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Department Store

  • TJX Q1 profit drops slips on A.J. Wright closings

    Framingham, Mass. -- TJX Cos. reported Tuesday that net income for the first quarter plummeted 20% on the closing of its A.J. Wright stores, but strong sales buoyed the retailer’s full-year forecasts.

    TJX earned $266 million in the quarter ended April 30, compared with $331.4 million in the year-ago period. Revenue increased 4% to $5.22 billion, surpassing Wall Street's estimate of $5.14 billion.

    Same-store sales increased 2%.

    TJX raised the low end of forecast for full-year adjusted earnings.
     

  • Saks Fifth Avenue’s Off 5th to up store count in 2011

    New York City -- Saks’ Off 5th outlet division announced Tuesday that it plans to open four new stores this year – Kansas City, Oklahoma City, Northbrook, Ill., and Charleston, S.C.

    Additionally, the Off 5th arm said it will open a new store at the Market at Town Center in Sugar Land, Texas, that will replace its store located at The Fountains in Stafford, Texas.
     

  • Soma Intimates to open at Town Center at Boca Raton

    Boca Raton, Fla. -- Indianapolis-based Simon Property Group announced that Soma Intimates, a Chico FAS company, will open on May 25 at Town Center at Boca Raton, located in Boca Raton, Fla.

  • Saks reports Q1 profit soars 51%

    New York City -- Citing a strong rebound in luxury spending, Saks reported Tuesday that net income for the quarter ended April 30 soared 51% to $28.4 million, compared with $18.8 million in the year-ago period.

    Revenue rose 9% to $726 million, and CEO Stephen Sadove said that he is “increasingly optimistic about the future. With the rebound in the financial markets, the luxury sector has rebounded as well.”

    The retailer reported that same-store sales surged 10.2% in the quarter.
     

  • Trademark Property hired to lease, manage Shops of Saddle Creek

    Fort Worth, Texas -- Trademark Property Co. announced Monday that it has been engaged by an institutional owner to lease and manage the Shops at Saddle Creek, a 148,000-sq.-ft. lifestyle center in Germantown, Tenn.

    Trademark will also be evaluating the feasibility of a major expansion on adjacent land controlled by Saddle Creek’s owner.

  • Report: Wal-Mart and Massmart may end talks

    New York City -- Wal-Mart Stores may give up its quest to buy a controlling stake in South Africa’s Massmart Holdings Ltd., if South Africa forces local procurement conditions on the retailers, the companies said, the Associated Press reported.

  • Save the date for education event

    Target is among the key sponsors of a Kids in Need Foundation event slated for this fall in Minneapolis. The company, along with fellow Minneapolis-based supplier 3M, is supporting the organization’s annual cocktail reception and fundraising dinner to be held September 21 at The Depot from 6:30 p.m. to 10:30 p.m. The guest speaker at the event is former OfficeMax chairman and CEO Sam Duncan.

     

     

     

  • Retail Rap: Downsizing may mean compromising brand

    New York City -- Retail real estate columnist Jeff Green has unveiled his newest opine on Chain Store Age’s real estate community website, discussing the impact – both positive and negative – that reducing a store footprint could have on a store’s brand.

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