Real Estate

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry. What may have been surprising to some — myself included — is their plan to roll out 100 Best Buy Mobile stores.

San Francisco -- The Gymboree Corp. reported Wednesday that it narrowed its loss in the quarter ended Jan. 28 to $24.9 million, compared with a loss of $47.3 million a year earlier.

Sales for the quarter increased 11.9% to $355.8 million, from $318.0 million last year. Same-store sales rose 6%.

The company announced that it plans to open 105 new stores in fiscal 2012, including 80 Crazy 8 stores.
 

MINNEAPOLIS — Another 90 Target stores are slated to receive fresh food in June as part of a major remodeling initiative that has become known simply as PFresh.

Toronto -- Sears Canada Inc. said Tuesday it has agreed sell its Cantrex Group operations to Nationwide Marketing Group.

Sears Canada will maintain ownership of appliance brand Corbeil Electrique.

Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.

Cincinnati -- Macy’s will open a store in Sarasota, Fla., in fall 2014. The two-level, 160,000-sq.-ft. Macy’s will be an anchor of the new Mall at University Town Center, which is due to begin construction later this year.

Macy’s currently operates three stores in the Sarasota-Bradenton market – at Southgate Mall, Sarasota Square and DeSoto Square.
 

New York -- Pompei A.D. announced that Vanessa Rose has been promoted to chief marketing officer.

Previously, Rose was executive director of business development at Pompei A.D. As CMO, she will be responsible for overseeing the firm’s current expansion in the United States including Hawaii, as well as globally in Dubai and throughout Asia.
 

New York -- Canada’s Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million sale, which amounts to a 23.9%% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

Davenport, Iowa -- Von Maur Inc. will expand its women's specialty store concept, Dry Goods, with the opening of a 4,500-sq.-ft. location this fall at Orland Square Mall in Orland Park, Ill. The store will be the specialty store chain's third location in the Greater Chicagoland area and the seventh Dry Goods store overall.

The new Dry Goods will feature leading brands such as Free People, Hudson, Jessica Simpson, Joe's Jeans and Silver, among others. The store's decor will reflect the chain's vintage, turn-of-the-century aesthetic.