Strategy

JACKSONVILLE, Fla. -- Stein Mart has plans to open three new stores on March 15, located in Irvine, Calif.; Suwanee, Ga.; and Sunset Hills, Mo.

The Irvine store is a relocation of another Irvine location. The two new and one relocated store bring Stein Mart’s total store count to 264.

“We are pleased to announce the expansion of our footprint in these three existing markets,” said Jay Stein, interim CEO.

Northridge, Calif. -- Two new restaurants will join the tenant lineup at Northridge Fashion Center, located in Northride, Calif. The center will also add an outdoor amphitheater.

Scheduled to open late in fall 2012, Yard House and Elephant Bar will join the center's restaurant row, which already features California Pizza Kitchen, Wood Ranch BBQ & Grill, Claim Jumper and Romano's Macaroni Grill.

QUINCY, Mass., and PURCHASE, N.Y. — Stop & Shop customers in New England and the New York Metro area helped the retailer give back more than $22 million in 2011 into the hundreds of communities in which they operate.

New York City -- Foot Locker Inc. said that its fourth-quarter profit increased 42% amid higher sales and cost cuts.

The company earned a better-than-expected $81 million in the three months that ended Jan. 28, up from $57 million in the year-ago period.

Revenue increased 8% to $1.5 billion, from $1.39 billion. Same-store sales were up 7.5% in quarter.

FORT WORTH, Texas — Pier 1 Imports is about about its first-quarter prospects after reporting surges in both comps and revenue.

The company said that its total revenue for the fourth quarter, ended Feb. 25, increased a better-than-expected 11.8% to $477 million. Same-store sales rose 10.3%.

The chain said total revenue for the fiscal year ended Feb. 25 climbed 9.8% to $1.53 billion.

Fort Worth, Texas -- Pier 1 Imports Inc. said that its total revenue for the fourth quarter, ended Feb. 25, increased a better-than-expected 11.8% to $477 million. Same-store sales rose 10.3%.

The chain said total revenue for the fiscal year ended Feb. 25 climbed 9.8% to $1.53 billion.

The home décor retailer is upbeat about its first-quarter prospects.

PLANO, Texas — JCPenney is looking to make its department store a destination for more than just shopping, and has named a new executive to help lead the charge. Assuming the role of EVP, The Square is Laurie Beja Miller, who will oversee the company's new center core strategy that will serve as a gathering place with ongoing attractions and services, JCPenney announced. Miller will join JCPenney on April 1, and report to CEO Ron Johnson. 

Toronto -- Sears Canada Inc. said on Friday it is shutting down three downtown stores in Vancouver, Calgary and Ottawa. The move follows an announcement last month by Sears Holdings, the majority owner of Sears Canada, that it will raise about $770 million by spinning off parts of its business and selling prime real estate.