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Safeway profit slips in Q2; on track to open 10 Lifestyle stores in 2012
Pleasanton, Calif. -- Safeway Inc. reported Thursday that profit for the second quarter dropped to $121.7 million from $146 million in the same period last year.
Sales inched up 1.9% to $10.4 billion, and same-store sales rose 0.8%.
For the year, Safeway said it expects to invest $900 million in capital expenditures to open approximately 10 new Lifestyle stores, complete 10 Lifestyle remodels, refurbish in-store pharmacies and develop properties through its Property Development Centers subsidiary.
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First CityTarget stores debut July 25
Chicago -- The first of Target’s smaller-format CityTarget urban stores are slated to open on July 25 in Chicago, Los Angeles and Seattle.
Two years in the making, the smaller stores will feature broad offerings in a space two-thirds the size of a regular Target store – or 80,000 sq. ft. to 100,000 sq. ft., compared with 135,000 sq. ft. to 175,000 sq. ft.