Strategy

New York -- Importers and manufacturers who sell to America's major retailers continue to be optimistic regarding a strong fourth quarter and holiday shopping season, according to Capital Business Credit, a non-bank lender that services the retail sector.

New York -- Average asking rents on Lower Fifth Avenue in Manhattan rose 13% since the spring of 2012 to $1,021 per square foot (psf) and are up 51% since the same period in 2011, according to The Real Estate Board of New York (REBNY’s) Fall 2012 Retail Report. The study revealed continued signs of improvement in the Manhattan retail market, with high demand and limited availability, which significantly drove up asking rents especially in the most prominent shopping corridors

WEST LONG BRANCH, N.J. — Sleep Innovations, designer and manufacturer of memory foam products, has been acquired by an affiliate of Sun Capital Partners. The private investment firm specializes in leveraged buyouts and investments in market-leading companies.

HUDSON, Ohio — Jo-Ann Fabric and Craft Stores has launched a mobile-optimized version of Joann.com, m.joann.com, to facilitate shopping for smartphone users just in time for the holiday shopping season.

New York -- Lowe's Cos. said Monday that its third-quarter net income jumped 76%, helped by lower costs and higher revenue. Its adjusted earnings without charges and its revenue both beat Wall Street forecasts.  

Lowe's earned $396 million for the three months ended Nov. 2. That compares with $225 in the year-ago period. Revenue rose 2% to $12.07 billion from $11.85 billion. Same-store sales were up 1.8%.

New York -- Best Buy is open to considering a lowered bid from founder Richard Schulze, according to the New York Post.

The report, citing sources close to the company, suggested the chain is now open to a bid of around $20 per share.

Indianapolis -- The Finish Line announced the re-launch of Finishline.com with an enhanced focus on the customer.

Finish Line collaborated with several industry innovators on the re-launch. Big Spaceship, a digital agency dedicated to creating connective experiences, products and platforms, and Demandware, a  provider of cloud-based commerce solutions, have worked integrally with Finish Line’s digital and IT teams in the research, re-design and implementation of the site.

Positive same-store sales in 12 of 14 merchandise categories at Lowe’s pushed third-quarter profits up 76%.

Lowe's reported third-quarter net income of $396 million, up 76% from earnings of $225 million a year ago on revenues that increased 2% to $12.07 billion, ahead of consensus estimates of $11.93 billion. Same-store sales increased 1.8%.

Lowe’s president and CEO Robert Niblock called the results solid and said the company is focused on improving execution, delivering value and increasing product differentiation.