Tuesday, April 30, 2013

Springfield strikes deal with MGM for casino license bid

An artist's rendering of MGM's proposed resort-style casino in Downtown Springfield (Courtesy)Springfield officials have chosen MGM to build a nearly $1 billion gaming mecca in the city, picking the Las Vegas behemoth over regional gambling powerhouse Penn National — and narrowing the field of players vying for the western Massachusetts casino license.

Mayor Dominic Sarno today announced the city has struck a deal with MGM, meaning MGM will go forward in the state licensing process for a Springfield casino. Officials from both firms declined comment this morning.. . . more

PayPal hits offline milestone, but Wal-Mart holds out

PayPal hit a new milestone on Tuesday in its quest to be accepted in millions of physical stores, however, the payment division of eBay Inc has yet to persuade Wal-Mart Stores Inc, the world's largest retailer, to sign up.

Discover Financial Services, PayPal's offline partner, has signed contracts with 50 merchant acquirers, which will help extend PayPal's in-store payment service to more than two million outlets in the United States by the end of 2013.. . . more

Best Buy quits Europe

Best Buy's turnaround is gathering pace.

The troubled electronics retailer is pulling the plug on its European business after just five years, selling out to joint venture partner Carphone Warehouse for about $775 million in cash and shares.

Best Buy, which has been battling to stem the loss of sales to online retailers such as Amazon, said the move would simplify its business, improve the group's return on capital and strengthen its balance sheet. . . .
more

Ex-Aeropostale Executive Must Forfeit $25 Million, Jury Says

Aeropostale Inc.’s former top merchandise executive Christopher Finazzo, who was convicted of defrauding the clothing retailer, was ordered to forfeit more than $25 million, prosecutors said.

Finazzo, 57, was found guilty of 14 counts of mail fraud and one count each of conspiracy and wire fraud on April 25 in Brooklyn, New York, federal court. The jury returned a separate verdict today on assets Finazzo must forfeit, prosecutors said.. . . more

Local lenders are piling into commercial & industrial lending

State-chartered banks are seeing growth in their commercial-and-industrial loan portfolios as they benefit from a slowly improving economy, customers continuing to flock from large to smaller financial institutions, and mergers that are bolstering some banks’ bottom lines.

Statewide, local banks reported having $7.38 billion in C&I loans outstanding as of Dec. 31, an 18 percent increase over the $6.26 billion outstanding a year earlier.. . . more

Monday, April 29, 2013

Walgreens goes super in Downtown

Walgreens’ 25,000-square-foot flagship Boston store opens Wednesday in Downtown Crossing, giving residents and shoppers 24-hour access to everything from traditional drugstore products and high-end cosmetics to fresh sushi and sashimi.

“I don’t think I’ve ever seen so much excitement over the opening of a drugstore,” said Rosemarie Sansone, president of the Downtown Boston Business Improvement District. “This is not just your father’s drugstore — this is like a super, super, super-duper drugstore. Residents especially are looking at this as their new supermarket and drugstore.”. . . more

Rue21 Seen Targeted in $6 Billion LBO Spree

Rue 21, which sells tank tops and graphic tees to teenagers at affordable prices, is shaping up to be the next target after private-equity investments in retail reached the highest amount since before the U.S. recession.

As Rue21 plans to open its 1,000th store by the end of January and ultimately boost its U.S. presence to more than 1,700 locations, the chain is projected to more than triple its free cash flow this year, according to data compiled by Bloomberg. With Rue21’s lack of debt leaving room to finance a leveraged buyout, Piper Jaffray Cos. said private-equity firms could be tempted to offer as much as a 50 percent premium for the retailer.. . . more

Push to Require Online Sales Tax Divides the G.O.P.

Legislation that would force Internet retailers to collect sales taxes from their customers has put antitax and small-government activists like Grover Norquist’s Americans for Tax Reform and the Heritage Foundation in an unusual position: they’re losing.

For years, conservative Republican lawmakers have been influenced heavily by the antitax activists in Washington, who have dictated outcomes and become the arbiters of what is and is not a tax increase. But on the question of Internet taxation, their voices have begun to be drowned out by the pleas of struggling retailers back home who complain that their online competitors enjoy an unfair price advantage. . . . more

Goldman Sachs arranges $1.75 billion J.C. Penney loan

Goldman Sachs has put together a $1.75 billion financing package for J.C. Penney Co., with the loan backed by the retailer’s real estate and other assets, according to CNBC.

