Department Store

NEW YORK -- Target continues to pull ahead of Walmart in the value retail category, according to a recent Harris poll. The company was named the 2011 Harris Poll Equitrend value retail brand of the year. This is the second consecutive year Target has led the way in the value retail category.

Target lead the way with a ranking of 74.1, while Walmart had a ranking of 70.8. The industry average in the value retail category was 67.3.

New York City -- Japanese apparel retailer Uniqlo said Thursday it will open its third New York City location.

The new store, on 34th Street, set to open this fall, following the opening of the chain’s largest flagship location on Fifth Avenue earlier in the fall. Both stores will join the current Uniqlo location in Manhattan’s Soho district.
 

San Francisco -- Gap has entered into a new $500 million revolving credit facility with a syndicate of banks led by BofA Merrill Lynch, J.P. Morgan and Citigroup Global Markets. The new financing matures in 2016 and replaces the company’s existing $500 million revolving credit facility. As part of the same financing agreement, the company also entered into a $400 million five-year term loan.

New York City -- A poll released Thursday by Harris Interactive named Target Corp. as its Value Retail Brand of the Year.

According to the 2011 Harris Poll EquiTrend Study, Target has the strongest consumer brand equity among retail brands. Overall, awards are given in each of 46 different categories.

This is the second consecutive year Target has led the way in the Value Retail category, with the gap between runner-up Wal-Mart increasing.  

Washington, D.C. -- A report released Thursday by the National Retail Federation and conducted by BIGresearch found that spending on food, gifts and apparel is expected to increase this Easter.

According to NRF’s 2011 Consumer Intentions and Actions survey, the average consumer is expected to spend $131.04 on everything from candy to clothes -- up from last year’s $118.60, but still not quite meeting pre-recession spending levels.

Total spending on Easter-related merchandise is expected to reach $14.6 billion.

Union, N.J. -- Bed Bath & Beyond reported Wednesday that profit for the fourth quarter ended Feb. 26 rose 25% to $283.5 million, compared with $226 million a year earlier.

The company, which forecast earnings growth for the current year that would beat Wall Street estimates, also said it expects to open 45 new stores this year across its banners , which also include Christmas Tree Shops and buybuy Baby, and expects to continue renovating and relocating existing stores.

Kearney, Neb. -- The Buckle announced Thursday that its CFO will step down by February 2012.

Giving no reason for the planned departure, the teen retailer said that CFO Karen Rhoads will continue in her position through the completion of the fiscal year, which ends Jan. 28, 2012, unless a new CFO is found before then.

The company said Rhoads plans to continue to serve on the board of directors.

New York City -- Although there were some same-store drops among the discount retail players in March, most beat Wall Street expectations and showed that shoppers are continuing to spend despite a less-than-ideal economic climate.

Costco Wholesale Club was a strong performer in March, beating analysts’ estimates with a 7% rise in same-store sales for the month, excluding fuel. Wall Street expected a 5.5% increase.

New York City -- Showing that luxury is experiencing measurable bounce in the recovering economy, the higher-end department stores led the same-store sales pack in March.

Saks outperformed the rest of the category, recording an 11.1% same-store sales increase during the month. Total sales rose 9.2% to $260.2 million, compared with $238.2 million in the year-ago period.

New York City -- Shoppers surprised analysts in March by spending stronger than expected during the month, despite rising gas prices, cooler-than-normal temperatures and a late Easter. The Thomson Reuters Same-Store Sales Index rose 1.7% in March, beating estimates, which called for a decrease of 0.7%.