Strategy

There was quite a bit of excitement heading into this year’s RECon convention. The event is, in many respects, the annual event for retail real estate professionals from around the country (and more recently from around the world). It seemed to have a little bit more industry buzz going for it than in recent years. I think the combination of some encouraging economic indicators and the feeling that the industry is on the cusp of what may be a more sustainable long-term recovery had everyone’s optimism in high gear.

New York -- Barnes & Noble reported Tuesday that it narrowed its loss for the quarter ended April 28 to $57.6 million, compared with a loss of $59.4 million in the year-ago fourth quarter.

Revenue was essentially flat at $1.38 billion, missing Wall Street’s expected $1.48 billion in revenue. Retail sales rose 5% to $1.05 billion and Nook sales fell 11% to $164 million, as the company took back its Nook Simple Touch e-reader from retailers to make room for new inventory.

Same-store sales increased 4.5%.

Dallas -- Alliance Data Systems has agreed to acquire The Bon-Ton Stores’ private-label credit card portfolio worth $475 million.

Financial terms of the deal were not disclosed.

Alliance Data, which provides private-label credit card services to retailers, will also manage the retailer's private-label credit card program.

Bon-Ton Stores, Inc., operates 272 stores in 23 states across the Northeast, Midwest, and upper Great Plains, under a variety of banners.
 

PHILADELPHIA — Plans for a new distribution center near Philadelphia will allow Dollar General to more effectively replenish its rapidly expanding store base.

Fort Lee, N.J. -- Tucker Development Corp. announced that its mixed-use project planned for downtown Fort Lee, N.J. — Hudson Lights — has received site plan approval from the Fort Lee Borough Planning Board.

The project will encompass eight acres in the heart of downtown.

 “We’ve worked to create a vibrant shop, dine and live quality environment,” said Richard H. Tucker, president and CEO of Tucker Development.

PHILADELPHIA — Pep Boys CFO Ray Arthur has resigned from the company in order to pursue another business opportunity, the company announced Monday. Arthur will continue in his duties until June 29. The Company has engaged Russell Reynolds to conduct a national search for Arthur’s replacement.

Charleston, S.C. -- Colonial Candle said it is opening its first retail and research boutique in Charleston, S.C. The 3,000-sq.-ft. flagship store is the 103-year-old candle company's first and only boutique.

Located in The Shops at Charleston Place, the Colonial Candle boutique joins Godiva, Gucci, Louis Vuitton and Lacoste at the center.
 
The new store is slated to open in early fall 2012.

Columbus, Ohio -- Easton Town Center co-developers Steiner + Associates and The Georgetown Co. announced Monday that they will be adding more than 50,000 sq. ft. of new tenants this year and renovating more than 150,000 sq. ft. of existing space.