Real Estate

Pittsburgh -- Dick's Sporting Goods Inc. reported Tuesday that net income for the quarter ended Oct. 29 surged to $41.5 million, from $16.9 million in the year-ago period.

Revenue rose 9% to $1.18 billion from $1.08 billion, beating Wall Street’s anticipated $1.16 billion in revenue.

Same-store sales rose 4.1%.

Framingham, Mass. -- TJX Cos. reported Tuesday that profit for the quarter ended Oct. 29 rose 15% to $406.5 million, from $372.3 million a year earlier.

Sales increased 5% to $5.79 billion from $5.53 billion, but missed analysts’ expected $5.84 billion. Same-store sales rose 3%.

During the quarter, the retailer increased its store count by a net of 52 stores and increased square footage by 1% over the same period last year.
 

It is a good thing Target has been experimenting with smaller stores in the United States. The experience, limited as it is, will come in handy when the company begins opening stores in former Zellers locations in early 2013.

MATTHEWS, N.C. — Family Dollar is expanding into California for the first time with the opening of four new stores in Ontario, Rialto, Riverside and Fontana. The company's aggressive growth plans also include 450 to 500 new stores to be opened in fiscal 2012.  

Between now and March 2013, when the first Target stores open in Canada, there is a whole lot of heavy lifting to be done at the retailer’s new headquarters in Mississauga, Ontario.

Minneapolis -- Target announced it will open a CityTarget store in the Westwood Market Place, Westwood, Calif., in July 2012. The 98,000- sq.-ft. store will occupy a space that formerly housed Home Depot Expo.

The Westwood location is the second CityTarget store confirmed in the Los Angeles metropolitan area. Target previously announced that it would open a small-format, urban store at Figueroa and 7th in downtown Los Angeles in October 2012.

Matthews, N.C. -- Family Dollar has entered the state of California, opening four stores, in Ontario, Rialto, Riverside and Fontana.

The discounter plans to open 450-500 new stores in fiscal 2012.

Mooresville, N.C. -- Lowe's Cos. reported Monday that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

The home-improvement retailer reported net earnings of $225 million, compared with $404 million in the year-ago period. Charges related to store closures amounted to a pre-tax earnings reduction of $336 million.

Sales increased 2.3% to $11.9 billion, up from $11.6 billion a year earlier. Same-store sales edged up 0.7%, reversing declines in two prior quarters.

Owings Mills, Md. -- Chicago-based General Growth Properties and Hyde Park, N.Y.-based Kimco Realty Corp. said Thursday that the two companies have formed a joint venture partnership to redevelop Owings Mills Mall, Md.

The new JV gives each company 50% interest in the 25-year-old, 1 million-sq.-ft. mall; GGP previously owned 100%.

"We're exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs,” said Shobi Khan, COO, GGP.

Willow Grove, Pa. -- Philadelphia-based Pennsylvania Real Estate Investment Trust announced that Bravo! Cucina Italiana has opened at Willow Grove Park.

The 7,500-sq.-ft. restaurant is the first of its kind in the region, according to PREIT.