Consumer Electronics

Albany, N.Y. -- Trans World Entertainment Corp. reported Thursday that it recorded a loss of $16.1 million in the third quarter, compared with a loss of $22.3 million a year earlier.

Total sales dropped 20% to $128.8 million. Same-store sales decreased 5%.

The company, which owns the f.y.e. (For Your Entertainment) chain of music stores, operated an average of 533 stores during the quarter, compared with 694 in the same quarter last year, a 23% decline.

 

Winchester, Va. -- Bethesda, Md.-based Sax Realty said that Bed Bath & Beyond has leased 27,000 sq. ft. of space at Shops at Tevis in Winchester, Va.

Bed Bath & Beyond, which is slated to open in spring 2011, joins Borders Books, Hhgregg, Old Navy, Ross and Michael’s at the center.

Madison, Miss. -- Chattanooga, Tenn.-based CBL & Associates Properties announced the opening of Phase I of The Forum at Grandview, a community center development in Madison, Miss.

The 110,000-sq.-ft. Phase I opened 100% leased with anchors Best Buy, Dick’s Sporting Goods and Stein Mart. The new stores join the existing anchors Miskelly Furniture and Malco Grandview Theater.

The Forum at Grandview is a joint venture of CBL and The Mattiace Co.

Washington, D.C. -- After going head-to-head with discounted holiday gifts such as luxury cashmere sweaters and appliances last year, gift cards are expected to emerge as winners this holiday season. According to NRF’s 2010 Gift Card Consumer Intentions and Actions survey, conducted by BIGresearch, Americans will spend an average of $145.61 on gift cards, up from $139.91 last year. Total gift-card spending is expected to reach $24.78 billion.

New York City -- Best Buy has become the latest retailer to offer free shipping for select online orders for the holidays.

The chain said the offer, which is good through Dec. 21, is valid on hundreds of thousands of items, including all CD’s, Blu-Ray and DVD movies, as well as gaming software and accessories.

Other retailers have begun offering free shipping programs to entice shoppers to open their wallets this holiday season, including Wal-Mart Stores, J.C. Penney and Target Corp.

New York City -- Asking rents for retail spaces in New York City hot spots are rising in certain corridors, according to The Real Estate Board of New York’s (REBNY) Fall 2010 Retail Report.

According to the report, since spring 2010, retail asking rents climbed 21% to $1700 per square foot in the Times Square corridor defined by Broadway and 7th Avenue between 42nd and 47th Streets.

Chicago -- Black Friday sales are expected to increase by 3.8% and Cyber Monday sales to grow by 2.5% this holiday season, according to BDO USA’s Retail Compass Survey of CMOs, which polls chief marketing officers at 100 leading U.S. retailers. Black Friday and Cyber Monday expectations are more bullish this year compared with 2009 when both were expected to rise by 1.8%.