Strategy

Trader Joe’s will open its first-ever Schaumburg (Illinois) location on March 20, at Woodfield Village Green, a 687,015-sq.-ft. foot shopping center owned by DDR.

Check out this quick time-lapse video of the nine-month construction process, which involved filling in a man-made retention pond and building the store on top.

Just two years after starting the job, the general counsel at Dollar General has been promoted to executive vice president.

Commerce Calif. -- Value-oriented food retailer Smart & Final Stores Inc. plans to accelerate its expansion after posting double-digit sales growth in the fourth quarter.

Hoffman Estates, Ill. – Sears Holding Corp. expects to form a real estate investment trust (REIT) within a few months and sees nothing wrong with paying vendors early. In a public blog post, Rob Schrieshiem, executive VP and CFO of Sears, said the company expects to form an REIT to purchase between 200 and 300 stores by June 1, 2015.

New York -- Target Corp. has agreed to pay $10 million in a proposed settlement of a class-action suit related to the company’s 2013 data breach, according to court documents filed Wednesday. The retailer confirmed the news in a CBS News report.

“We are pleased to see the process moving forward and look forward to its resolution," Target spokesperson Molly Snyder told CBS News late Wednesday.
   

Irving, Texas -- The Michaels Cos. reported Thursday its net income rose 18% to $157 million in the fourth quarter, up from $133 million in the year-earlier period. But the retailer gave a soft outlook for the year, citing, among other things, unfavorable Canadian exchange rates and the impact of the West Coast port slowdown.
 
Sales for the fourth quarter increased 3.4% to $1.61 billion. Same-store sales increased by 1.4%

Michaels is looking to further bolster its omnichannel strategy in 2015 after reporting an 18% profit jump in the fourth quarter.

The CEO for the Michaels Cos., Chuck Rubin, said: "We achieved solid performance across categories and geographies as our customers recognized and responded to the improvements that we have put in place. As we look to fiscal 2015, we will continue to build upon our vision 2020 strategy to deliver a strong in-store and online shopping experience, increase our market share and expand our customer base."

New York -- Toys "R" Us is not going to renew the lease of its Manhattan flagship, according to various reports. The lease for the massive 110,000-sq.-ft. retail space, at 1514 -1530 Broadway, between 44th and 45th Streets, is set to expire at the end of January 2016. The ground floor of the prime space, in the heart of busy Times Square and with access to Broadway, commands a whopping $2,500 per foot per year in rent, with the second and third floors costing considerably less, according to CNN Money.