Department Store

“The economic model of Outlet is the highest return on capital and is where customers gravitate," Gap CEO Glenn Murphy said at an investment conference in New York City, where he revealed the company will close 200 U.S. Gap stores and expand its outlet base.

But don’t expect the stores to be filled with last year’s castoffs.

"I don't want them bringing stripes in the stores if stripes are last year's idea,” Murphy said.

Greeley, Colo. -- Jacksonville, Fla.-based Regency Centers said it has leased retail space in Greeley, Colo., to T.J. Maxx, which will open a 25,000-sq.-ft. store at Centerplace of Greeley III shopping center.

The 119,000-sq.-ft. shopping center is anchored by a 42,000-sq.-ft. Sports Authority and a 30,000-sq.-ft. Best Buy.

Express is launching a store design concept created by the hot Japanese design firm Wonderwall. The new format, debuting at King of Prussia Mall, King of Prussia, Pa., has a modern, sophisticated look and combines elements of refined chic with more unconventional materials. It also introduces social media into Express’ store environment. The same concept is sets to launch at Kenwood Towne Center in Cincinnati.

New York City -- Brazil jumped to first place in A.T. Kearney’s annual ranking of the top developing economies for global retail expansion, followed by Uruguay and Chile respectively.

The 10th annual Global Retail Development Index reflects the dramatic changes that have taken place in global markets, and the varying impacts they have had on different emerging economies. Notably, countries in South America, which fared well during the recession, posted an impressive 6% growth in 2010.

Niles, Ohio -- Youngstown, Ohio-based Cafaro Co., which owns Eastwood Mall in Niles, Ohio, announced Thursday that anchor Macy’s will begin a multi-million dollar renovation, which will be its first full-store refresh since its opening in 1969.

The renovation to the two-level, 157,000-sq.-ft. Macy’s will include new flooring, ceiling and wall treatments, additional accent lighting and new fixtures. The aisles will be reconfigured to improve flow and sight lines.

Ann Arbor, Mich. -- Borders Group said Thursday that it is faced with closing dozens of its best-performing stores due to a requirement of its bankruptcy financing if their landlords don't agree to extend a lease-negotiation period.

Borders, which filed for bankruptcy protection in February, has extension agreements for 365 stores. But the book seller said in a court filing Thursday that it is still negotiating extensions for 51 stores, many of which are among its top-selling stores, including one near Penn Station in New York.

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.

New York City -- Two private equity firms are teaming up to make a bid to purchase BJ’s Wholesale Club, the New York Post reported.

Leonard Green & Partners and CVC Capital Partners are reportedly set to offer $2.8 billion to purchase the club retailer, according to the Post.

Rumors that BJ's Wholesale could be sold have been circulating for months. In March, the chain revealed in an SEC filing that it entered into a "confidentiality agreement" with Leonard Green to evaluate a possible purchase.