The news, which has not yet been confirmed by Penney, comes a day after investor George Soros reported a 7.9% stake in the company. Goldman also has not responded to a request for comment.. . . more

Consumer spending rises more than expected

A report released Monday by the Commerce Dept. said that March consumer spending in the U.S. advanced more than forecast – rising 0.2% after a 0.7% increase in February.

The bigger-than-expected gain reflected a jump in services, such as utilities, due to cooler-than-usual temperatures. On average, Bloomberg economists expected spending to be flat in March.. . . more

Shake Shack homes in on Harvard Square address

A New York-based burger chain may be getting ready to open its second Boston-area location in Cambridge's Harvard Square.

A public hearing notice has Shake Shack Harvard Square Boston LLC applying for a special permit to operate a fast food restaurant at 57 John F. Kennedy St.. . . more

Friday, April 26, 2013

Entertainment Tenants Can’t Save All the Struggling Retail Centers

In the age of showrooming and multiple struggling big-box chains, retail landlords and managers have been increasingly looking at entertainment and restaurant tenants to take up spaces left over by large-format traditional retailers. The logic goes that while a Best Buy or a Barnes & Noble store may be taken out by Amazon, movie theaters and restaurants are more immune to online competition because they offer an experience that can’t be duplicated online.. . . more

Starbucks’ Q2 profit tops estimates


Starbucks Coffee Company reported that its second-quarter profit rose 26% to $390.4 million, up from $309.9 million last year, amid sales increases in the Americas and Asia regions. . . more

Thursday, April 25, 2013

Tractor Supply profit up in Q1; opening 100+ stores

Tractor Supply Co. reported Wednesday that net income for the quarter ended March 30 rose to $44 million, compared with $40.3 million in the year-ago period.. . . more

Jones Group to close 170 stores, cut workforce

The Jones Group Inc. announced Monday that it will put into action a series of events designed to shore up profitability, the most significant of which includes shuttering 170 underperforming stores in the U.S. by mid-2014.. . . more

Top real estate and store development exec leaves J.C. Penney

Another Ron Johnson-appointee and former Apple executive has left J.C. Penney. Ben Fay, who was brought as EVP real estate, store design and development, has left the company, according to the Dallas Morning News. Returning to Penney in an advisory capacity is the chain's former senior VP of property development, Tom Clerkin, who took early retirement from the company last year, the report said.. . . more

Dunkin’ Donuts same-store sales rose 1.7 percent in US

Dunkin’ Brands Group Inc., the Canton-based parent company of Dunkin’ Donuts and Baskin-Robbins, said Thursday that sales at Dunkin’ Donuts stores open at least a year, a key retail metric, rose 1.7 percent. . . more

Nordstrom Rack coming to Blackstone Valley

Seattle-based Nordstrom plans to open a discount store at The Shoppes at Blackstone Valley in Millbury, Mass. A 33,000-square-foot Nordstrom Rack is scheduled to open in fall 2013 in the former Wine Nation space. Nordstrom Rack is the off-price retail division of Nordstrom (NYSE: JWN), carrying merchandise from Nordstrom stores and website at up to 60 percent off original prices. The discount store also features apparel, accessories, and shoes from brands carried in Nordstrom stores with savings up to 70 percent off.. . . more

Wednesday, April 24, 2013

Potbelly Sandwich opens in Burlington

Potbelly Sandwich Shop has opened its newest Massachusetts location at Wayside Plaza in Burlington, Mass.

The Chicago-based eatery’s 2,000-square-foot spaces have tried to set themselves apart from other fast casual shops such as Subway, Panera Bread (Nasdaq: PNRA), Quiznos and Five Guys, with live music. Performances are expected to begin on its opening weekend. Musicians interested in performing at the new Burlington Potbelly should contact the manager.. . . more

Icing being rebranded; 35 stores on tap

Icing, a division of Claire’s Stores, is being re-branded with a new store design, new logo and updated imagery, Women’s Wear Daily reported.. . . more

RadioShack’s Q1 loss widens; updating image and stores

RadioShack Corp. on Tuesday reported a bigger-than-expected first quarter loss on weak sales of wireless phone contracts. The company also reported that it is updating its brand and will begin remodeling select locations with a new look and feel over the next few weeks.. . . more

Tuesday, April 23, 2013

Massachusetts moves toward statewide plastic bag ban

State legislators smiled on a bill that would make Massachusetts the first state to ban plastic bags at larger retail stores and restaurants.

