Department Store

An official from the town of North Myrtle Beach in South Carolina is looking forward to more jobs and tourist income from the expansion of a shopping center in the beach resort area.   RealtyLink, a developer of power centers in the Southeast and Midwest, is about halfway done with its phase three expansion of the Coastal North Town Center & Village Shoppes on Highway 17. The 147,000-sq.-ft. addition will take the center size beyond 540,000 sq. ft.  

Jeff Gennette, who is set to take the reins of Macy’s Inc. from longtime chief executive Terry Lundgren in approximately one week, gave some hints of how Macy’s store experience is likely to evolve.     

The ax has fallen: J.C. Penney has released the list of 138 stores it plans to close.   

Walmart continues to grow both its e-commerce and fashion presence.    On Friday, the discounter announced it had acquired the assets and operations of online retailer ModCloth, which specializes in eclectic and quirky apparel and accessories for 18- to 35-year-old women. The company did not reveal the purchase price.  

Jones Lang LaSalle has announced the hiring of two new vice presidents to handle leasing of third-party-managed retail properties in West Coast markets.  

Despite the growth of online shopping, brick and mortar stores are still critical to retail success.   “Retail stores are not dead,” said Shelley E. Kohan, VP of retail consulting at RetailNext Inc. “The retailers who continue to embrace change in their business models will be well positioned for today and in the future."  

A strong performance in Asia helped Tiffany & Co. beat fourth quarter expectations even as sales as its U.S. stores sagged.   The luxury jeweler reported net income of $157.8 million, or $1.26 per share, for the quarter ended Jan. 31, compared with $163.2 million, or $1.28 per share, in the year-ago period. Adjusted for asset impairment costs, per-share earnings were $1.45, beating the per-share earnings of $1.37 that industry analysts had expected.  

More omnichannel retailers offer buy-online-pickup-in-store (BOPIS) services to shorten their delivery windows. Yet, 60% of shoppers have yet to take advantage of the service.   That’s according to a new report, “Buy Online, Pick-up In-Store” from ChargeItSpot, which was based on responses from over 2,074 shoppers at 20 malls across the country.