U.S. Consumers Still Cutting Back, April Sales Down
from Gifts and Tablewares
According to the National Retail Federation, retail industry sales for April (which exclude automobiles, gas stations, and restaurants) decreased 0.4 percent seasonally adjusted from March and dropped 1.7 percent unadjusted over last year. April retail sales released by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) decreased 0.4 percent seasonally adjusted over March and decreased 9.4 percent unadjusted year-over-year. More
Rainwater Will be Captured, Used at Mall
from The Post-Standard
After more than two years of construction, the first phase of Destiny USA is 90 percent complete and will be ready for retail tenants in the summer. Destiny USA executive David Aitken said the three-story addition to the Carousel Center shopping mall in Syracuse, N.Y. Ninety-one percent of construction debris was recycled or otherwise diverted from landfills. A rainwater collection, or "harvest," system gathers water through 60 special roof drains, then sends it through 8,000 feet of piping to a retention pond with a capacity of 116,000 gallons on the southwest corner of the mall property. More
Kohl’s, BJ’s Wholesale say April Sales Helped Profit
Kohl’s Corp., BJ’s Wholesale Club Inc. and other U.S. retailers said first-quarter preliminary earnings exceeded their forecasts after April sales signaled shoppers are returning to stores. Wal-Mart Stores Inc., the world’s largest retailer, said sales at U.S. stores open at least a year rose 5 percent. The company had forecast as much as 3 percent growth for the quarter. Sales at clothing chain Aeropostale Inc. climbed 20 percent, more than twice the average analyst estimate in a survey by Retail Metrics Inc. Gap Inc. also beat projections. More
Mini Versions of Big-Box Stores
from The New York Times
During the current economic downturn, as many companies are closing stores and cutting costs, it might seem counterintuitive to be opening new stores. Not here in Bothell, around 20 miles northeast of Seattle, where in January, OfficeMax opened one of its three new concept stores in the Seattle area that offer a pared-down selection of its most popular products. Each of the new stores, called Ink Paper Scissors, covers only 2,000 square feet — about a ninth the size of a typical OfficeMax — and offers basics like copy-making supplies and printer-cartridge refills. More
What the Credit Card Bill of Rights Means for Consumers
from The Boston Globe
This week, Congress passed the Credit Cardholders' Bill of Rights Act of 2009 and sent it to President Obama for his signature. This bill amends the Truth in Lending Act and provides consumers with many reforms to the way credit cards are issued and administered today. More
Nike Plans to Cut 5 Percent of Its Work Force
from The Wall Street Journal
Nike Inc., the world's largest maker of sportswear by sales, said it would cut 1,750 jobs in its world-wide operations, or about 5 percent of its work force. Roughly 500 jobs will be lost at its Beaverton, Ore., headquarters, the company said. A Nike spokesman didn't elaborate on how the cuts were distributed among the company's departments and its subsidiaries. More
Canadian Cosmetic Retailer Sold to French Company
from the Edmonton Journal
High-end cosmetics retailer L’Occitane Canada has been sold to France’s L’Occitane en Provence. The Toronto-based company operates 12 boutiques, including a store at West Edmonton Mall. It was owned by Solange and Jon Strom, who distributed L’Occitane products in Canada. More
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JC Penney Continues Store Expansions
Despite the economic downturn, JC Penney is still on track to have 17 new stores up and running by the end of 2009. The capital expenditure on the store openings will be $600 million. Furthermore, the retailer plans to accelerate the opening of its Sephora brand division. The “store-within-a-store” concept sells national brands of makeup, skin care, fragrance and accessories. More
Limited Brands Reports First Quarter 2009 Earnings
from Yahoo! Finance
Limited Brands, Inc. reported 2009 first quarter result. Earnings per share for the first quarter ended May 2, 2009, were $0.01 compared to adjusted earnings per share of $0.11 for the quarter ended May 3, 2008, which exclude certain significant items in 2008 as detailed below. First quarter operating income was $65.2 million compared to adjusted operating income of $100.4 million last year, and net income was $2.6 million compared to adjusted net income of $36.4 million last year. More
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Barnes & Noble Posts Loss but Boosts its Forecasts
from The Wall Street Journal
Barnes & Noble Inc. posted a wider fiscal first-quarter loss amid weak store traffic, but the bookseller boosted its fiscal year outlook and forecast fiscal second-quarter earnings above Wall Street's expectations, crediting its cost-cutting efforts. The company's shares rose in early trading as the loss wasn't as deep as expected. More
7-Eleven Eyes Shopping Centers
from CSP Daily News
As 7-Eleven Inc. prepares to take part in a retail real-estate convention this week, it's making it known to the real-estate industry that it is focused on aggressively growing its store base to expand its convenience offering in the U.S. and Canada. More
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