Friday, March 30, 2012

Target proponent weighs in on Planning Board vote

The Planning Board voted last night to recommend favorably on Gutierrez’s Company’s request to re-zone a 15-acre parcel off Middlesex Turnpike from residential to general business.

After Thursday night’s meeting, Scott Weiss, managing director of commercial development for Gutierrez, said he was pleased with the vote, and “we look forward to providing full details about the plan to Town Meeting.”

It takes the company one step closer to locating a Target store and a restaurant on the site, informally known as
the Canyon.. . . more

Best Buy Closings Signal End of Big-Box Retail

When Best Buy Co. said yesterday it was closing 50 big stores and opening 100 smaller ones, the world’s largest electronics retailer was adjusting to reality: The era of big-box retail dominance is coming to an end.

The new mantra is small box. While Best Buy, Wal-Mart Stores Inc. and Target Corp. are still opening large stores, all are putting increasing emphasis on smaller ones. Best Buy plans to double the number of its smaller Best Buy Mobile stores by 2016. Wal-Mart is building as many as 100 small-format stores this year, while Target is opening five CityTarget locations.. . . more

Former Macy’s razed in preparation for redevelopment

A 120,000-sq.-ft. former Macy’s building was demolished on Wednesday, as developer WS Development prepares the site for a second redevelopment phase of its Chestnut Hill (Mass.) Shopping Center.

The region’s oldest suburban mall will become home to a new generation of retailers, services and entertainment offerings, including a new 31,000-sq.-ft. Sports Club/LA health and fitness complex and a National Amusements’ theatre and restaurant facility.. . . more

Wal-Mart to cut grocery prices by $1 billion

Wal-Mart Stores Inc. said Thursday it will reduce prices on groceries by $1 billion in 2012, in hopes to draw customers in and encourage them to cross-shop in other areas of the store.

Wal-Mart had $145 billion in grocery sales last year in the United States, making it the largest player in terms of domestic grocery sales. It says the price reductions in food and consumables are an investment and won’t impact margins especially if shoppers respond as planned with additional traffic and loyalty.. . . more

H&M launching new retail chain in 2013

Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

"Like COS, which today is very successful with good profitability, the new chain of stores will be independent and complement the other offerings from the group," H&M CEO Karl-Johan Persson said. "We have great faith in this new brand and we see considerable potential for further initiatives.". . . more

Thursday, March 29, 2012

Best Buy to close 50 U.S. stores

Best Buy's stock took a dive on Thursday after the retailer reported quarterly results that included plans to close 50 big- box stores in the U.S. by 2013.

The company said it plans to open the same number of stores in China during the same time period.. . . more

Eddie Lampert quietly shopping Lands' End

Eddie Lampert is cleaning out the closet at Sears, and he’s not feeling sentimental about Lands’ End.

The number-crunching hedge-fund tycoon — who, as chairman of Sears Holdings, has lately been scrambling to raise cash amid heavy losses at the Sears and Kmart retail chains — has quietly been shopping the Dodgeville Wis. mail-order catalog to potential buyers, The Post has learned.. . . more

Wal-Mart U.S. sales momentum continues

Wal-Mart Stores chief merchandising officer Duncan MacNaughton said during a CIBC conference on Wednesday that Wal-Mart’s domestic sales momentum has continued over the last two months.

The world’s largest retailer registered a same-store sales rise of 1.3% in U.S. stores in the third quarter and a 1.5% increase in the fourth quarter.

Results reversed a nine-quarter streak of same-store sales declines.. . . more

Charming Shoppes posts wider-than-expected loss; to close 90 to 150 stores

Charming Shoppes Inc. recorded a wider-than-expected loss for its fourth quarter as higher product costs and discounts at its Lane Bryant division cut into margins. The chain said plans to close between 90 to 105 underperforming stores this year.. . . more

Family Dollar tops estimates as Q2 profit jumps 10.7%; on track to open 450 to 500 stores

Family Dollar Stores Inc.'s second-quarter earnings rose 10.7% as increased customer traffic fueled higher sales.

During the first half of fiscal 2012, Family Dollar opened 184 stores, closed 36 stores, and renovated, relocated or expanded 342 stores. The chain anticipates opening 450-500 stores for the full fiscal year.. . . more

MGM Resorts drops Brimfield casino plan; launches effort to find new site in Western Massachusetts

Las Vegas casino operator MGM Resorts International is bailing out of the Brimfield project, but is seeking an alternate Western Massachusetts casino location, a company spokesman said on Tuesday.

"The unique nature of MGM’s plans for an all-inclusive world-class resort on the Brimfield site, and our growing understanding of the needed scope for its infrastructure, simply do not allow us to pursue the comprehensive MGM resort originally envisioned here," said William Hornbuckle, MGM’s chief marketing officer.. . . more