Corporate Governance

Warrendale, Pa. -- Rue21 reported Thursday that profit for the quarter ended April 28 rose 20.6% to $11.6 million, from $9.6 million in the same quarter last year.
   
Net sales increased 18.9% to $205.6 million, from $172.9 million. Same-store sales for the quarter edged up 1.7%.

Bob Fisch, president and CEO said the company is staying its small- and mid-market growth course.

Toronto -- Sears Canada said Thursday it will unveil a new, refreshed store concept in four Ontario locations, designed to illustrate the retailer’s renewed commitment to customer service and store experience.

The four stores – in Barrie, Belleville, Newmarket and at the Lime Ridge mall in Hamilton – will open on May 25, and will the first step to the company’s plans to transform the Sears shopping experience in Canada, said Sears.

Memphis, Tenn. -- Fred's Inc. reported Thursday that profit for the quarter ended April 28 rose 9.9% to $10.5 million, compared with $9.5 million in the year-ago period.

Revenue increased 3.3% to $500.5 million, edging Wall Street’s expected $500.3 million, but same-store sales dipped 0.4%.

The company opened three new regular stores and four express pharmacy stores during the quarter, as part of its plan to open 22 to 28 stores this year.
 

New York -- J. Crew CEO Milliard “Mickey” Drexler is the subject of a CNBC documentary that will premier Thursday, May 24 at 10 p.m., ET, with a re-air at 1 a.m., ET.

I’m just back from the retail real estate industry’s annual confab, the International Council of Shopping Centers’ RECon, in Las Vegas. As part of the event, Faith Hope Consolo, chairman, Prudential Douglas Elliman, hosted a panel discussion of retailers at the Women’s Special Industry Group meeting. Here are some of the more notable quotes from the discussion:

Brenda Godfrey, VP global store development, Starbucks Coffee Co.

National Amusements said it will open a six-screen Cinema de Lux at the Chestnut Hill Shopping Center in March 2013.

The new theater is designed to deliver a high-luxury experience with a full-service restaurant, premium reserved seating and at-your-seat dining.

“We’re looking forward to bringing an unparalleled movie going and dining experience to Chestnut Hill,” said Shari Redstone, president of National Amusements.

Las Vegas -- As retailers and shopping center executives returned to their respective home bases following their biggest show of the year – RECon – they did so with talk of recovery echoing in their ears.

This year’s event – the International Council of Shopping Centers’ RECon convention, held May 20-23 in Las Vegas – was a platform for discussions about expansion and freer capital, albeit tempered by what industry experts are calling a new discipline in the way we all do business.

Voorhees, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Iron Hill Brewery & Restaurant will open its 10th location at Voorhees (N.J.) Town Center in winter 2012/2013.

This will be the second Iron Hill in southern New Jersey.

Milwaukee -- The Milwaukee office of Opus Development Corp. said that Hallmark Gold Crown will occupy the final space of its Shoppes at Fox River Phase I retail development in Waukesha, Wis.

The addition of Hallmark makes the 273,000-sq.-ft. Phase I 100% occupied, including a 132,000-sq.-ft. Target and a 60,000-sq.-ft. LEED-Silver certified Pick ‘n Save grocery store.

Las Vegas -- SkyVue, a 500-sq.-ft. observation wheel taking shape on the Las Vegas Strip, across from Mandalay Bay, has completed the first phase of construction, and has begun excavation on its retail and dining components.

Each side of the wheel will feature a 50,000-sq.-ft. LED screen (the largest in the world), that will host concerts, sporting events, product launches and more. The two-story shopping and dining experience will feature 140,000 sq. ft. of retail space, a 21,000-sq.-ft. convention facility and a food court.