Department Store

So Target plans to call its new small format stores CityTarget. It was a little over a year ago the company first disclosed plans to open stores ranging from 60,000-sq.-ft. to 100,000-sq.-ft. in urban locations, but the new name was revealed only last week in connection with the announcement of a 2012 opening of a small store in downtown Chicago.

Indianapolis -- Electronics and appliances retailer Hhgregg said Friday it is planning to open as many as 20 new stores in the Chicago market this fall.

According to a report by the Chicago Tribune, the openings would make the Chicago area the largest market for the chain, with 11% of its 174 stores.

Hhgregg is leasing former Circuit City, Linens ’n Things and Wickes Furniture sites, and plans to open a DC to support the Chicagoland expansion, it said.

The retail world takes center stage this week as financial markets are poised to dissect a slew of earnings reports from major retailers who will be sharing details on the profitability of holiday sales, perspective on the state of the economic recovery and the outlook for consumer spending during the remainder of 2011.

Some spring fashion excitement is on tap for Target stores beginning March 13 when the company celebrates the fifth anniversary of its GO International designer program. Plans call for a collection of 34 dresses from 17 designers who participated in the GO International affordably priced fashion program over the past five years. The limited-edition assortment will be in most Target stores through April 10.

New York City -- Italian eyewear maker and retailer Luxottica Group SpA said Thursday it will acquire two specialty sunglass retailers in a deal worth about $23 million in a move to gain entry to the Mexican market.

Luxottica’s deal to buy Stanza and High Tech includes more than 70 stores that will eventually be rebranded as Sunglass Hut locations.

Walmart and Target are being blamed for driving shares of Canadian retailers to their lowest level in six years, according to a Bloomberg report this week. Bloomberg said the ratio between the S&P/Toronto Stock Exchange Retailing Index and its counterpart in the Standard & Poor’s 500 narrowed to 4% on Feb. 11, the smallest in six years. The retailing index has retreated 2.3% this year, while a separate index of companies that sell food and basic necessities has lost 1.1%, the biggest declines among 24 industries in the S&P/TSX. 

New York City -- Liz Claiborne narrowed its fourth-quarter loss as the company trimmed expenses. But it issued a lackluster outlook for its coming fiscal year.

The company said Thursday that it lost $30.1 million, compared with a loss of $41.7 million in the prior-year period.

Revenue dropped 7% to $703.7 million from $756.5 million, down mostly because of a transition in the licensing model under its J.C. Penney Co. and QVC deals.

Still, the results topped Wall Street's $684.6 million

New York City -- Guess announced Thursday that its North American flagship location has opened at 575 Fifth Avenue, at 47th St., in New York City.

The new store, the retailer’s largest to date, spans 13,000 sq. ft. over two floors and is inspired by the brand’s new global flagship concept launched in Milan last year.