Sales & Marketing

Minneapolis -- Best Buy Co. reported an unexpected decline in fiscal third-quarter profit Tuesday, as lower demand for televisions and videogames led to a sales shortfall in the United States. The chain cut its full-year forecast.

Best Buy Co. said that its third-quarter net income fell 4% to $217 million, while revenue fell 1% to $11.89 billion. Same-store sales fell 3.3%. Results missed Wall Street projections.

Best Buy said it has cut its full-year outlook, as it faces stepped-up competition from online and discount stores.

MONTVALE, N.J. — Bankrupt grocer A&P has announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the $800 million debtor-in-possession financing provided by JPMorgan Chase. Of the total DIP facility, a $350 million term loan immediately has been made available.

As previously reported, A&P filed for bankruptcy on Sunday and will keep its 395 stores open and operational during the proceedings.

In addition, the court granted A&P's motion to approve its request for "first day orders," including:

Cary, N.C. -- C-store chain The Pantry reported Tuesday that net income for the quarter ended Sept. 30 dropped to $8.5 million, compared with $12.5 million in the year-ago period.

Merchandise revenue for the fourth quarter increased 12% overall and 5.7% on a same-store basis from last year’s fourth quarter.

BRUSSELS - Ikea announced that it has been named the winner of 'Retailer of the Year Europe' 2010. Retailer of the Year is the largest consumer survey in Europe and this year the survey was held in no less than 10 European countries. More than 1.45 million consumers participated in the consumer survey and assessed over 1,100 retail chains, according to the company.

In seven out of the 10 countries, Ikea is in the top five of the 'best' retail chains, the company reported.

Washington, D.C. -- Tuesday’s report by the U.S. Department of Commerce showed a fifth straight month of sales gains in November for U.S. retailers. Monthly retail sales figures for November were up 0.8% over October and 7.7% over November 2009.

Retail sales excluding auto sales were up 1.2% over the previous month and 6.7% over November 2009.

Department stores were the big November winners, recording the biggest sales rise in two years of 2.8%.

Despite the uncertain economic environment, retailers are continuing to invest in green measures, according to a new report by RSR Research. What’s more, the number of retailers who believe that environmentally responsible initiatives are born out of good business sense is on the rise, up to 61% in 2010 from 49% the previous year.

New York City -- Centro NP Residual Holding LLC said Friday it has sold a portion of its interest in 25 shopping centers and formed a joint venture with Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust.

The new joint venture has secured $310 million of term loans with J.P. Morgan and Goldman Sachs, which mature in 10 years and are secured by assets within the joint venture.

Plano, Texas -- Jacksonville, Fla.-based Regency Centers said it has leased retail space in Plano, Texas, at Preston Park Village to Toni & Guy.

The hair, skin and nail salon will open a 1,690-sq.-ft. location in January 2011.

The 239,333-sq.-ft. shopping center is anchored by a 53,118-sq.-ft. Tom Thumb alongside national retailers Panera Bread, Williams Sonoma, Ann Taylor and The UPS Store.