Development/Redevelopment

Willow Grove, Pa. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Jos. A. Bank will open a new store at its Willow Grove Park shopping mall this spring.

The 4,465-sq.-ft. store will be located next to Bloomingdale’s and will join Men’s Wearhouse and Tux, Express, J. Crew, Banana Republic and Guess, expanding Willow Grove Park’s men’s fashion collection.

Encino, Calif. -- NAI Capital announced it has appointed Vicki R. Donkin as senior VP within the firm’s Ontario, Calif., office, effective immediately.

Donkin, who will specialize in investment and land sales/leasing, and marketing and cost benefit analyses for retail and non-retail properties, was previously VP with Present Value Properties of Tustin, Calif., where she marketed tenant and landlord big-box locations.
 

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s quarter included a non-cash tax benefit of $64.7 million.

Sales rose to $165.5 million from $151 million a year earlier. Same-store sales increased 2.3%. Same-store sales for Wet Seal increased 1.9% and for Arden B increased 4.8%.

BENTONVILLE, Ark. -- Wal-Mart Stores said it will open a new office in Atlanta, positioning the retailer to more effectively manage nearly 1,600 stores in 20 eastern U.S. states and allow it to focus on opportunities to grow its business in states such as New York.

The new eastern business unit will be run by Rosalind Brewer, president of Walmart East and executive VP of Walmart U.S.

Hingham, Mass. -- The Talbots reported Thursday a narrower-than-expected fiscal fourth-quarter loss, and said it plans to expand its store re-image program to improve traffic. The chain also it expects to close as many as 100 stores over the next two years.

Talbots lost $2.8 million in the quarter ended Jan. 29, compared with a loss of $1.5 million in the year-ago period.

Net sales fell 7.4% to $292.6 million, compared with $315.9 million in the same period last year. Same-store sales dropped 7.3%.

Grapevine, Texas -- GameStop Corp. reported Thursday that net earnings for the quarter ended Jan. 29 rose 10.1% to $237.8 million, compared with $215.9 million in the year-ago period.

Total sales increased 4.8% to $3.69 billion, from $3.52 billion. Same-store sales increased 2.6%.

For the year, total sales increased 4.3% to an all-time high of $9.47 billion, in comparison to $9.08 billion in fiscal 2009. Same-store sales increased 1.1%. Net earnings increased 8.1% to a record $408 million.

Toronto -- Canadian golf retailer Golf Town said Thursday it has opened its first five stores in the United States, all located in the greater Boston area.

The $25 million U.S. market expansion includes stores in Avon, Bellingham, Reading, Seekonk and Watertown, Mass., all of which opened on March 24 and total about 100,000 sq. ft. A sixth store is slated to open in Northborough, Mass. in the fall.

Bentonville, Ark. -- Wal-Mart Stores said it will open a new office in Atlanta, positioning the retailer to more effectively manage nearly 1,600 stores in 20 eastern U.S. states and allow it to focus on opportunities to grow its business in states such as New York.

The new eastern business unit will be run by Rosalind Brewer, president of Walmart East and executive VP of Walmart U.S.