Real Estate

Beachwood, Ohio -- Developers Diversified Realty Corp. announced Friday it has furthered its commitment to risk management with the formalization of its Enterprise Risk Management Program.

The new program, according to Developers Diversified, is an integration of strategy, process, people and technology that promotes the identification, prioritization, ownership and management of the company's critical risks.

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.

New York City -- FAO Schwarz is seeking to extend the lease for its flagship store in Manhattan, almost three years after the landlord Boston Properties said the retailer would likely have to leave, Bloomberg reported. The store is located in the General Motors Building, on Fifth Avenue at the corner of 58th Street.

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.

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%.

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.

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.

Citrus Heights, Calif. -- Sunrise MarketPlace said Tuesday it has partnered with Mallfinder to launch a redesigned website promoting more than 400 merchants and services in the Citrus Heights, Calif., business improvement district (BID).

The new site, shopSMP.com, is intended to establish the online presence of Sunrise MarketPlace as a premier shopping destination for the Sacramento metro area. A comprehensive gallery features pages for each merchant to provide up-to-date information for shopping, dining, entertainment and services.

Austin, Texas -- Commerce, Mich.-based LaVida Massage announced the opening of its first Texas location, in Austin, on Feb. 28.

Located at the Hills shopping center, the 2,600-sq.-ft. facility features nine massage rooms.