Discount Store

By Dave Spargo, [email protected]

Nashville, Tenn. -- X Team International announced that Nashville-based partner Baker Storey McDonald Properties has acquired two shopping centers located in Kentucky and Ohio.

San Francisco -- Gap Inc. reported Thursday that net income for the fourth quarter plummeted 40% on higher costs and aggressive discounting during the holiday selling season.

Net income for the quarter ended Jan. 28 was $218 million, compared with $365 million a year earlier. Sales dipped to $4.28 billion in the quarter, from $4.36 billion, matching Wall Street estimates.

Naperville, Ill. -- OfficeMax Inc. reported Thursday that net income for the quarter ended Dec. 31 dropped to $2.9 million, from $32.8 million a year earlier.

Sales edged up 3.9% to $1.8 billion in the quarter, but dipped 0.4% to $7.1 billion for the full year. Profit for the year was $32.8 million.

Phoenix -- Cole Real Estate Investments announced that it signed leases totaling nearly 640,000 sq. ft. at Cole-related retail properties during 2011.

Cole secured approximately 308,000 sq. ft. of new leases, along with 330,000 sq. ft. of renewals, bringing the occupancy rate for its portfolio of properties to 97.8%.

After 30 years in the drug store sector, Michael Bloom left CVS Caremark in September 2011 to become president and COO of Family Dollar Stores. The extreme-value chain has adopted an aggressive growth strategy in recent years, and plans to open 450 to 500 stores in 2012.

Family Dollar is equally committed to improving existing locations. Under its ambitious store-reinvention program, an estimated 1,000 locations are scheduled to be renovated, relocated or expanded this year.

ST. LOUIS — Supervalu subsidiary Save-A-Lot is expanding its presence in Pennsylvania.

The company is slated to open four new stores in Pennsylvania in February and March, bringing the total number of Save-A-Lot stores in the state to 76, the company said.

Vacated shells of circa-1985 outlet shopping centers still dot the nation’s highways, but that’s not the format version that is finding a foothold among consumers and retailers.

A new value-oriented center, anchored by top-tier designer names, has opened the eyes and pocketbooks of American shoppers. Mainstream amenities have created the expectation that, while the goods may be discounted, the experience most definitely isn’t.