Finance & Capital Management

Costco’s sales increased by 6% in the month of December and the first few days of January compared with December 2012.

The Issaquah, Wash.-based company reported sales of $11.53 billion during the five weeks that ended Sunday, compared with $10.87 billion during the same period last year. Comps increased by 5% at the company's U.S. stores.

For the 18 weeks that ended Sunday, sales were $38.33 billion, a 6% increase over the $36.26 billion in sales the company had the year before. Comps in the United States increased by 4%.
 

Regional discount retailer Fred’s is making some big changes to its merchandising and operations groups to begin 2014 and has retained several firms to review strategic opportunities.

Schnuck Markets chairman and CEO Scott Schnuck plans to transfer the latter title in March to his brother, president and COO Todd Schnuck.

Todd Schnuck will become president and CEO of the family-owned supermarket chain in March, while Scott Schnuck will remain chairman and assist in the transition through September. Meanwhile, Craig Schnuck will formally retire from the company and become chairman emeritus. Todd Schnuck originally began working at the company in 1987 as treasurer and served as corporate VP and CFO before becoming president and COO.

Retail and consumer products industry veterans Vince Burke, Jim Gillis and Rich Juliano have founded the Burke-Gillis-Juliano Group, a global consultancy focused on the supermarket, mass retail, convenience, drug and specialty retail trade channels.

The consultancy will offer executive management, market strategy, mergers and acquisitions, private equity, business development, product marketing, trade relations and related services to leading retailers, suppliers and vendors in the United States and around the world.

Women’s apparel retailer Cato has made its debut into the world of online shopping with the launch of its first ever e-commerce site. The announcement came as the retailer reported holiday sales for the five-week period ended Jan. 4.
 
Founded in 1946, Cato operates approximately 1,100 apparel and accessories specialty stores throughout the United States. With so many brick-and-mortar locations, the ability to supplement in-store inventory with an e-commerce strategy geared toward a new generation of connected shoppers became crucial for continued growth.

Cincinnati -- Macy’s on Wednesday said that it plans to close five underperforming stores in early spring 2014 and cut 2,500 jobs in “organizational changes” to sustain its profitability. The cost-reduction initiatives are expected to save the retailer about $100 million annually, beginning in 2014.

New York -- After almost 93 years, off-price specialty retailer Loehmann's is going out of business.

On Jan. 7, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going Out of Business" sales in each of Loehmann's 39 locations in 11 states and the District of Columbia.  

Secaucus, N.J. – The Children’s Place Retail Stores has expanded its existing franchise agreement with Fawaz A. AlHokair & Co. SJSC covering retail stores in Saudi Arabia, to include opening a total of approximately 25 stores in Egypt and the Commonwealth of Independent States (C.I.S. Region) of Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan, beginning in mid-2014.

New York -- MPI — Mall Properties, Inc., a private owner, developer and operator of commercial real estate — has changed its name to Olshan Properties.

Los Angeles — The retail availability rate fell 70 basis points in 2013, reaching 12% and reflecting continued net absorption gains, according to a report from CBRE. The rate fell 30 basis points in the fourth quarter, which matches the momentum of the first half of 2013 after a flat third quarter.