Real Estate

Fourth quarter earnings per share at Target advanced 17% to $1.45 compared with $1.24 the prior year, thanks to a seven-cent-a-share tax benefit, and quarterly profits were slightly more than $1 billion compared with $936 million the prior year. Fourth-quarter sales increased 2.8% to $20.3 billion compared with $19.7 billion the prior year and were aided by a 2.4% increase in same-store sales.

Hingham, Mass. -- The Talbots unveiled its new store design at the Westfield Garden State Plaza in Paramus, N.J.

The 5,500-sq.-ft. store has an upscale, residential feel, with a layout of five individual rooms for different merchandise stories.

Talbots chief creative officer Michael Smaldone collaborated with Robin Kramer of Kramer Design Group on the space.

Buffalo, N.Y. -- Headwear and apparel retailer New Era said Thursday it will expand its international presence with the opening of New Era Tokyo on Feb. 26.

The 1,100-sq.-ft. store, the retailer’s eighth global store, is located in Harajuku.

"We're focused on growing our retail presence internationally so having a flagship store in Japan's main city is really exciting," said Matthew Reeves, New Era Japan's managing director.

Seattle -- American Girl said Wednesday it will make its Northwest U.S. debut as it opens a new store this summer at Alderwood Mall in Lynnwood, Wash.

According to a report by the Seattle Times, the Middleton, Wis.-based retailer, a division of Mattel, said it is taking 12,500 sq. ft. of space spanning the mall's interior and outdoor Village.
 
The new store will replace several departed or relocated tenants, including Cold Stone Creamery, World Wrapps and Anchor Blue.

Redmond, Wash. -- PlayNetwork said Thursday it has launched into the European market and acquired Absolute Audio Systems Ltd., a U.K.-based provider of commercial media products and A/V systems integration services across Europe.

FRAMINGHAM, Mass. — TJX Cos. reported a 15% drop in fourth-quarter earnings, dragged down by costs to close its A.J. Wright store division. The company also plans to repurchase $1.2 billion of its stock this fiscal year and raise its dividend.

The retailer earned $334.4 million in the three months ended Jan. 29, compared with $394.9 million in the same period last year.

Revenue rose 6.5% to $6.33 billion. Same-store sales were up 2% over the prior year’s strong 12% increase.

Chesapeake, Va. -- Dollar Tree's fiscal fourth-quarter earnings rose 20.4% to $162.5 million amid rising sales and widening margins.

Net sales for the quarter, which ended Jan. 30, increased 10.7% to $1.73 billion . Same-store sales were up 3.9%.

The company's top-performing categories in the quarter included food, party supplies, health and beauty care, and housewares and home products.

Washington, D.C. -- More than 500 building projects have certified through the LEED Volume Program since the pilot launched in 2006, according to the U.S. Green Building Council. The LEED Volume Program streamlines the certification process for high-volume property owners and managers, from commercial real estate firms, national retailers and hospitality providers, to local, state and federal governments.

On Feb. 17, Borders Group announced that it had retained Melville, N.Y.-based DJM Realty, a Gordon Bros. Group Co., to manage the disposition project of the 200 stores that would be shuttered as a result of the bookseller’s just-reported Chapter 11 bankruptcy filing.

Chain Store Age talked with Andy Graiser, co-president of DJM Realty, about the assignment, and how a better Borders might emerge from the process.

Tell me about the Borders assignment, including your timeline and strategy for disposition.

Mooresville, N.C. -- Lowe’s reported a 39% increase in fiscal fourth-quarter earnings to $285 million, up from $205 million a year earlier.

Sales grew 3% in the latest quarter to $10.5 billion. Same-store sales rose 1.1%.

For fiscal 2010, net income grew to $2 billion, from $1.8 billion in fiscal 2009. Sales grew to $48.8 billion from $47.2 billion.

The company expects to open 25 to 30 stores in 2011.