Discount Store

New York City -- Kohl's Corp. reported a 3.9% rise in same-store sales in October, better than analysts’ expectations, amid strong demand for its new Jennifer Lopez and Mark Anthony brands.

In a statement, CEO Kevin Mansell said that customers responded favorably to the pair of new brands, as well as the company's marketing programs.

“As we enter the important fourth quarter, we plan to continue our investment in marketing, especially digital and broadcast, to drive customer traffic and broaden our reach,” he said.

NEW YORK — Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season. Eleven retailers missed expectations for same-store sales, while three chains beat estimates, according to a preliminary tally by Thomson Reuters. However, while the October results were not as promising as some retailers had hoped, sales for the most part rose and most chains reported results that were only slightly off from analysts’ estimates. Some analysts blamed Wall Street for underestimating how much caution is still out there.

Secaucus, N.J. -- Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.

Seattle -- New York City, Washington, D.C., San Francisco and Seattle, top the list of the strongest retail real estate markets, according to Colliers International’s “Third Quarter 2011 North American Retail Highlights” report. The weakest markets include Phoenix, Detroit, Atlanta and Las Vegas, which continue to experience vacancy rates at or above 15%.

Omaha, Neb. -- Apparel and home fashions retailer Gordmans Stores said Wednesday it has named Michael Wirkkala as executive VP operations and COO.

Wirkkala was previously VP of store operations for Charming Charlie. He also worked for Macy’s for three decades.
 

MINNEAPOLIS — The unexpected announcement that Target EVP and CFO Doug Scovanner will retire on March 31, 2012 has investors speculating about the reasons for his departure following the recent exit of other key executives.

Analysts at Bernstein Research pointed to the fact that no successor has been named, suggesting that the retirement was not a long planned for event. However, the firm said it believes that despite the unexpected news, this appears to be a true retirement and doesn't anticipate seeing Scovanner in a CFO role at another major company.

Minneapolis -- Target Corp. said Tuesday that its CFO and executive VP Doug Scovanner will retire from his posts effective March 31, 2012.

He will remain with the company for the next five months to assist with the transition, according to the retailer.

A successor has not yet been named.

Scovanner has served in his current role since 1999.
 

Farmington Hills, Mich. -- Pet Supplies “Plus” said Tuesday that Donna Capichano Simmons has joined the company as senior VP real estate.

Capichano Simmons, who was previously VP real estate development for Kohl’s, is charged with refining and implementing PSP’s real estate growth strategy.