Retail

San Francisco -- At an investor conference on Thursday, Gap CEO Glenn Murphy announced the company will close 200 of its 900 U.S. namesake stores even as it expands its outlet presence.

While the company did not identify which stores will close, Gap said the 200 Gap brand closures over the next two years will be accompanied by a push to expand its Gap Outlet and Banana Republic factory chains.

On average, across the retailer set, both the number of inserts and number of page counts decreased when comparing the month of May 2011 to May 2010. Notable standouts for the insert counts include a decline of 39% for Home Depot and an 11% decrease for Lowe’s.  While both Home Depot and Lowe’s dropped fewer inserts this year compared to last year, Home Depot’s decline was more pronounced from nearly seven inserts in 2010 to four in 2011.

Dayton, Ohio -- A report Wednesday by the Business Courier said that Petco has purchased a 29-store Complete Petmart chain, based in Dayton, Ohio.

Financial terms of the purchase were not disclosed. San Diego, Calif.-based Petco said all of the chain's 230 employees will become employees of privately held Petco Animal Supplies.

Petco said it will be making changes to the former Complete Petmart store layouts over the next few weeks.

GLENDALE, Calif. — Ahead of the upcoming Licensing International Expo in Las Vegas, Disney Consumer Products chairman Andy Mooney showcased the companies plans to expand its retail presence. According to Mooney, who was speaking at a media presentation, sales of Disney-branded merchandise have grown at a compounded rate of 12% per annum over the last 10 years. 

New York City -- J. Crew Group reported Thursday that it lost $29.9 million in the fiscal third quarter, compared to a profit of $44.7 million in the year-ago period.

The apparel retailer said the loss was due to markdowns to clear out excess inventory and charges related to being acquired.

J. Crew went private in March in a $3 billion deal with two private-equity firms.

Revenue dropped 3% to $281.2 million. Same-store sales fell 3%.
 

Washington, D.C. -- On Wednesday, the Senate rejected the Tester-Corker amendment to delay swipe-fee reform.

Tampa -- Jacksonville, Fla.-based Regency Centers said it has leased retail space in Tampa, Fla. at Town Square Center to Great Clips.

The salon has leased 838 sq. ft. and is slated to open for business in summer 2011.
 
The 44,380-sq.-ft. shopping center is anchored by Petco alongside national retailers such as Starbucks, Panera Bread, Verizon and Pier 1 Imports.
 

Indianapolis -- Commercial real estate firm Lee & Associates announced the addition of Robyn Smart as a senior advisor of the Indianapolis office.

Smart specializes in tenant representation, site acquisition and landlord representation. In her new role, Smart will be responsible for all aspects of retail brokerage.

Prior to joining Lee & Associates, Smart most recently served as an advisor for CB Richard Ellis.