Mass Merchant

Bentonville, Ark. -- Wal-Mart Stores reported Tuesday that profit for the quarter ended Oct. 31 rose 9.3% to $3.44 billion, compared with a profit of $3.15 billion in the year-ago quarter.

However, same-store sales in the United States declined as Wal-Mart’s shoppers remain under pressure in a weak economy. Same-store sales in the United States fell 1.3%, the sixth consecutive quarterly decline at the world’s largest retailer.

Net sales rose 2.6% to $101.2 billion.
 

New York City -- Asking rents for retail spaces in New York City hot spots are rising in certain corridors, according to The Real Estate Board of New York’s (REBNY) Fall 2010 Retail Report.

According to the report, since spring 2010, retail asking rents climbed 21% to $1700 per square foot in the Times Square corridor defined by Broadway and 7th Avenue between 42nd and 47th Streets.

Washington, D.C. -- A report released Monday by the Commerce Department said that retail sales beat expectations for October, climbing 1.2% and representing the biggest gain since March.

The 1.2% rise in October purchases followed a 0.7% gain in September, which also was larger than estimated.

Cincinnati -- A Monday report by the Cincinnati Business Courier said that Kroger Co. is planning to spend about $15 million to renovate four stores in the Cincinnati area in 2011.

The grocery retailer said it plans to renovate stores in Westwood, Madeira and Montgomery, Ohio, as well as a store in Cold Spring, Ky.

The Westwood and Montgomery locations are scheduled for renovation in the first half of 2011, while Kroger is still finalizing the renovation plans for the Madeira and Cold Spring stores.