The proposed plastic bag ban passed the Environment, Natural Resources and Agriculture Committee on Beacon Hill, Monday, the Patriot Ledger reports. It would prohibit single-use plastic bags at stores and restaurants over 4,000 square feet in size.. . . more

J.C. Penney selling Martha Stewart-designed goods while court battle rages

A Monday report by Reuters said that J.C. Penney has begun selling the Martha Stewart “JCP Everyday” lines of home goods, without waiting for a decision from the New York court.

According to Reuters, Penney general merchandise manager Paul Rutenis testified in New York State Supreme Court on Monday that "as of today, those products are on the floor and online.". . . more

As Supervalu slims down, Cub Foods fights on

As Brian Audette toured Cub Foods’ Stillwater store, the supermarket chain’s president often used words like “variety” and “fresh.” To describe a display of golden Opal apples. To point out clams, mussels and fish fillets on ice. To rhapsodize about doughnuts baked at the store and available in 40 iterations. It’s this full-serve approach across the store, coupled with what Audette calls “value,” that Cub hopes will help turn the tide in the Twin Cities grocery wars. Cub’s market leadership has eroded over the years as low-price leaders Target and Wal-Mart gained ground.

With the recent retooling of Cub’s corporate parent, Eden Prairie-based Supervalu Inc., Audette and his co-workers at Cub have reason for optimism. Struggling Supervalu shed its four largest — and in some cases, most troublesome — conventional chains, leaving five smaller ones. The firm can focus more resources on Cub, now its largest traditional chain.. . . more

7-Eleven Puts 139 C-store Properties on the Market

7-Eleven Inc. tapped NRC Realty & Capital Advisors to help sell 139 convenience stores and/or gas stations. Of the properties, 83 are in Texas, 31 in Florida, 11 in Ohio, eight in Pennsylvania, five in Utah and one in Wisconsin. Forty-three of the Texas properties are located in the convenience store retailer's backyard of Dallas/Fort Worth. In addition, 10 are in the San Antonio market, 10 are near Austin and the remainder are located throughout east Texas.. . . more

Forest City Acquires 100 Percent of Pittsburgh Mall

Forest City Enterprises Inc. acquired 100 percent interest in the Mall at Robinson in Pittsburgh, Pa. from its partner Zamagias Properties and sold its 50 percent interest in the Plaza at Robinson Town Center, an adjacent specialty/strip center, to Zamagias. The transaction brought Forest City net cash proceeds of $7.75 million.. . . more

Monday, April 22, 2013

Ahold USA donates $500,000 to Boston aid fund

Ahold USA and its Stop & Shop banner have donated half a million dollars to a charitable organization set up to aid victims of the recent terrorist attacks in Boston.. . . more

Sherwin-Williams Rings Up Record Q1, To Open 70-80 Stores

Protective and marine coatings held their own, but Sherwin-Williams' paint stores did the heavy lifting in the first quarter, delivering record sales and earnings for the Cleveland-based paint maker.. . . more

Pep Boys: 31 new tire centers in 2013


Pep Boys – Manny, Moe & Jack is budgeting $65 million this year to cover opening 31 Service & Tire Centers and seven supercenters. This budget is nearly 19 percent higher than what Pep Boys invested in the year ended Feb. 2 but about 13 percent lower than the fiscal 2011 outlay.. . . more

New York grocery takes its national ambitions public

New York - Until recently, Fairway was not much more than a legendary market on Manhattan's Upper West Side, where locals went for goods like smoked salmon, medjool dates and cheeses.
Today, it is a fast-growing 12-store grocery chain with ambitions of opening 300 outlets across the country.. . . more

Boylston St. still closed as city reboots

As Boston is once again open for business today, the section of Boylston Street where two suspected bombers killed three and injured more than 170 remains locked down.
The roped-off zone has left some lamenting the lack of communication.. . . more

Friday, April 19, 2013

Baristas Files Franchise Documents in 26 Additional States including MA,NH, and VT

Baristas Coffee Company Inc. announced that it has filed its  Franchise Disclosure Documents with 26 states including Massachusetts, New Hampshire, and Vermont.

This filing is subsequent to the filing to become registered in Baristas' home state of Washington, as well as additional registration states, New York and California.

