Department Store

MENOMONEE FALLS, Wis. — Kohl’s continues to focus on funding its e-commerce growth following results for the second quarter ended August 3. 

Alameda, Calif. — Crazy 8 has signed a 10-year lease for a 3,117-sq.-ft. space at the Alameda South Shore Center in Alameda, Calif. The deal will bring the 594,000 open-air lifestyle center up to an occupancy rate of 92%. The new store is slated to open this fall.

SRS Real Estate Partners represented Crazy 8 in the transaction. Cornish & Carey Commercial Newmark Knight Frank represented Jamestown, the shopping center’s owner.

New York -- As turmoil continues to surround J.C. Penney, one investor is upping his support of the embattled retailer even as two other large investors leave. Regulatory filings on Wednesday revealed that billionaire investor George Soros has added two million shares to his current 19.98 million in Penney holdings.

The latest investment makes Soros Fund Management Penney’s second-largest investor, behind disgruntled hedge fund manager Bill Ackman.

Seattle -- Nordstrom said its net income for the fiscal second quarter, ended Aug. 3, rose to $184 million from $156 million in the year-ago period. But the department store retailer cut its yearly forecast, citing softer-than-anticipated sales trends.

Nordstrom said revenue rose 6.4% % to $3.1 billion, short of the $3.29 billion Wall Street expected. Total company same-store sales increased 4.4%.

As the turmoil with hedge fund manager Bill Ackman winds down at J.C. Penney, another of the company’s investors is making headlines. This time it’s George Soros, who according to regulatory filings, has added two million shares to his current 19.98 million in Penney holdings.

This latest venture makes Soros Fund Management Penney’s second-largest investor — behind Ackman.

Menomonee Falls, Wis. -- Kohl’s Corp. reported that profit for the quarter ended Aug. 3 fell 4% to $231 million, compared with $240 million in the year-ago period. Results were impacted by rising costs, but still met Wall Street expectations.

Sales edged up 2% to $4.29 billion from $4.21 billion in the period, and matched analysts’ expectations. Same-store sales rose 0.9%, missing Wall Street’s estimated 1.1% rise.

By Stephen Springham, senior retail analyst Planet Retail
 
After the horror show of Q1, Walmart had so much to prove domestically in Q2. And it has again come up short. A U.S. comp store decline of 0.3% was below earlier management of a 0.2% decline, guidance that was endorsed as recently as the Annual Shareholder Meeting in June. This marks the second quarter that U.S. comps have been both in negative territory and below guidance. Those accusing Walmart of ‘crying wolf’ in its bullishness (ourselves included) may feel vindicated.

As discount retailers such as TJ Maxx and Saks Off Fifth get comfortable in e-commerce territory, closeout retailer Tuesday Morning is bowing out of the digital space, according to reports.