Real Estate

MINNEAPOLIS — In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

New York -- Fashion retailer Cache reported Thursday that net income for the fourth quarter ended Dec. 31 was $1.9 million, compared with a loss of $14.2 million the year-ago period.

Sales surged 12.5% to $62.9 million, from $55.9 million in the fourth quarter of fiscal 2010. Same-store sales increased 12.4%.

Year to date the company has closed 12 underperforming stores and said it expects to close five more stores and open two in fiscal 2012.

Houston -- A report in the Houston Chronicle said that grocer Trader Joe’s is opening two additional Houston-area locations — one in the Memorial area and one in Montrose.

In November Trader Joe’s announced its first planned Houston area store in The Woodlands Crossing Shopping Center.

All three stores are slated to open this year. The Memorial-area store will be 14,000 sq. ft., the Montrose store will be 14,500 sq. ft. and the store at The Woodlands will be 13,500 sq. ft.

Boston-based The Wilder Cos. has taken on a new leasing and management assignment – the open-air specialty shopping center The Shops at Valley Square, in Warrington, Pa.

Located in Bucks County, Pa., just north of Philadelphia, The Shops at Valley Square is part of a 140-acre mixed-use development that includes office, retail and residential.

Minneapolis -- Target Corp. announced Thursday the location of its first 12 stores in Quebec. As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc., and plans to open 125 to 135 stores in Canada, the majority of which will open in 2013.

Target said it intends to announce additional Quebec store locations in the coming months.

Target plans to open stores in the following locations in fall 2013:

Hoffman Estates, Ill. -- Multiple reports on Thursday said that Sears Holdings Corp. is considering a sale of its Lands’ End mail-order catalog business, as part of its move to raise up to $2 billion.

The New York Post reported that Sears is in talks with several private-equity firms about the potential sale.

Sears chief Eddie Lampert is said to be likely to hire Goldman Sachs to find a buyer for Lands’ End.
 

Stockholm, Sweden -- Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

Minneapolis -- In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

Hiring is set to get underway soon for new CityTarget stores slated to open this summer in Seattle, Chicago and Los Angles, according to published reports.

Chestnut Hill, Mass. -- A 120,000-sq.-ft. former Macy’s building was demolished on Wednesday, as developer WS Development prepares the site for a second redevelopment phase of its Chestnut Hill (Mass.) Shopping Center.

The region’s oldest suburban mall will become home to a new generation of retailers, services and entertainment offerings, including a new 31,000-sq.-ft. Sports Club/LA health and fitness complex and a National Amusements’ theatre and restaurant facility.