Strategy

Loblaw Companies Limited has transformed the famed Maple Leaf Gardens in Toronto — an iconic Canadian landmark and former home of one of the most famous hockey arenas in North America — into the ultimate upscale supermarket destination. Massive in scope and ambition, the 85,000-sq.-ft. store more than lives up to its billing as “Toronto’s new crown jewel of food stores.”

By Tony Burton, [email protected]

Tax season is upon us and retailers are aiming to get all of their ducks in a row. Yet, there are a number of complicated tax issues that are difficult for retailers to manage and many will be worrying about audits and penalties after they have filed. During an audit, numerous U.S. retailers discover that inaccurate or outdated geolocational data has led them to take too much or too little tax on customer payments or employee withholdings.

Beachwood, Ohio -- Mall owner DDR Corp. announced Wednesday that it has acquired its joint-venture partner’s 50% ownership interest in two power centers located in Portland, Ore., and in Phoenix. The $70 million transaction gives DDR full ownership of the assets.

Tanasbourne Town Center, in Portland, is a large-format power center totaling 566,000 sq. ft. and anchored by Target, Nordstrom Rack, Bed Bath & Beyond, Ross Dress For Less, Michaels, Old Navy and Petco.

New York -- Lowe's is going on the offensive, and investing in a wide array of initiatives to win shoppers from rival The Home Depot.

“Everything we did [in the past] was store-centric. Today, we are all about the customer. So, it's about meeting the customer on their terms, no matter how they choose to interact with Lowe's: Whether it is in their room, at their jobsite, on the phone or on the web,” Robert Hull, CFO, Lowe’s, told Reuters.

PHILADELPHIA — Pep Boys sales were up in the fourth quarter, but were earnings were down on merger costs and other expenses. The company reported that sales for the thirteen weeks ended Jan. 28 increased by $27.9 million, or 5.9%, to $505.3 million from $477.4 million for the thirteen weeks ended Jan. 29, 2011. Comparable sales increased slightly (0.8%) and consisted of a decrease of 0.1% in comparable service revenue and an increase of 1% in comparable merchandise sales.

SEATTLE — Banana Republic and Google Offers, a coupon incentive program, are joining with Starbucks and Opportunity Finance Network to support the Create Jobs for USA program.

The pair, which are the first businesses to join Starbucks in the initiative, will run special promotions and make donations in support of the program that is designed to raise money to put Americans back to work.

ST. PETERSBURG, Fla. — HSN has acquired lifestyle brand Chasing Fireflies. Terms of the transaction weren’t disclosed.

The purchase, which was made through the multichannel retailer’s Cornerstone Brands segment, will accelerate HSN’s move into content-driven lifestyle businesses.

AMSTERDAM — Staples has launched a new loyalty program for its customers in France.  According to the company Staples Fidélité makes it easy for all Staples online customers to save on essential office products. 

FRAMINGHAM, Mass. — TJX's board of directors has raised the company's quarterly dividend by 21% from the last dividend paid. The board declared a regular quarterly dividend in the amount of 11.5 cents per share, payable May 31 to shareholders of record on May 10.

Sandusky, Ohio -- Youngstown, Ohio-based The Cafaro Co. said Tuesday that cosmetics retailer Ulta will open a store at its Sandusky Mall property, located in Sandusky, Ohio.

Ulta’s new 11,000-sq.-ft. store is slated to open in the fourth quarter, bringing the Pavilion section of the complex to 100% occupancy.

The 1+ million-sq.-ft. mall is anchored by Macy’s, Elder-Beerman, Sears, J.C. Penney, Target and Dick’s Sporting Goods, and features more than 90 other specialty shops.