Strategy

Hingham, Mass. — Talbots Inc. posted a bigger-than-expected second-quarter loss on Wednesday, largely due to increased markdowns. The retailer also said that chief creative officer Michael Smaldone has departed the company, effective immediately.

Talbots reported a net loss of $37.3 million for the period ended July 30, compared with a profit of $941,000 a year earlier. Revenue fell 10% to $271.1 million from $300.7 million. Same-stores sales fell 10.4%.

Columbus, Ohio -- Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies. 

DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

The transaction is expected to close in the fourth quarter of 2011.

In Fall 2001, Steiner + Associates and Georgetown Co. completed the second phase of mixed-use trendsetter in Easton Town Center, Columbus, Ohio -- and a decade later, the 1.7-million-sq.-ft. development stands as testament that the right project in the right location with the right uses can survive even the most trying economic conditions.

Chain Store Age talked with Yaromir Steiner, CEO of Columbus-based Steiner + Associates, about Easton’s staying power during a recession, and its continued evolution as it strives to remain relevant.

Target last week announced the donation $250,000 in cash and product to assist with Hurricane Irene relief efforts, pushing the total amount the company has committed to domestic disaster relief to more than $1 million. The donations will be distributed among relief agencies including The Salvation Army and the American Red Cross. In addition, Target is giving gift cards and 10,000 relief kits to other local, regional and national nonprofit organizations for such essentials as water and food.

New York City -- In the wake of the power outages caused by Hurricane Irene and other powerful summer storms, Price Chopper is reviewing its back–up plan and considering buying bigger generators, according to The Business Review.

To read the article, go to bizjournals.com/albany/morning_call/2011/09/more-bigger-generators-may-be-in.html
 

Richardson, Texas -- Restaurant chain Wingstop said it has executed development agreements with franchise operators to open 15 new Wingstops in the Atlanta market.

Three development agreements, including an 11-store deal with Tomahawk Brands LLC, will allow the Texas restaurant chain to expand its Atlanta presence from two locations to 17. The first unit under the new agreements is slated to open in early 2012.

CINCINNATI — Kroger has announced the promotion of Joe Fey as president of the Quality Food Centers (QFC) division.

Fey, 57, has been VP merchandising for the company's Michigan division. He succeeds Donna Giordano, who was recently promoted to president of the Ralphs division in California.

So far so good. The third quarter at Target is off to a solid start as Target reported a 4.1% same-store sales increase that was squarely in the middle of the company’s guidance range, which called for an increase in the low to mid single digits.