Department Store

NEW YORK— J.Crew Group reported that first-quarter revenues decreased 1% to $409.5  million and comparable company sales (which include same-store sales, direct sales and shipping and handling revenues) were down 3% compared with an increase of 16% for the same period last year.

Store sales decreased 3% to $281.2 million, with comparable-store sales decreasing 6%.  Comparable-store sales increased by 15% in the first quarter of fiscal 2010. 

“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.

Toronto -- Sears Canada has replaced more than 130,000 inefficient incandescent spotlights with energy-saving LED lighting in all Sears Home and full-line stores across Canada. The retrofit will reduce the company's electricity use by more than 16 million kilowatt hours (kWh) per year.

In keeping with its renewed focus on EDLP, the average number of promotional pieces per market decreased to two in May compared with 2.8 the prior year, but the average number of pages increased to 40 compared with 30, according to the Chicago-based firm Market Track.

New York City -- The family of a 4-year-old Massachusetts boy who died after falling from an escalator at the Auburn Mall, in Auburn, Mass., have filed a wrongful-death lawsuit that alleges the escalator was "dangerous and defective" and did not follow state codes or the blueprint for its installation.

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%.
 

Investment sales volume of significant retail properties totaled $5.8 billion in the first quarter of 2011, up an astounding 53% from the same period in 2010. It is important to also note that the number of properties traded increased at a slower pace – by 25% – which means that properties are trading at comparatively higher prices.

Per-square-foot pricing, at $167, is at its highest level in two years and 31% higher than the trough in second quarter 2010. Cap rates are at their lowest level since 1980 ending the quarter at 7.6%.