Newly appointed Director of Store and Brand Development, Mike Reynolds , stated: "We have now completed the filing process and are now fully compliant to sell franchises in over 50% of the country.. . . more

Best Buy names another new director to board

Best Buy Co. Inc. said Thursday that it has appointed a veteran technology executive to its board of directors, its third new member this week.

Russell Fradin, the CEO of SunGard, Fradin, brings technology and operations experience to Best Buy’s board. At SunGard, Fradin oversees a software and technology services company that generates about $4.5 billion in annual sales.

Earlier this week, Best Buy’s board officially seated former CEO Brad Anderson and former president and vice chairman Al Lenzmeier, who will represent founder and chairman emeritus Richard Schulze and his 20 percent stake in the company.. . . more

‘Definitely not a Dick’s,’concept store taps FRCH for design work

Dick’s Sporting Goods is rolling out a new retail concept called Field & Stream. FRCH, one of Cincinnati’s largest architectural and engineering firms, is working with Dick’s to design the new stores.

“It will have a true outdoorsman feel to it,” said Jim Lazzari, chief architectural officer for FRCH. The interior will use natural wood and metal to give the space a rugged image.. . . more

What type of consumer are you?

consumer classification acxiomTruckin' & Stylin'. Shooting Stars. Timeless Elders. Based on where you live, how much money you make and where you shop, you may be classified into one of these categories by one of the country's largest data brokers.

Using its massive database filled with personal data on shoppers and their buying behaviors, data giant Acxiom places each of the U.S. households it tracks into one of 70 categories, ranging from the wealthiest -- dubbed "Summit Estates" -- to the bottom of the income spectrum -- or "Resilient Renters.". . . more

RadioShack beefs up executive team; new prototypes in works

RadioShack Corp. formally announced that it has named two new leaders to its senior management team. Michael DeFazio has been named SVP – store concepts, and Jennifer Warren has been named SVP and chief marketing officer.

DeFazio's responsibilities include the conceptualization, design, development and implementation of a new shopping experience for RadioShack consumers.. . . more

J. C. Penney wins latest court round; rehires company vet Ken Mangone

A New York judge on Thursday rejected a request by Macy's to block J.C. Penney from selling Martha Stewart goods under the "JCP Everyday" label for now, while it appeals a ruling allowing the sale. An order temporarily barring Martha Stewart from selling goods branded with her name at J.C. Penney's is still in place.

In other news, the revolving door continues to turn at Penney with the news that Ron Johnson-appointee Nick Wooster, SVP of product and design is out while company veteran Ken Mangone has returned to the fold.. . . more

Filene’s project to resume as major tenant signed

The long-stalled Filene’s redevelopment in downtown Boston will resume within days, as the project’s developer has signed the advertising firm Arnold Worldwide to occupy a large chunk of a $630 million complex of new offices, stores, and luxury homes.

The upcoming work will bring life back to the property and accelerate the broader revitalization of Downtown Crossing, where the blight at Filene’s has undermined an otherwise robust period of construction activity in the area.. . . more

Thursday, April 18, 2013

Consumer Comfort in U.S. Reaches Five-Year High as Finances Heal

Consumer sentiment jumped last week to the highest level in more than five years as record stock prices and the rebound in housing made more Americans feel the expansion will be maintained.

Last week’s gain in confidence, the biggest in more than a year, was broad-based with every age group, all regions and most income brackets showing an advance, raising the odds that any slump in consumer spending will prove temporary. At the same time, the mood of those on the lower end of the pay scale remained depressed by higher taxes and a slowdown in hiring. . . . more

Prince George's getting closer to its first Whole Foods

A $226 million mixed use development complex in Riverdale Park is moving ahead with the permit application process, despite the status of a key approval condition still up in the air.

The Cafritz development, to be built on Baltimore Avenue across from University Park, would feature the first Whole Foods Market in Prince George’s County, as well as fine dining restaurants, a luxury hotel, a fitness center and nearly 1,000 multifamily and single-family units on the 36-acre property.. . . more

Toys ‘R’ Us Needs to Up its Game for Owners to Cash Out

If Toys ‘R’ Us' private owners hope to eventually sell the toy store chain, retail consultants say they have to become more proactive about improving the retailer’s performance to contend with discount stores and online competitors.

