Strategy

Burlington, Mass. -- Centro Properties Group announced that Golf Galaxy has opened a 15,200-sq.-ft. store at Burlington Square, located in Burlington, Mass.

New York City-based Centro Properties Group is the owner of Burlington Square.

Framingham, Mass. -- TJX Cos. said Friday it will close its A.J. Wright discount stores by mid-February, cutting 4,400 jobs. The move comes as the company’s T.J. Maxx and Marshalls chains have become better at attracting the lower-income customers that A.J. Wright targeted.

Ninety-one A.J. Wright stores will be converted into T.J. Maxx, Marshalls or HomeGoods stores, and 71 stores and two DC’s will close entirely. About 3,400 employees will keep their jobs and another 4,400 – half part-time and half full-time – will be cut.

Victoria, Texas -- Lack Properties and Lack’s Stores said Thursday it has hired Melville, N.Y.-based DJM Realty, a Gordon Bros. Group company, to manage the disposition of all leased and owned retailer and warehouse facilities throughout Texas.

Lack’s is an independently owned retail home furnishings chain operating as Lack’s and Lacks Home Furnishings.

Chicago -- Jones Lang LaSalle, in a survey released Thursday, found that protecting and building the brand and driving responsible growth are the chief priorities of major retailers for 2011.

The survey, conducted by Jones Lang LaSalle at its recent Retail Executive Forum event, also revealed that the retail industry is placing increasing importance on the value of real estate as a key component of its business and brand strategies for next year.

Hong Kong -- Li & Fung Ltd., the biggest supplier to Wal-Mart Stores said Friday that it may increase acquisitions in China as the country’s consumer spending grows, U.S. demand rebounds and inflation propels companies to seek partners.

Li & Fung president Bruce Rockowitz told Bloomberg that it may buy Chinese companies in the fashion, cosmetics and furniture industries in the next three years. He also said it will increase purchases in the United States, Europe and Japan.

Dallas -- Neiman Marcus Group reported Thursday that profit for the quarter ended Oct. 30 tripled to $25.7 million, compared with $8.5 million in the year-ago period. The retailer cited more full-price selling, higher customer traffic and lower costs for the strong performance.

The operator of its namesake and Bergdorf Goodman stores saw sales rise 6.7% to $927 million. Same-store sales increased 6.4% following a 14% plunge a year ago.

Abilene, Kan. -- Duckwall-Alco Stores reported Friday that its loss for the quarter ended Oct. 31 widened from $1.4 million to $2 million.

The small-town retailer also reported that revenue dropped 0.6% to $110.5 million. Same-store sales decreased 2.3%, which was an improvement over the second-quarter same-store sales drop of 7.2%.

Stamford, Conn. -- Rhys Commercial announced that The Children’s Place has retained it to handle the retailer’s expansion across Connecticut.

According to RHYS, which is actively seeking out locations in densely populated and well-trafficked markets throughout the state, The Children’s Place generally requires between 4,000 and 4,500 sq. ft. of space. The retailer is looking to open new stores in potential infill markets.