Strategy

Nordstrom  plans to shutter its location at Horton Plaza, in downtown San Diego.  The store, which opened in 1985, will remain open through August 26, 2016.   "These are always tough decisions to make, but in taking a look at the store's performance and our business needs into the future, we believe this is the best direction to take," said Jamie Nordstrom, president of stores for Nordstrom. "We look forward to serving our loyal Horton Plaza customers at our other San Diego stores.”  

Sports apparel retailer The Finish Line topped Street estimates for its first quarter, turning in a solid performance in a challenging retail environment.    The company reported net income of $9.63 million for the period ended May 28, down 29.9% from $13.73 million in the year-ago quarter, amid higher costs.     Net sales rose 2.28% to $453.52 million, higher than expected,  from $443.39 million in the same quarter last year. Same-store sales increased 1.5%.  

J.C. Penney announced a positive development on the financial front.   The department store retailer announced it has successfully completed refinancing its $2.25 billion five-year senior secured term loans, which should generate about $24 million in interest expense savings.  

Primark, one of Europe’s largest apparel retailers, will anchor a complete redevelopment of Macerich’s Kings Plaza in Brooklyn. It will be joined by Spain-based Zara, which the New York Times has called the world’s largest fashion retailer. The Sears store at Kings Plaza will close for renovation in September.  

Bed Bath & Beyond Inc.’s  first quarter profit  declined amid flat sales and  increased expenses that cut into its bottom-line.   The company’s profit fell to $122.6 million from $158.5 million in the year-ago period, less than analysts had expected.   Sales remained flat year-over-year at $2.74 billion, also below estimates. Same-store sales decreased 0.5%. 

Barnes & Noble is getting serious about restaurants.   The bookseller announced it has promoted Jaime Carey, currently COO, to president of development & restaurant group, effective immediately. Carey will be responsible for overseeing the chain’s real estate development and its newly created restaurant group.   

Whole Foods Market continues its expansion in the Chicago market, opening a store in the city’s Hyde Park neighborhood. It’s the grocer’s 26th Chicagoland location.  

The National Retail Federation on Thursday pointed a dire outcome if the new overtime regulations are implemented as is.     The NRF told the House Small Business Committee that the new regulations  will lead to hiring freezes and layoffs for full-time workers if enacted as planned December 1.   “Proponents of this rule have touted the changes as a welcomed job creator,” NRF senior VP for government relations David French said. “These claims are riddled with partial truths.”