Developers John B. Hynes III and Vornado Realty Trust sent a letter to the Boston Redevelopment Authority disputing the city’s claim that their approvals will lapse on that date, arguing they have the authority to proceed and that stripping their permits will cause further delay. . . . more
Dunkin’ adds 338 stores in 1st half of year
Dunkin’ Donuts quickened the pace of new store openings this year, with 338 net new locations unveiled worldwide during the first six months, compared with just 175 new shops during the same period last year.
The Canton coffee and doughnut company, which has which has a total of 9,524 shops, is also making a big push internationally. . . . more
Jo-Ann Stores stock climbs after 2Q results
Shares of arts-and-crafts emporium Jo-Ann Stores Inc. soared Thursday, a day after the store raised its outlook and reported a return to second-quarter profit.
Jo-Ann currently owns over 750 stores across 48 states and plans to grow more, adding at least 50 new stores and remodeling at least 50 more in the 2012 fiscal year. The company is benefiting from increased interest in sewing around the country, brought on in part by the recession.. . . more
Blockbuster to file Chapter 11 in September
Blockbuster is preparing to file for bankruptcy next month, The Los Angeles Times reported on Thursday.
The chain is hoping to use its time in Chapter 11 to restructure a crippling debt load of nearly $1 billion and escape leases on 500 or more of its 3,425 U.S. stores, the report said.. . . more
Borders to Sell Build-A-Bear Items as Readers Switch to E-Books
Borders Group Inc., the second- largest U.S. bookstore chain, will start selling items from Build-A-Bear Workshop Inc., relying less on books for sales as more people use electronic reading devices.
Most of Borders’ more than 500 stores will create sections next month dedicated to Build-a-Bear, the maker of kits kids can use to craft stuffed animals, Chief Executive Officer Michael Edwards said in an interview. The new areas also will feature books and DVDs tied to the brand.. . . more
Read more...
Consumer spending rises at fastest pace in four months
Americans spent last month at the fastest pace in four months, helped by a jump in demand for automobiles.
Consumer spending rose 0.4 percent in July after three lackluster months, the Commerce Department said Monday. Spending fell 0.1 percent in April, rose a tiny 0.1 percent in May and was flat in June.. . . more
What Williams-Sonoma's Earnings Say About the Consumer
Talk about bucking the trends!
Williams-Sonoma's latest results not only trounced analysts' forecasts and prompted the company to raise its outlook for the year, but the retailer did so against some pretty challenging headwinds.
The results prove two things: Affluent consumers have money if they want to spend it, and retailers can coax them to spend—if they have the right merchandise and an appealing message.
Retail earnings over the past few days have continued to paint a picture of a wary consumer. In many cases, retailers have used cost controls to squeeze out profits, as sales remained weak. . . . more
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