Finance & Capital Management

Big and tall men continued to spend in the first quarter, bucking slow apparel sales throughout the rest of the industry.   Destination XL Group Inc. posted revenue of $107.9 million in the quarter, up 3.3% from $104.4 million in the year-ago period. Total same-store sales rose 2%.  

Fabulous Freddy’s, an eight-unit retail chain headquartered in Las Vegas, provides customers with a little bit of everything.   “We’re a full-service car wash, express lube operation, gas station and convenience store,” said Jeff Warwick, VP and CFO of Fabulous Freddy’s, during an interview with Chain Store Age. “We’re always exploring opportunities to lease store space to franchises or operate in-store franchises ourselves.”  

When the 300,000-sq.-ft. Shoppes at Mid Rivers opens in late 2017 the project will be the largest retail development the St. Louis area has seen in nearly a decade.   GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, said the $54 million project located in St. Peters, Missouri, will have three anchor tenants, five to seven junior anchors, small shop space and four, approximately one-acre outparcels.  

Foot Locker Inc. saw net income reaching unprecedented levels during the first quarter of fiscal 2016, although sales growth missed Wall Street expectations.   Net income rose 4% to $191 million, from $184 million. Higher pretax income offset a slight increase in income tax expense, resulting in the profit boost. Sales also climbed 4% to $1.99 billion, from $1.92 billion. Same-store sales rose 2.9%.  

Columbus, Ohio-based Nationwide Realty Investors’ $650 million Grandview Yard development has consistently been in the news over the past several years, as prominent components of the mixed-use project continue to fall into place and new buildings come online.  

New-build shopping center construction was plodding last year — discounting the outlet category, which continues to grow at record speed. And, yet, sometimes one has to look at the quality of what is coming out of the ground — or expanding — and not just the quantity.

Moving forward with its promise to streamline its business model, Gap Inc. said it plans to close its fleet of 53 Old Navy stores in Japan and also shutter some Banana Republic stores, primarily outside of North America.

The retailer announced the moves on Thursday in its first quarter results, which marked the chain's fifth straight quarter of lower revenue and profit. The company also said it would not reaffirm its earnings guidance for the fiscal year.

Going-out-of-business sales will start before Memorial Day at Sports Authority’s remaining 450 stores nationwide.

The moves comes after the retailer, which filed for Chapter 11 bankruptcy protection in March, was unable to find a buyer.

In a program called LA25, Target Corp. is testing an array of new initiatives, ranging from sleeker apparel fixtures to dedicated service stations for online order pick-ups, at 25 locations in California. The retailer plans to spend $1 billion this year to spruce up its in-store shopping experience, with a portion of that being devoted to remodels, TheStreet reported.

Wal-Mart Stores broke the retail gloom that has penetrated so many recent first quarter earnings reports as it posted higher than expected earnings and revenue gains, and gave an upbeat view for the current period.

Wal-Mart’s strong performance in a quarter that has challenged so many other retailers, including Target, offered evidence that its efforts to improve its U.S. stores are paying off. Among other things, the giant discounter has increased associate pay and taken moves to ensure its stores are more consistently in stock.