Strategy

Philadelphia – Five Below Inc.’s profit  more than doubled to $8.3 million in the second quarter of fiscal 2014, from $4.1 million in the same period last year. Its results beat expectations. The chain issued a third-quarter earnings estimate slightly below Wall Street views, while increasing its full-year sales and earnings guidance.

Revenue in the quarter increased 30% to $152.5 million. Same-store sales increased by 3.2%.

Miami Gardens, Fla. — Palmetto Park, the owner of Palmetto Gardens Plaza, has signed three new leases for the seven-acre shopping plaza located in Miami Gardens. T-Mobile and Cell Phone Repair are both national companies; Lee Nails has a number of other locations throughout Florida.  

Construction on this portion of the plaza is scheduled to be complete by the third quarter of 2015. Construction on a Wal-Mart Neighborhood Store, which will serve as anchor tenant, is underway and will open in the fourth quarter 2014.

Although Lululemon CEO Laurent Potdevin recognizes that there is still much to be done, he praised the company’s “meaningful” progress on building a scalable foundation for its next phase of global growth.

Net revenue for the quarter increased 13% to $390.7 million from $344.5 million in the second quarter last year.

Cincinnati — Jeffrey R. Anderson Real Estate Inc. and Casto announced that increased leasing activity during the last six months brings the Rookwood shopping center to 99% occupancy with the addition of new Carhartt, J.Crew Factory and Rally House stores.

In addition, negotiations are underway to lease the only remaining 1,500-sq-ft. space at Rookwood, which will then achieve full occupancy.
 

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The Vitamin Shoppe’s CEO Tony Truesdale plans to retire June 27, 2015, to spend more time with his family and his external board work.  

The board will start searching for a new CEO, who will be charged with implementing the next stages of the company's long-term growth plans. It will be considering internal and external candidates.

CATOOSA, Okla. — Cherokee Nation Businesses has partnered with commercial real estate developer Woodmont Outlets, an affiliate of The Woodmont Company, to potentially locate a new upscale retail development at Hard Rock Hotel & Casino Tulsa.

CNB has agreed to lease property west of the casino to Woodmont Outlets, which plans to invest $80 million into premium outlet shops to be called “Cherokee Outlets.”
 

Seattle – Starbucks Corp. is reportedly considering changing its policy that forbids visible tattoos on baristas. According to CNNMoney, more than 21,000 employees have signed an online petition asking Starbucks to allow baristas in its stores to display visible, non-offensive tattoos.