Private equity players Bain Capital and Kohlberg Kravis Roberts and diversified REIT Vornado Realty Trust have owned Toys ‘R’ Us since 2005. The owners had been plotting an IPO for two years as an exit strategy before reversing course in March after realizing the retailer’s performance was too underwhelming to achieve a good valuation. . . . more

Gap to franchise Old Navy overseas, grow smaller brands at home

Gap is laying plans to franchise Old Navy stores in international markets in 2014 to accelerate the company’s global growth. "There is meaningful opportunity for our diverse portfolio of brands to gain share in the $1.4 trillion global apparel market," said CEO Glenn Murphy in a statement. He didn’t elaborate on how many stores it plans on franchising.

Gap also said it is looking into the possibility of opening company-owned Banana Republic and Gap stores in China, and of expanding its smaller, emerging brands – Athleta, PiperLime and newly acquired Intermix – in North America.. . . more

76% of women prefer in-store shopping over smartphone

Research findings released Thursday by mobile-retail marketer Swirl found that a full 76% of women prefer shopping in stores over shopping via their smartphones.

“What Women Want When Apparel Shopping,” which polled 1,000 women shoppers, also revealed that 53% of women have between one and five shopping apps on their smartphones. Yet, still, they opt for the store experience.

According to Swirl, retailers would be well served to focus their mobile strategies more on enhancing the in-store shopping experience than enabling online sales transactions on mobile phones.. . . more

Mass. unemployment rate drops slightly to 6.4% in March, but state loses 5,500 jobs

The Massachusetts unemployment rate was 6.4 percent in March, down from 6.5 percent in February, even as the local economy lost 5,500 jobs last month.

The decline in the state’s March unemployment rate was largely driven by workers giving up job searches and dropping out of the labor force. Only those who actively seek work are counted as unemployed.. . . more

The Burgers of Burlington, MA

There are conflicting claims as to its origin and inventor, and its name derives from a city in Germany, but there’s no more American food item than the hamburger. It’s estimated that on average, Americans eat three hamburgers a week– and some are enjoying as many as five (I can tell you right now I’m not meeting my quota). Briefly out of favor due to healthier eating habits, the lowly burger is lately enjoying a renaissance with the rapid rise and widespread expansion of so-called “better burger” restaurants. . . more

Wednesday, April 17, 2013

Mashpee tribe angered state is considering commercial casino bids for its territory

If the state Gaming Commission votes Thursday to solicit bids for a commercial casino license in southeastern Massachusetts, the Mashpee Wampanoag tribe will continue to seek federal approval for a tribal casino while exploring potential legal action, Tribal Chairman Cedric Cromwell said Tuesday.

 “We would not change the federal process we’re going down,” said Cromwell, who was speaking at a forum the Taunton Area Chamber of Commerce and Pro-Home Inc. held. “We would not jump into the commercial process, because we have that federal sovereign right.”. . . more

Tesco Pulls Plug on Fresh & Easy


Tesco, Britain's biggest retailer, confirmed it will exit its loss-making business in the US, knocking its full-year profit down for the first time in two decades.

Fresh & Easy, which trades from 199 stores and employs about 5,000 people, but has never turned a profit in a market where it competes with the likes of Trader Joe's, Whole Foods Market and Wal-Mart.. . . more

57% of Showroomers Test Products, Then Head to Amazon

ShowroomthumbWe've all felt that twinge of uncertainty when making a purchase online. It's cheaper, but we worry that by buying sight unseen, we won't receive exactly what we anticipated.

That's why more shoppers, especially during the holiday season, are "showrooming."

Showroomers experiment with products in-store then buy them online later for less money. The trend is hitting big retailers like Best Buy and Walmart, as customers use the brick-and-mortar stores to test-drive devices like smartphones and e-readers before buying from retailers like Amazon, where products are cheaper on average.. . . more

Fairway, New York Grocery With Big Ambitions, Goes Public

Until recently, Fairway was not much more than a popular market on Manhattan’s Upper West Side, where residents went for goods like smoked salmon, medjool dates and cheeses.

Today, it is a fast-growing 12-store grocery chain with ambitions of opening 300 outlets across the country.. . . more

Penney's says no store closings, staff cuts planned

J.C. Penney Co. says has no plans to close stores or reduce headcount due to company performance.

