Discount Store

Minneapolis -- Shorenstein Properties LLC and Saks Fifth Avenue Off 5th announced that Saks Fifth Avenue Off 5th has signed a lease for 40,321 sq. ft. in the retail portion of Minneapolis City Center, continuing the fashion retailer’s 25-year presence in downtown Minneapolis. The new store is slated to open April 2016.

“This city has been a strong market for us, and Minneapolis City Center provides us with a vibrant location in which to serve our exceedingly loyal customers,” said Jonathan Greller, president of Outlets, HBC.

Clarksville, Tenn. -- Francesca’s Collections will open a 1,353-sq.-ft. store at Cafaro’s Governor’s Square Mall, in Clarksville, Tennessee. The new store, located across from Gap/Gap Kids, is slated to open May 2015.

Governor’s Square Mall, owned and managed by Cafaro Company, comprises over one million sq. ft. of retail space. It is anchored by Dillard’s, Belk, Sears, J.C. Penney, Dick’s Sporting Goods, Target, Cinema Ten and over 100 other specialty shops and services.
 

New York – Investment fund Trian Fund Management LP has reportedly reduced its stake in Family Dollar Stores Inc. from 7% to a little more than 2%. According to the Wall Street Journal, the fund, headed by activist investor Nelson Peltz, had publicly supported the Family Dollar-Dollar Tree merger.

Triad has an executive on the Family Dollar board. The SEC has confirmed Family Dollar shareholder approval of the Dollar Tree merger.
 

Washington, D.C. – Valentine’s Day should be especially sweet for retailers this year. According to the National Retail Federation (NRF) Valentine’s Day Consumer Spending Survey conducted by Prosper Insights and Analytics, the average person celebrating Valentine’s Day will spend $142.31 on candy, flowers, apparel and more.

That figure is up 6% from $133.91 in 2013. Total spending is expected to reach $18.9 billion, a survey high.

Toronto – The board of directors of Sears Canada Inc. has named Ronald D. Boire as president and CEO. Boire has served as the company's acting president and CEO since Oct. 15, 2014.

Prior to his role with Sears Canada, Boire was executive VP, chief merchandising officer and president, Sears and Kmart Formats, Sears Holdings Corp. Prior to joining Sears Holdings in January 2012, Boire was president and CEO at Brookstone, a position he held from October 2009.

San Francisco -- Gap Inc. is shutting down its Piperlime business. The company plans to close the brand’s online platform and single store in New York, by the end of the first quarter of fiscal year 2015.  

The decision comes as Abe Peck, who has led Gap’s growth, innovation and digital unit, gets ready to step into the CEO suite next month.

“We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company,” Peck said in a statement.

Louisville, Colo. -- Nordstrom ranked as consumers’ favorite fashion retailer for the third consecutive year, followed by Kohl’s, T.J. Maxx, Macy’s and Dillard’s. That’s according to a study by Market Force Information, a provider of customer intelligence solutions.

Mississauga, Canada – Wal-Mart Canada will open 11 supercenters across the country by Jan. 29, 2015, completing its expansion for the company's current fiscal year. Walmart Canada's total store count will be 394 stores, including 280 supercenters and 114 discount stores.