Strategy

By David Thomas, motorolasolutions.com

NAPERVILLE, Ill. — OfficeMax's sales were down for the third quarter, but the company managed to deliver higher net income growth during a period of executive transitions and a tough economy.

OfficeMax announced that total sales were $1.8 billion in the third quarter of 2011, a decrease of 2.1% from the third quarter of 2010.  For the third quarter of 2011, OfficeMax reported net income of $21.5 million, or 25 cents per diluted share, compared with $20 million, or 23 cents per diluted share, in the third quarter of 2010.  

Southlake, Texas -- Oak Brook, Ill.-based Inland Western Retail Real Estate Trust said that Inland Western Southlake Corners Limited Partnership, one of its wholly owned subsidiaries, signed a lease with HomeGoods to occupy a 28,098-sq.-ft. location at Southlake Corners in Southlake, Texas. 

Southlake Corners is a 134,894-sq.-ft. center anchored by Toys “R” Us/Babies “R” Us, Staples and Casual Living.
 

Somers Point, N.J. -- Brixmor Property Group announced a 2,400-sq.-ft. lease has been executed with Pet Valu at Ocean Heights Shopping Center, located in Somers Point, N.J. 

Brixmor, based in New York City, is the owner of Ocean Heights Shopping Center.
 

New York City -- Prudential Douglas Elliman's Retail Group said Wednesday it has a arranged a long-term lease for The Harlem Wine Gallery at 752 Saint Nicholas Avenue, between 147th and 148th Streets in New York City.

The transaction is the second wine and spirit shop that the team has arranged on the corridor in recent months, following Unity Wines & Spirits at 704 Saint Nicholas Avenue.
 
 

Beijing -- Local Chinese newspaper the People’s Daily reported Thursday that, just two days after re-opening all 13 stores in Chongqing following a forced two-week closure for mislabeling regular pork as organic, the retailer has been called out for selling expired coffee in one of its Chongqing stores.

Wal-Mart’s Beijing-based spokeswoman Christina Lee said the retailer is currently investigating the case.

St. Louis -- Brown Shoe Co. said Wednesday it has finalized the sale of its And 1 men’s performance and lifestyle brand to Galaxy International for $55 million.

The And 1 brand was part of the $145 million American Sporting Goods acquisition that Brown completed last February in a move to expand its reach into the fitness category.

Brown Shoe said it plans to use the proceeds from the sale of And 1 to pay down debt.

North Bergen, N.J. -- Vitamin Shoppe reported Wednesday that net income for the quarter ended Sept. 24 rose to $11.9 million, compared with $7.2 million for the same period last year. 

Sales increased 11.5% to $208.9 million, from $187.4 million last year. Same-store sales rose 7.1%. The company opened 10 stores during the quarter, and expects to open 48 new stores in this fiscal year and another 52 locations in fiscal 2012.