The retailer made the statement after saying Monday that it had drawn $850 million out of a $1.85 billion revolving credit facility to help buy inventory as it plots its course after a failed turnaround.. . . more

Build-A-Bear Workshop to open 20-25 stores in 2013

Build-A-Bear Workshop said Monday that it will open 20 to 25 stores in 2013, all under the newly introduced store design.

The first three stores to open in 2013 are at the Mall of Georgia in Atlanta on April 26; at Orland Square in Chicago on May 3; and at Northshore Mall in Peabody, Mass. on May 10.. . . more

Hudson Group launches new travel retail concept

Travel retailer Hudson Group, owner of the Hudson News airport stores, said Tuesday it has launched a new retail concept called Hudson, with the first unit slated to open at the Seattle-Tacoma International Airport’s Central Terminal.

The 3,500-sq.-ft. store moves beyond the traditional newsstand and offers travel-related products such as electronics and media-related items; health and beauty aids; meals, snacks and beverages; locally and regionally themed merchandise from the Puget Sound region; as well as the standard magazines and books.. . . more

Tuesday, April 16, 2013

Some Chains Find Room to Grow in Boston

Boston supermarkets Supermarkets are still finding room to grow in Boston — at least if they don’t mind going down a size or two or trying on a new outfit.

Scaled-down versions of Whole Foods Market and Roche Bros. stores are among the food stores newly opened or in the planning stages in Boston and are emblematic of a drive to grow in neighborhoods where demographics remain attractive but where the space for large grocery stores and accompanying parking fields ran out long ago.. . . more

Mega-REIT Vornado expects to sell more properties than it buys this year

Vornado Realty Trust will sell more properties than it acquires this year, chairman Steven Roth said in his annual letter to investors, according to Bloomberg News.

“I can see the bubble on the horizon; the fat lady entering the building,” Roth wrote in the letter, filed with the U.S. Securities and Exchange Commission on Friday. “My belly tells me that prices are now higher than future prospects and therefore, we will buy carefully and likely sell more than we buy.” . . . more

Can RadioShack Overcome Industry Shifts?

After being part of the American retail landscape for more than 90 years, the iconic RadioShack brand is today struggling to survive. The landscape of the consumer electronics retail industry has changed rapidly in a matter of few years with the entry of online players like Amazon. The traditional brick-and-mortar retailers are gasping for breath and those without ample resources face the threat of extinction.

RadioShack has failed to put in place a comprehensive and definite strategy to deal with market challenges. After keeping the CEO seat vacant for a long time, it finally got itself one in the form of Joseph Magnacca, who was previously an Executive Vice President at Walgreen, a drugstore chain.. . . more

J.C. Penney Said to Seek Ways to Split Real Estate for Cash

J.C. Penney Co. is exploring ways to borrow against its real estate holdings to help raise cash, two people with knowledge of the situation said.

The retailer and its financial advisers are considering options including spinning off real estate into a new subsidiary that could issue debt, said one of the people, who asked not to be named because the matter is private. Certain property-backed transactions may avoid triggering problems under existing bond rules, the person said.. . . more

Consumers want seamless experience across all channels

Retailers that deliver on their customers’ expectations and provide them with a seamless shopping experience – whether they are shopping in a store, online or through a mobile device – will win their loyalty and gain a competitive advantage that drives sales, according to new research by Accenture.

The Accenture Seamless Retail Study found that consumers remain bullish on the in-store shopping experience: Almost all survey participants (94%) found in-store shopping easy. They are less bullish, however, about their experience with other shopping channels: 74% said online shopping is easy, but only 26%  found the mobile phone shopping experience easy.. . . more

Deloitte Consumer Spending Index holds steady

The Deloitte Consumer Spending Index ticked down slightly in March, but has remained relatively steady with a reading over 4.0 the past five months. The Index tracks consumer cash flow as an indicator of future consumer spending.

"The drastic ups and downs among factors including wages, home prices and unemployment claims have subsided, delivering more stability to the Index, which remains at a level consistent with real personal consumption growth of around 2 percent at an annual rate," said Patricia Buckley , director, economic policy and analysis, Deloitte Services LP, and author of the monthly Index. . . . more

Target says 1Q profit will be short of outlook

Target says its first-quarter adjusted profit will likely come in slightly below its forecast because of weaker-than-expected sales of seasonal and weather-sensitive items.

Target Corp. said Tuesday that it expects revenue at stores open at least a year, a key retail metric, will be about flat for the period.. . . more