Strategy

New York City -- RCS Real Estate Advisors announced that Moe Puri has been promoted to VP from assistant VP.

A member of the RCS Real Estate Advisors team since 2008, Puri’s primary responsibilities included re-negotiating leases on behalf of clients. He has since elevated his expertise and, as a VP, is managing several key client real estate portfolios.

Boynton Beach, Fla. -- Jacksonville, Fla.-based Regency Centers announced the addition of Publix Super Market as the new anchor of Boynton Lakes Plaza, a 117,000-sq.-ft. neighborhood center in Boynton Beach, Fla. 

Publix is relocating from an undersized 39,000-sq.-ft. store in a nearby center to open a new prototype of 45,600 sq. ft. in late summer 2012.   

The store will occupy a former Winn-Dixie site that was closed along with 29 other locations in July 2010.
 

Birmingham, Ala. -- Books-A-Million on Tuesday reported a second-quarter loss of $2.9 million, compared with a net income of $1.9 million in the year-ago period. The chain faulted lower sales as consumers move away from traditional books and pressure from the liquidation sales Borders Group is conducting.

Revenue fell 11.4% to $106.4 million from $120 million last year. Same-store sales fell 12.9%.

Armonk, N.Y. -- Winn-Dixie Stores is implementing IBM point-of-sale and self-checkout technology to transform and enhance customer service, speed innovation and increase operational efficiency. The new technology is expected to improve customer service, speed the checkout process, simplify store operations, and enhance store team member productivity at Winn-Dixie’s 484 stores across the Southeastern United States.

Woonsocket, R.I. -- CVS Caremark said its board has approved a $4 billion stock repurchase program and that it intends to complete an earlier $2 billion program before the end of this year.

Under the new authorization, the retailer said it expects to repurchase about $1 billion in shares by the end of the year.
 

Pittsburgh -- American Eagle Outfitters' second-quarter net income more than doubled to $19.7 million from $9.7 million in the year-ago period. The teen retailer credited the jump on increased revenue, growing online sales and fewer markdowns.

Revenue for the period ended July 30 rose 4 percent to $675.7 million from $651.5 million, surpassing Wall Street's $652 million estimate. Same-store sales were flat compared with a 1% decline in the prior-year period.

Talk about visibility. Target went way beyond the norm in the retail industry earlier this year when it said that within six or seven years sales would reach $100 billion and earnings per share would double to at least $8. Expressing such a long term outlook is not without considerable risk, chief among them is the rapid pace of change in the retail industry and the fact that the competitive landscape and the factors influencing consumer demand could look very different within six or seven years.

It would appear the year is playing out much as Target’s senior executives envisioned many months ago when guidance was provided regarding how the retailer’s sales performance was likely to unfold. As expected, the second quarter same-store sales increase of 3.9% was an acceleration of the 2% gain reported during the first quarter, and now further improvement is anticipated during the third and fourth quarter judging from upwardly revised profit targets shared with investors.

ENGLEWOOD, Colo. — Sports Authority announced that Darrell Webb has been named as interim CEO of the company, replacing David Campisi who is resigning as CEO and president of the company. 

As previously reported by Retailing Today, Webb currently serves as the chairman and CEO of Jo-Ann Stores. Webb previously has held senior positions at The Kroger Company, Fred Meyer Stores and Quality Food Centers. Webb will retain his position as chairman of Jo-Ann Stores while serving as Interim CEO of Sports Authority. 

SAN FRANCISCO — Gap Inc. announced that it plans to open its first stores in Vietnam and Guam through its franchise channel. In Vietnam, the first Gap stores will open this October followed by the first Banana Republic store in 2012. The first Gap store will open in Guam in 2012. The company first made its products available to consumers in this region last year through its international online shipping provider.