Discount Store

New York City — Forever 21 has taken space at the Mall at Bay Plaza, which is scheduled to open on August 14. The new store will span about 15,000 sq. ft.

A new 166,000-sq.-ft. Macy’s and an existing 150,000-sq.-ft. J.C. Penney will anchor the new mall. Forever 21 will join more than 100 retailers at Bay Plaza, including Kay Jewelers, Victoria Secret, H&M and Michael Kors.

City of Commerce, Calif. — 99 Cents Only Stores LLC reported net income of $9.57 million in the first quarter of fiscal 2015, up from $897,000 in the same quarter a year earlier. 

Net sales rose $477.9 million, up 7% from $445.2 million in the first quarter of fiscal 2014. 

The drought’s effect on fresh produce in California and the timing of this year’s Easter holiday adversely affected 99 Cents Only Stores’ comparable-store sales in the first quarter of fiscal 2015.

Same-store sales decreased 0.5%, calculated on a comparable 13-week period of the prior year. The company reported net sales of $477.9 million, an increase of 7% from $445.2 million in the first quarter of fiscal 2014.

When it comes to powerful retail CEOs, the names Dave Dillon at Kroger, Frank Blake at Home Depot, Craig Jelinek at Costco and Doug McMillon at Walmart come to mind. But they’ve got nothing on Greg Penner.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Dollarama said that its first-quarter results were adversely affected by challenging weather conditions, but the company reported continued growth in sales and net earnings.

Canada's leading dollar store operator of 899 locations across the country reported sales for the quarter of $501.1 million, an 11.8% increase from $448.1 million in the prior-year periord. The increase in sales was driven by the growth in the number of stores in the past 12 months and strong Easter sales and continued organic sales growth driven by comparable store sales growth of 3.3%.

Oakbrook Terrace, Ill. — Mid-America Asset Management Inc. has secured four new retail leases on behalf of three lifestyle shopping centers in the Chicago metropolitan area. Mid-America represented the landlord in each transaction.

In Algonquin, Ill., Pure Mountain Company has taken 8,824 sq. ft. at Algonquin Commons in Algonquin, Ill. Premier Commercial Realty represented the tenant. Dick’s Sporting Goods, DSW, Old Navy, PetSmart and Trader Joe’s anchor the 578,825-sq.-ft. Algonquin Commons lifestyle center.

New York — Target Corp. is introducing a new policy by imposing new rules on the cleaning companies it hires to clean its stores in the Minneapolis-St. Paul area, Businessweek reported.