Mass Merchant

Framingham, Mass. -- Staples Inc. reported Wednesday that its net income in the second quarter declined 20% to $81.88 million, from $102.53 million in the prior year.  

Its results included $101 million of pre-tax restructuring and other related charges primarily associated with its closure of 80 stores, along with its plan to close approximately 40 stores in North America during the second half. (Staples had previously announced the planned closings.)

Sales were down 2% to $5.22 billion, which topped analysts' estimates.

Chicago — Turkish fashion concept, SARAR, signed a lease at 111 West Washington Street in Chicago for 3,139 sq. ft. Mid-America Vice President Michael Wexler represented SARAR in the transaction. Danielle Rudas and John Vance of Stone Real Estate represented the landlord.

This will be SARAR’s third location in Illinois. The new location is expected to open in fall 2014. 

Framingham, Mass. -- T.J.Maxx will be opening five stores in the Chicagoland area starting this week and through October.

"The opening of these five stores in the Chicagoland area marks a momentous occasion for our brand," Richard Sherr, president of T.J.Maxx, stated.

All five T.J.Maxx stores will occupy over 122,000 sq. ft. of retail space.

Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.

New York -- Overstock.com will allow international customers to pay in Bitcoin, beginning on Sept. 1. The move makes the online retailer, which started accepting Bitcoin for domestic orders in January, the largest American retailer to extend the payment option to foreign customers.

Overstock plans to introduce a new payments system on its international website, O.co, that will allow customers to make purchases using the virtual currency, the New York Times reported.
 

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

Los Angeles — Juanita Tate Marketplace is now open, bringing 77,096 sq. ft. of outdoor retail space with a full-service grocery to the highly underserved surrounding community. Located at 944 East Slauson Avenue in South Los Angeles, the $21-million development is situated on a 6.5-acre site, which was formerly used as a scrap-metal plant.

Construction began in May 2013 and completed in April 2014. The center is owned by Regency Centers and was designed by Nadel.

New York -- Chain Store Age is conducting its 10th annual survey of the Top Redevelopers in the United States. Survey results, which measure renovated and redeveloped projects completed within the last 12 months (June 30, 2013 to June 30, 2014), will appear in the November 2014 issue of Chain Store Age.

Deadline for submission is September 15, 2014. To enter, click here.