Discount Store

The retail world takes center stage this week as financial markets are poised to dissect a slew of earnings reports from major retailers who will be sharing details on the profitability of holiday sales, perspective on the state of the economic recovery and the outlook for consumer spending during the remainder of 2011.

Indianapolis -- Electronics and appliances retailer Hhgregg said Friday it is planning to open as many as 20 new stores in the Chicago market this fall.

According to a report by the Chicago Tribune, the openings would make the Chicago area the largest market for the chain, with 11% of its 174 stores.

Hhgregg is leasing former Circuit City, Linens ’n Things and Wickes Furniture sites, and plans to open a DC to support the Chicagoland expansion, it said.

NEW YORK — Discount grocer Aldi has opened its first-ever New York City-area store in the borough of Queens.

The store, which is located in Rego Park, marks the first of three grocery stores the company plans to open in New York, including new locations in the Bronx and Bay Shore, Long Island.

Aldi, which offers a limited assortment of items, said it will bring its standard floor plan to Queens, which includes wider-than-typical 8-ft. aisles.

Some spring fashion excitement is on tap for Target stores beginning March 13 when the company celebrates the fifth anniversary of its GO International designer program. Plans call for a collection of 34 dresses from 17 designers who participated in the GO International affordably priced fashion program over the past five years. The limited-edition assortment will be in most Target stores through April 10.

So Target plans to call its new small format stores CityTarget. It was a little over a year ago the company first disclosed plans to open stores ranging from 60,000-sq.-ft. to 100,000-sq.-ft. in urban locations, but the new name was revealed only last week in connection with the announcement of a 2012 opening of a small store in downtown Chicago.

Walmart and Target are being blamed for driving shares of Canadian retailers to their lowest level in six years, according to a Bloomberg report this week. Bloomberg said the ratio between the S&P/Toronto Stock Exchange Retailing Index and its counterpart in the Standard & Poor’s 500 narrowed to 4% on Feb. 11, the smallest in six years. The retailing index has retreated 2.3% this year, while a separate index of companies that sell food and basic necessities has lost 1.1%, the biggest declines among 24 industries in the S&P/TSX. 

Queens, N.Y. -- Discount grocer Aldi said Thursday it will open its first-ever New York City store on Feb. 18. The new store is located in the borough of Queens.

Aldi, which offers a limited assortment of items, said it will bring its standard floorplan to Queens, which includes wider-than-typical 8-ft. aisles.

The Queens store is the first of three grocery stores the company plans to open in the area, including new locations in the Bronx and Bay Shore areas.

New York City -- Family Dollar Stores received a buyout offer on Tuesday from a New York hedge fund at $55 to $60 per share, a 36% premium over yesterday’s closing price. The offer, which values the company at up to $7.6 billion, was made by Trian Group, which is headed by activist investor Nelson Peltz.

Trian Group has been accumulating shares of the discount retailer in recent months, and Peltz has met with management to discuss ways to boost its performance.