Discount Store

Paramus, N.J. -- Tuesday Morning is set to join the tenant mix at Paramus Place in Paramus, New Jersey. The retailer has leased 15,000 sq. ft. of space at the 261,000-sq.-ft. shopping center, announced Levin Management, the property’s managing and leasing agent.

Paramus Place is anchored by Kohl’s, and also features Panera Bread, Annie Sez, Modell’s, Party City, Lane Bryant, A.C. Moore and Cuts for Kids.
 

David Tehle, executive vice president and CFO at Dollar General, will retire from the company effective July 1. The retailer has started a search for a successor and will consider both internal and external candidates for the job.

The news comes as Dollar General prepares the retail industry’s most aggressive new store expansion plan.

The turnaround at Citi Trends seems nearly complete and now the urban fashion retailer is making some major executive moves just as it reported impressive fourth quarter results.

The retailer announced that Ed Anderson is retiring as CEO, effective March 21. Jason Mazzola, currently EVP and CMO, will become president and CEO effective March 22 and has been also appointed to the Board of Directors.

Additionally, Bruce Smith, the Company’s Executive Vice President and Chief Financial Officer, will also become its Chief Operating Officer.

New York -- Kroger executive Kathleen “Katy” Barclay and former Coach executive Catherine “Kate” Buggeln have joined the board of directors of Five Below. The two executives bring different strengths to the rapidly growing teen and tween retailer’s board. Barclay has more than 35 years of experience in the human resources field and currently serves as senior VP of human resources at Kroger.

Express is going full-steam ahead with its outlet-store strategy, with plans to open 30-plus stores in 2015. The retailer ended the year with 41 outlet stores in operation.

“Together they generated approximately $55 million of incremental revenue, far surpassing our initial estimate,” said Paul Dascoli, senior VP and CFO, Express, on the chain’s quarterly earnings call. Express is expanding its outlet store division both through new construction and conversions.

Virginia Beach, Va. -- DSW Shoe Warehouse will open a new store at Pembroke Mall in Virginia Beach, Virginia. The retailer will be taking 15,040 sq. ft. of an existing Sears store.

The lease negotiations were handled on behalf of the tenant by Divaris Real Estate, Inc.

DSW will open fourth quarter 2015 and will be joined by Nordstrom Rack and REI in 2016.
 
 

Goodlettsville, Tenn. -- Dollar General Corp. is not sitting back while rivals Family Dollar and Dollar Tree prepare to merge. Following its failed bid to acquire Family Dollar, Dollar General has accelerated its expansion plans for 2015. The discounter, which already has the retail industry’s most aggressive new store strategy said it will open 730 new stores and remodel 875 existing locations in 2015, translating into a 6% increase in total square footage. And looking ahead, Dollar General plans to grow its square footage by 7% in 2016.

Jacksonville, Fla. – Stein Mart Inc. had a generally successful fourth quarter of fiscal 2014 and plans to open 11 new stores, close two stores and relocate one store during fiscal 2015. The off-price retailer reported net income of $12.3 million, up 66% from $7.4 million the same quarter a year earlier and driven by higher gross profit and lower selling, general and administrative (SG&A) expenses.

Net sales rose 7% to $387 million, from $360.79 million. Same-store sales increased 5.6%.