Marketing

By Bob Mason, [email protected]

New York City -- Saks reported Tuesday that its net income rose to $36.3 million for the quarter ended Oct. 30, up from $6.3 million in the year-ago period. Third-quarter 2010 results were helped by a surge in luxury spending and a $26.7 million gain related to income tax reversals.

Revenues rose to $658.8 million for the quarter, compared with $631.4 million the prior year. Same-store sales increased 5.7%.

New York City -- Asking rents for retail spaces in New York City hot spots are rising in certain corridors, according to The Real Estate Board of New York’s (REBNY) Fall 2010 Retail Report.

According to the report, since spring 2010, retail asking rents climbed 21% to $1700 per square foot in the Times Square corridor defined by Broadway and 7th Avenue between 42nd and 47th Streets.

Modesto, Calif. -- Save Mart Supermarkets is set to launch a new value-focused concept, called Maxx Value Foods, which is designed to offer consumers lower prices, with a center aisle dedicated to high-value offerings.

The chain has converted a 34,000-sq.-ft. conventional store in Modesto, Calif., into the new format, which will debut on Wednesday.

The limited-selection store will retain the appearance of a conventional grocery store, but will use a selection of products as a key element to drive down prices, the company said.